Issue - decisions

The Cabinet had before it a report * from the Director of Place seeking Member approval for the submission of an Investment Plan for Mid Devon under the Government’s UK Shared Prosperity Fund.

The Cabinet Member for Planning and Economic Regeneration outlined the contents of the report and stated that the Investment Plan needed to be submitted to Government by 1^st August 2022. The report stated that this was part of a 3 year funding plan and as part of the Government’s Levelling Up agenda and replaced the European Structural Funds that were previously used for economic development and community cohesion. Mid Devon had been allocated £1,064,159 as a formula grant but must submit an investment plan. There had been a rigorous process of data analysis and stakeholder engagement to identify the most appropriate interventions and projects. The attached appendices to the report identified the logic framework behind each of the proposals which fell under the three pillars of the Shared Prosperity Fund:

·         Communities and Places

·         Supporting Local Businesses

·         People & Skills

Since the report had been written the Government had reprofiled the funding, weighting the budget towards the third year. The annual split was now as follows:

2022/23          12%    £129,146

2023/24          25%    £258,291

2024/25          63%    £676,722

The exact figures would need to be adjusted as negotiations with partners were finalised before the bid was submitted.

Consideration was given to:

·         Whether the same amount of funding had been allocated to other similar authorities.

·         The number of deserving causes within Mid Devon.

·         Whether the Council was able to meet the timetable set out within the Investment Plan.

·         The fact that the amounts quoted may change further going forwards but the aim to support businesses, communities and people would remain as a key priority.

·         The Economy PDG had met informally to discuss the bid and the proposed aims and it had been very supportive.

RESOLVED that:

1. The investment priorities set out in the Shared Prosperity Fund Investment Plan and the level of proposed investment in each priority area be approved.
2. Delegated authority be given to the Director of Place (in consultation with the Portfolio holder for Planning and Economic Regeneration) to finalise the investment plan and submit the bid on behalf of the Council.

(Proposed by Cllr R Chesterton and seconded by Cllr A Moore)

Reason for the decision:

Under the UK Shared Prosperity Fund, the Government has allocated £1,064,159 over a three year period to Mid Devon, to support economic development and community cohesion under its ‘Levelling Up’ agenda, subject to the approval of a locally agreed Investment Plan.

The funding will help deliver projects which contribute towards meeting objectives within both the Council’s Economic Strategy and its Corporate Plan 2020-24.

Note: (i) *Report previously circulated, copy attached to minutes.

(ii) The Leader thanked the Policy Development Group and the Scrutiny Committee for their considerations towards the Corporate Plan Mid Point Review and the UK Shared Prosperity Fund.