RESOLVED:
1. That the Cabinet:-
a. notes the purpose of the UK Shared Prosperity Fund;
b. endorses the priority themes for use of the Council’s funding allocation; and
c. agrees to delegate authority to the Chief Executive to submit the detailed Local Investment Plan for the Council to Government by 1st August 2022, in line with the published timescales.
REASONS FOR DECISION:
As set out in the report.
KEY DECISION:
Yes.
PORTFOLIO:
Leader / All.
ALTERNATIVE OPTIONS CONSIDERED/REJECTED:
As set out in the report.
DECLARATIONS OF INTEREST(S):
None.
DISCUSSION:
The Leader introduced the report and clarified that the £1m in the fund for the New Forest area would be over a three year period, with the majority to be received in year three. However, the total spend on levelling up would exceed this, with the Council pursuing many initiatives across the District as part of its wider priorities, with partners, to maximise opportunities for residents and businesses.
In response to questions on the activities within the investment priorities, it was clarified that the profile of spend was to an extent driven by the timing of the receipt of funding, alongside the appropriate division of revenue and capital projects.
Members were reassured that partnership working was at the heart of the programme, with the Freeport initiative a clear example of where workforce initiatives, particularly in the manufacturing sector, could allow many partners to deliver benefits to the area.
It was hoped that the ongoing work would continue to position the Council to be able to compete effectively for future funding streams and bring about consideration of future projects in a proactive manner.