Decision details

Infrastructure Feasibility Study Fund for Surrey

Decision Maker: Executive

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: Yes

Purpose:

To agree whether to participate in the Infrastructure Feasibility Study fund for Surrey and commit funding to the study.

Decisions:

The Executive received a report seeking agreement to participate in an infrastructure feasibility study fund for Surrey and for investment in the fund to support projects within, or of benefit to, Surrey Heath. The fund would comprise funding from Surrey County Council, Surrey district and borough councils, and Local Enterprise Partnerships.

 

Members were advised that there was a concern that Surrey could be missing out on infrastructure funding through a lack of appropriate feasibility studies. Investment in project development was needed at an early stage to develop a pipeline of projects able to apply for full project funding when bidding rounds became available. A dedicated fund was therefore needed to ensure that resources were available and ring-fenced to support project development.

 

Funding would be provided from the Community Infrastructure Levy contributions that the Council retained after SANGs, parish, and ward payments had been allocated. Since 2014 that element of funding had grown at an average of £650,000 per year; a contribution of £100,000 per year therefore represented a significant proportion of the CIL collected for strategic projects. For every pound this council invested in the fund it would receive £1.86 for scheme development, due to investment from Surrey County Council and the LEPs.

 

It was emphasised that the ring fenced money would be held by the Council and would remain under its control.

 

RESOLVED that

 

(i)        the Council participates in the Infrastructure Feasibility Study Fund for Surrey;

 

(ii)      £100,000 p.a. be committed to the Fund;

 

(iii)     the funding be ring-fenced for the Fund, but control be retained by the Council; and

 

(iv)     the contribution be made from the Community Infrastructure Levy fund, for up to five years and allocation to projects be subject to agreement at the Executive.

 

Note 1: in accordance with the Members’ Code of Conduct Councillors Paul Deach and Charlotte Morley declared non-pecuniary interests as they were members of Surrey County Council. 

 

 

Report author: Jenny Rickard

Publication date: 29/10/2019

Date of decision: 15/10/2019

Decided at meeting: 15/10/2019 - Executive

Effective from: 24/10/2019

Accompanying Documents: