Agenda item

The Executive RESOLVED that, to meet the national requirements of the UK Shared Prosperity Fund

(i)            the Surrey Heath Partnership be nominated as the oversight partnership for the fund including the co-opting of additional external partners as required to meet national requirements;

(ii)          authority be delegated to the Head of Investment & Development in consultation with the Portfolio Holder for Economic Development & Transformation to submit the required paperwork to Government by the 1 August 2022 deadline;

(iii)         the projects delivered in year one (2022/2023) are projects which have already been approved and are in the Council’s Annual Plan; and

(iv)         an annual programme of projects be developed for the Fund in years two (2023/24) and three (2024/25) and be brought back to the Executive for approval.

The Executive was informed that the Government had created a UK Shared Prosperity Fund (UKSPF) to replace European Union funding, which was intended to support places to deliver against key national levelling up objectives.

Surrey Heath had been allocated £1m over the next 3 years and the payments expected in each year were noted.Any funding allocated to each financial year would need to be spent in year or returned to the Treasury. There was also a requirement to spend a minimum level of Capital each year.

In order to secure the funding, the Council was required to submit an Investment Plan to the Government by 1August 2022 which outlined the broad themes and outcomes against which projects would be developed and delivered. The proposed timetable for seeking the Executive’s approval for projects was noted.

The Executive was advised that guidance from the Department of Levelling Up and Housing required that the UKSPF was delivered with oversite from the Local Partnership Group and it was proposed to nominate Surrey Heath Partnership for this role.

RESOLVED that, to meet the national requirements of the UK Shared Prosperity Fund

(i)     the Surrey Heath Partnership be nominated as the oversight partnership for the fund including the co-opting of additional external partners as required to meet national requirements;

(ii)   authority be delegated to the Head of Investment & Development in consultation with the Portfolio Holder for Economic Development & Transformation to submit the required paperwork to Government by the 1 August 2022 deadline;

(iii)  the projects delivered in year one (2022/2023) are projects which have already been approved and are in the Council’s Annual Plan; and

(iv)  an annual programme of projects be developed for the Fund in years two (2023/24) and three (2024/25) and be brought back to the Executive for approval.