Issue - meetings

(Finance Portfolio Holder – Cllr. Philip) – To endorse the approach taken on the Rural Prosperity Fund (C-033-2022-23).

1.         The Cabinet endorsed the approach taken on the Rural Prosperity Fund and the submission as defined in the appendix of the report.

2.         The Cabinet noted the current position of the UK Shared Prosperity Fund £1 million investment bid submitted at the end of July 2022.

The Finance Portfolio Holder, Councillor Philip introduced this report.

He noted that the UK Government had put in place a series of funds to support local economies and communities following the withdrawal of European Union funds and national support to businesses and local areas throughout the Covid pandemic and national lockdowns.

The UK Shared Prosperity Fund (UKSPF) was announced on 13 April 2022. It allocated a potential fund of £1 million (the bulk of which can be used for revenue spend) to Epping Forest District with funds to be drawn down in this financial year and the next two, with the largest allocation of funding in year three. The EFDC bid, following extensive consultation, was approved by Cabinet on 18 July 2022 and was then submitted to government. This submission focused on four key themes: Investment in deprived areas and communities, rural regeneration, supporting local business and establishing pathways to work/skills education and training. An initial technical approval of the Council’s bid was received in August. Formal approval of the Council’s investment plan as well as clarity over timescales for funding provision were expected to have been received by early October. Final approval and additional guidance from government was received on the 5th of December. Unlike a number of other areas, the Epping Forest submission was agreed in full. The late approval, however, has caused disruption to planning and delivery in the remainder of this year. Officers are taking steps to ensure in year delivery is compliant and funds are spent.

Decision:

1.         The Cabinet endorsed the approach taken on the Rural Prosperity Fund and the submission as defined in the appendix to the report (attached).

2.         The Cabinet noted the current position of the UK Shared Prosperity Fund £1 million investment bid submitted at the end of July 2022.

Reasons for Proposed Decision:

UK Shared Prosperity funds have extensive rules and regulations which define purpose and delivery. The programmes identified meet these criteria while also focusing on member priorities and responses to consultation undertaken.

Other Options for Action:

To decline to participate in these funding programmes which would mean the district would lose out on a potential £1.5 million in central government funding. Progress on member priorities would therefore have to be met from EFDC revenue and capital funds.