Purpose

To
gain Cabinet approval for the final closure arrangements of the Dorset Local
Enterprise Partnership (DLEP) including the receiving of legacy funds held by DLEP
and the resignation of Cabinet Members from DLEP directorships.

Content

(i)         
That in its capacity as a Dorset Local Enterprise Partnership (DLEP)
(CIC) company member, Cabinet resolved to ratify the decision to transfer and
accept the following residual DLEP funds to Dorset Council.

(a)   £866,951.67 revenue

(b)   £2,498,208.50 capital

(c)   £1,275,000 capital loan
repayments due

(ii)        
That Cabinet agrees that the Council, in its capacity as a DLEP (CIC)
company member, and as Accountable Body for the DLEP, to transfer a sum of
£4,640,160.18 to BCP Council as their share of the residual DLEP funds. 

(iii)      
That any further accrued interest on the DLEP funds, prior to their
transfer, be split equally between Dorset Council and BCP Council.

(iv)      
That funds for the benefit of the community, be ringfenced and in
accordance with the Objects of the DLEP.

(v)       
That received funds be maintained in an appropriate reserve budget to be
allocated subject to the council’s financial regulations and in accordance with
the received legal advice on compliance with the Community Interest Company
Regulations 2025.

(vi)      
That the resignation of the Cabinet Member for Finance and Capital
Strategy from the DLEP Board, be noted and that officers formally close the
DLEP following successful transfer of the above funds and resignation of Board
Members.

(vii)     
That authority be delegated to the Head of Legal Services to finalise any
legal documentation required.

 

Reason for the decision

The acceptance of the revenue and capital
funding for community benefits in the Dorset Council area would help deliver
the Council Plan and Economic Growth Strategy and wider economic and social
objectives.