Decision

That Cabinet:

 

a)   
note the report, including the updates associated
with the UK Shared Prosperity Fund (UKSPF) and Rural England
Prosperity Fund (REPF);

 

b)  
approve the proposed UKSPF revenue commitments
detailed in Table 3 of the report, subject to; a) separate Cabinet
approval of the budget of £433,000 required in 2025/2026; b)
formal confirmation of the Council’s funding allocation; and
c) any necessary funding due-diligence checks, including from the
East Midlands Combined County Authority (EMCCA);

 

c)   
note the ‘in-principle’ capital
commitment of £912,487, detailed in Table 3 of the report,
subject to; a) a future Cabinet report relating to the relevant
project to seek approval to commit the funding within the
Council’s Capital programme; b) formal confirmation of the
Council’s 2025/2026 UKSPF allocation; and c) any required
due-diligence checks from EMCCA; and

 

d)  
approve the proposed underspend and change control
process, as outlined in 1.15 of this report.
 
Reasons for
Decision:
 
The
recommendations in the report are presented to enable continued
delivery of the UKSPF strategic priorities identified by community
partners, focussing on the commitment of funding towards projects
that deliver the Council’s Community Plan objectives, the
UKSPF sub-themes as set out by MHCLG, and to avoid gaps in
community, skills and business support provision.
 
Options
Considered:

 
There is the option
for the Council not to accept any future UKSPF allocation and
decide not to participate in delivery of the scheme. This is not
recommended as it represents a missed opportunity to deliver
impactful priority projects, that deliver the Councils community
plan objectives.
 
There is also the
option not to commit funding to existing priorities identified
within the current UKSPF programme. This approach is not
recommended as it would likely fail to recognise the strategic
investment priorities identified by the Council, and key
stakeholders. This would also result in the withdrawal of valued
support programmes for businesses and residents, linked to core
services and mainstream skills provision.