Purpose

To adopt and submit the draft
Investment Plan for the UK Shared Prosperity Fund in 2025-6, in
line with the deadlines set by the Mayoral County Combined
Authority.

Decision

To adopt and submit the draft
Investment Plan for the UK Shared Prosperity Fund in Financial Year
2025-6, the funding priorities within this Investment Plan and the
proposed approach to the distribution of funding. Specifically, to
renew the UK Shared Prosperity Fund Programme on the basis of
supporting successful interventions to continue through a
continuation fund, an open grant funding scheme in Communities and
Place for new projects and continuing the delegated model for grant
awards to local businesses, Parish Councils and community projects
through the two delegated Schemes (LCF GRASSroots and Grants4Growth
II).

Reasons for the decision

To meet the two-week deadline
set forward by the new Mayoral County Combined Authority for the
production, agreement and adoption of an Investment Plan for the
renewed 2025-6 UK Shared Prosperity Fund Programme. To set out the
UK Shared Prosperity Fund Investment Plan for 2025-6 and to support
the mobilisation of that plan in the new Financial year.

Alternative options considered

1. To submit the proposed
Investment Plan for 2025-6 in order to meet the deadline
 
2. Do Nothing – This
would result in the deadline being missed. This is likely to carry
financial and operational risk to the Council and to communities,
as a later start to the constituent grant funding Programmes will
reduce the available time for delivering projects and risk
underspend or return of funds due to the District. The reputational
risk arising from this option would likely be
significant.