Issue - meetings

Shared Prosperity Fund Investment Plan Submission

Meeting: 04/04/2023 - Cabinet (Item 11)

11 Shared Prosperity Fund and Multiply Year 1 Update and Year 2 Proposal PDF 143 KB

Additional documents:

Appendix 1, item 11 PDF 80 KB

Minutes:

Background:

This report requested Cabinet approval of the Shared Prosperity Fund and Multiply year 2 for 2023-24 and set out what had been achieved during year 1 of the programme in 2022-23.

The report explained that the Government had announced the launch of the new £2.6 billion UK Shared Prosperity Fund (SPF), including Multiply, in mid-April 2022 with an allocation of £1.855million to Medway and an additional £1.448million of Multiply. SPF was a significant component of the Government’s ambitious Levelling Up agenda and was the successor to EU structural funds.

The final award of and approval of the Council’s Investment Plan (IP) had been confirmed in December 2022. The Council had used the approved IP to begin the delivery of year 1 (2022-23) with a focus on Council led projects to ensure completion given the programme delivery window of 3 months.

The report had previously been considered by the Regeneration, Culture and Environment Overview and Scrutiny Committee on 21 March 2023, the comments of which were set out at section 7 to the report.

Decision number:	Decision:
	The Cabinet noted the comments of the Regeneration, Culture and Environment Overview and Scrutiny Committee, as set out in section 7 of the report.
59/2023	The Cabinet approved the proposed Shared Prosperity Fund and Multiply Year 2 programme.
60/2023	The Cabinet agreed to delegate authority to the Director of Place and Deputy Chief Executive, in consultation with the Portfolio Holder for Strategic Regeneration, Inward Investment and Partnerships to deliver the SPF and Multiply Year 2 programme of projects.

Reasons:

Approval of the Year 2 programme is in support of Medway’s regeneration priorities and enables Medway to access SPF and Multiply allocations for another year.