Issue - meetings

Background:

The report provided the Cabinet with an update on what had been achieved to date with the delivery programme, and sought approval for the 2025/26 programme of spend for the Shared Prosperity Fund (SPF).

The Government had launched the £2.6 billion UK Shared Prosperity Fund (SPF) including Multiply and Rural England Prosperity Fund (REPF) in mid-April 2022. Medway had been allocated £1.855 million SPF, £1.458 million of Multiply funding and £400,000 of REPF. SPF succeeded EU structural funds. The Council’s Investment Plan (IP) to access SPF was approved in December 2022, and delivery of SPF Year 1 2022/23 had focussed on Council led projects to ensure completion given the programme delivery window of 3 months. Delivery of UKSPF Year 2 2023/2024 was complete. Delivery of UKSPF Year 3 was currently underway supporting external partners to deliver projects that contributed to the development of Pride in Place. Prior to the SPF Year 3’s end, the Government had announced an extension to SPF to cover 2025/2026, which included Medway receiving an additional allocation of £606,754.

The Cabinet noted that given the closure of Multiply and the Government’s intention not to continue funding to support Multiply past 2024/2025, it was proposed that Medway UKSPF Year 4 would support a provision to continue some level of service for the work Multiply supported across the region. The level of provision would be significantly lower given that Multiply received £504,000 of funding for 2024/2025 and the value SPF would be able to support for the continuation of a Multiply style provision was £50,000. However, despite the reduced funding this would ensure some level of service could be provided to those that required it, and some level of benefit could be realised.

The Cabinet welcomed the report and celebrated the success of the programme thus far, congratulating all involved.

Reasons:

Approval of the 2025/26 programme is in support of Medway’s regeneration priorities and will enable Medway to access the SPF allocation. Delivery of this programme will significantly benefit Medway’s residents, communities and businesses.