Decision details

1.      To note the update on the progress of the Guildford’s UK Shared Prosperity Fund and Rural England Prosperity Fund projects.

2.      Approve the revised spend proposals for 2024/5

Decision:

The Executive agreed:

1.       The revised project allocations of Guildford’s UKSPF grant funding for 2024/25, as outlined in the report.

2.       To delegate to the Strategic Director of Place, in consultation with the Lead Councillor for Regeneration, authority to enter into such contracts and legal agreements connected with the UKSPF and REPF as may be necessary in compliance with Procurement Procedure Rules and within the allocated grant funding budget.

3.       To delegate to the Strategic Director, in consultation with the Lead Councillor for Regeneration, authority to reallocate budget across projects as required in order to meet the grant spend deadline.

Reason(s):

The £790,320 total capital and revenue funding Guildford Borough Council has been allocated from the UKSPF for 2024-25 is a significant sum of money that could have a positive impact on the borough’s local communities and businesses.  

The projects put forward align with the borough’s local priorities and we intend to leverage collaboration with the Council’s partners to maximise value for money.

Other options considered and rejected by the Executive:

OPTION 1: The Executive could decide not to approve the proposed revised interventions for Guildford’s UKSPF grant for 2024-25. However, this would result in a high likelihood that the Council would not be able to use the grant within the funding availability period and would therefore have to repay a proportion of it to the DLUHC. This would also mean that the Council would be unable to advance the proposed projects and make use of the grant allocated within the prescribed timescales to empower our local businesses and communities.

Details of any conflict of interest declared by the Leader or lead councillors and any dispensation granted:

None.