The Head of Regeneration and Economy has submitted a report to seek Cabinet endorsement of the UK Shared Prosperity Fund (UKSPF) Investment Plan, allocation of budget, and delegated authority to enter contract with Government for delivery of the plan on behalf of Oxford City Council.

Cabinet is recommended to:

1.      Endorse the Oxford City Council UK Shared Prosperity Fund Investment Plan, as submitted to government on 1 August under a delegated officer decision, in order to secure up to £1m of funding for the city;

2.      Delegate authority to the Executive Director (Development) to take the necessary decisions and actions to oversee the UKSPF investment plan, including implementing and administering the scheme and the resulting projects in accordance with the requirements and priorities of the prospectus and fund;

3.      Delegate authority to the Executive Director (Development) to enter into a contract with central government to deliver the UKSPF and to make non-material changes to the investment plan in consultation with the Head of Financial Services / Section 151 Officer, the Cabinet Member for Inclusive Economy and Partnerships, and the Cabinet Member for Zero Carbon Oxford and Climate Justice; and

4.      Recommend to Council the establishing of Capital and Revenue budgets in accordance with paragraph 21 of the report.

The Head of Regeneration and Economy had submitted a report to seek Cabinet endorsement of the UK Shared Prosperity Fund (UKSPF) Investment Plan, allocation of budget, and delegated authority to enter into a contract with government for delivery of the plan on behalf of the City Council.

The Cabinet Member for Zero Carbon Oxford and Climate Justice reported that in accordance with the Levelling Up White Paper, in April 2022 the government had launched the UK Shared Prosperity Fund to help address geographical disparities in economic performance and circumstances.  The Council, as lead local authority for Oxford and the city, had been allocated a modest sum of grant funding (£1,000,000 plus £20,000 to cover costs incurred in developing the plan) to invest over the period 2022/23 to 2024/25.  The Council could also use up to 4% of the £1,000,000 allocation to undertake necessary fund administration.  The majority of the grant funding would be payable in the third year, with smaller amounts payable in the first two years.

The Cabinet Member for Zero Carbon Oxford and Climate Justice outlined the objectives of the fund, as well as priority programme areas, projects and workstreams as detailed in the report.  It was highlighted that these did not represent discrete areas of work developed specifically in response to the grant funding, but built on work which the Council had already undertaken to identify and address gaps through the development of the City Centre Action Plan and the Oxford Economic Strategy.

Cabinet resolved to:

1.     Endorse the Oxford City Council UK Shared Prosperity Investment Plan, as submitted to government on 1 August under a delegated officer decision, in order to secure up to £1m of funding for the city;

2.     Delegate authority to the Executive Director (Development) to take the necessary decisions and actions to oversee the UKSPF investment plan, including implementing and administering the scheme and the resulting projects in accordance with the requirements and priorities of the prospectus and fund;

3.     Delegate authority to the Executive Director (Development) to enter into a contract with central government to deliver the UKSPF and to make non-material changes to the investment plan in consultation with the Head of Financial Services / S151 Officer, the Cabinet Member for Inclusive Economy and Partnerships, and the Cabinet Member for Zero Carbon Oxford and Climate Justice; and

4.     Recommend to Council the establishing of capital and revenue budgets in accordance with paragraph 21 of the report.