This report seeks approval to accept this grant funding from government and approval for the funds to be spent on delivering the projects submitted to government. The council has been successful in securing £750,000 Towns Fund accelerated finance from government to deliver a programme of projects across Hereford City that will provide economic and environmental benefit. 

That:

(a)       The £750,000 funding from government for the Towns Fund accelerated projects be accepted by the council;

(b)     The spending of the £750,000 funding from government on the Towns Fund accelerated projects as detailed within this report is approved; and

(c)     The Director of Economy and Place be authorised to take all operational decisions to implement recommendation (b) including, but not limited to, the procurement and commissioning of new projects, and, following consultation with the S151 officer, the movement of budgets between projects to ensure the full expenditure of funding.

1.         Alternative Option 1 – Not accept the funding and do not approve expenditure on the projects contained within the submission to government.

2.         Advantage – the council would not be exposed to potential financial risk associated with the delivery of the projects contained within the submission to government.  Projects will manage their financial risk at an individual level and at programme level by the Town Investment Plan project board.

3.         Disadvantage – the city would miss out on securing £750,000 of government investment to assist in economic regeneration, with associated reputational consequences.

4.         This option is not recommended because of the loss of grant income that will deliver projects within the city that help to deliver the council’s county plan.