To seek cabinet approval to submit the UK Shared Prosperity Fund (UKSPF) Investment Plan to government on 1 August 2022. Government has allocated Herefordshire £7.6m of UKSPF, subject to the submission and approval of an Investment Plan.

That:

a) Cabinet approve the submission of the Herefordshire UK Shared Prosperity Fund Investment Plan to government, in order to secure up to £7.6m of funding for the county;

b) Authority to make technical amendments to the final Investment Plan submission is delegated to the Corporate Director for Economy and Environment;

c) Should the Investment Plan be approved, Herefordshire Council agrees to be the accountable body for the implementation of the UK Shared Prosperity Fund allocation and the resulting projects; and

d) Authority is delegated to the Chief Executive Officer and the Section 151 officer to formally submit the bids by the 1 August 2022 deadline

1. Do nothing – The council could choose not to submit the Herefordshire UKSPF Investment Plan to government by 1 August 2022 deadline. However, this would result in the council being unable to access the up to £7.6m of funding allocated to the county, which is critical to supporting the economic growth of Herefordshire. This option is not recommended.

2. Alternative priorities in the Investment Plan – the council could choose to submit an alternative Investment Plan (to those set out in Appendix 2), identifying different priorities for the county. As required by the national guidance, the Investment Plan has been developed against a clear evidence base and in consultation and agreement with local stakeholders. Alternative priorities may not meet the county’s needs, and is unlikely to meet the government’s requirements for approval. This option is not recommended.

3. The council could choose to not be the accountable body for the funding. There is no other suitable organisation in the county to fulfil this role, it is likely that Herefordshire would not be able to access the funding. This option is not recommended.