To seek cabinet approval to accept and spend the £6,642,136 of UK Shared Prosperity Funding (UKSPF) allocated to Herefordshire following government’s approval of the Investment Plan submitted in August 2022. To also seek cabinet approval to accept and spend the £1,705,669 of Rural Prosperity Funding (RPF) allocated to Herefordshire, subject to the government approval of the required UKSPF Investment Plan Addendum submitted on the 30 November 2022.

That:

a)    Following government approval of the submitted Investment Plan, Cabinet approve the acceptance and expenditure of the £6,642,187of UKSPF allocated to Herefordshire (£5,507,211 Revenue and £1,134,976 capital);

b)    Subject to government approval of the submitted Addendum to the UKSPF Investment Plan, Cabinet approve the acceptance and expenditure of the £1,705,669 (capital) of RPF allocated to Herefordshire;

c)      To delegate to the Corporate Director for Economy and Environment, in consultation with the Cabinet Member for Environment and Economy and the Section 151 Officer, all operational decisions in implementing the funding in accordance with the Herefordshire UKSPF Investment Plan and RPF Addendum.

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1. Do nothing – The council could choose not to accept the funding and implement the

Herefordshire UKSPF Investment Plan and RPF Addendum. However, this would result in the council being unable to access the up to £8.3m of funding allocated to the county, which is critical to supporting the economic growth of Herefordshire. This option is not recommended.