Decision details

The Committee considered a report providing an update on the Rural Growth Deal (RGD) and specifically costs associated with the Business Case and Project Development.

Decision

The Policy and Resources Committee –

1.     noted that the total estimated essential development costs to inform Treasury Five compliant Full Business Cases for all projects amounted to £3.183m and these costs required to be incurred in advance of Central Government endorsement at risk to the Council and lead delivery partners;

2.     agreed that the Council sets aside a fund from the Priorities Investment Fund to the value of £0.700m that can pay for the development costs for Council projects on the basis that all will be paid back by the end of Year 10;

3.     agreed that any cash flow funding requests for projects led by external partners would be brought to the Policy and Resources Committee for approval as and when a request for funding was made and considered on a case by case basis; and

4.     delegated to the Internal Programme Board (Chief Executive and Executive Directors) to approve pre-development funding requests relating to Council led projects up to a threshold of £250k per project from the new Fund.

(Reference: Report by Executive Director with responsibility for Development and Economic Growth dated 20 November 2024, submitted)