Issue - meetings

This item was deferred to the end of the meeting due to featuring a restricted item. The Chief Finance and s73 Officer introduced this paper which requested approval for the progression of three capital schemes subject to conditions set out in the Assurance Summaries and three project change requests. The report also sought acceptance of the Enhanced Partnership Officer funding from the Department for Transport (DfT).

An in-depth discussion was had around the £26m of Gainshare capital funding that had been made available for financial years 2022/23 and 2023/24. The CFO reminded the Board of the decisions taken in January and March 2022 to phase the release of Gainshare funding, with £26m of capital resource being made available over the next two years to support deliverable schemes ahead of Place monies being made available from 2024 onwards. The CFO further reminded the Board that a number of principles had been agreed around the use of this funding, including that distribution of the money would be made on an equitable basis.

It was noted that whilst new schemes were being developed there were inflationary pressures across the programme for which resource may be required.

The Chief Executive re-assured Board members that officers were in active discussions with Local Authority Chief Executives and other officers about the use of this money. It was agreed that these conversations would continue, and this item would be brought back to the Board as appropriate.

The Board also discussed the merits of scheme D0036 in the light of market conditions. It was agreed to progress the due-diligence activity and revert to the Board on conclusion of that work.

ACTION: Members to receive an update on the use of the capital funding made available through the Renewal Fund.

RESOLVED that the Board considered and approved the:

1.    Progression of “Thriving Town Centre” FBC to full approval and award of £3.6m grant to BMBC subject to the conditions set out in the Assurance Summary attached at Appendix 1 to be funded from previously committed Gainshare capital funding.

2.    Progression of “Canon Diagnostic Suite and Arena” FBC to full approval and award of £1.4m grant to Canon Medical Systems Ltd subject to the conditions set out in the Assurance Summary attached at Appendix 2.

3.    Progression of D0036 Strategic Business Case to FBCsubject to the conditions set out in the Assurance Summary attached at Appendix 3.

4.    Three change requests.

5.    Acceptance of a £0.66m grant from Department of Transport (DFT) forEnhanced Partnership Officer Funding.

6.    Delegated authority be given to the Head of Paid Service in consultation with the Section 73 and Monitoring Officer to enter into legal agreements for the schemes covered above subject to funding being available.