Issue details

UK Shared Prosperity Fund – Year 3 Reprofiling

The UKSPF is the Government’s major economic development fund to replace EU Structural and Investment Funds. It is a largely revenue fund aiming to boost productivity. The MCA submitted its Investment Plan to Government in August 2022 following approval by the Board in July 2022.

In November 2022 the MCA board gave delegated authority to the MCA Chief Executive and s73 officer to enter into funding agreements in accordance with the UKSPF submitted Investment Plan, local delivery plans and any conditions agreed with Government.

Following UKSPF 2023/24 year-end reporting and reconciliation of financial claims, there is an underspend of £1.5m. Recommendation is reprofile any underspend on individual projects in 2024/25 activity.

The associated projects are contracted for two years, beginning in April 2023 and concluding in March 2025, and funding already approved by Gareth Sutton. Towards the end of 23/24 projects were encouraged to maximise in year activity to achieve the DLUHC spend target, with flexibility given by DLUHC to profile delivery across 23/24 and 24/25 to enable this.

Decision type: Non-key

Decision status: Recommendations Approved

Notice of proposed decision first published: 04/07/2024

Decision due: 3 Jul 2024 by Section 73 Officer

Contact: Laurie Thomas, Director of Programme Delivery Email: