Decision details

To consider and approve the Budget in respect of the Local Enterprise Partnership (LEP) for 2023/24. Change request approvals are also included as part of this reporting process.

The Committee RESOLVED:

(1)   To approve a 2023/24 contribution of £110k per each West of England Unitary Authorities, (to be reviewed for 2024/25 onwards), as match funding to attract the government’s LEP Capacity Funding;

(2)   To approve a £160k drawdown from the LEP General Reserve to fund the shortfall in 2023/24 LEP operating costs;

(3)   To approve the LEP Budget for 2023/24 as set out in Appendix 1;

(4)   To Comment and Review on the LEP revenue forecast for 2022/23 as set out in Appendix 2;

(5)   To Approve a £120k drawdown from the LEP General Reserve to fund the shortfall in the 2022/23 LEP Capacity Core Grant;

(6)   To approve the change requests for schemes within the Local Growth Fund programme as set out in Appendix 3;

(7)   To approve the change requests for schemes within the Economic Development Fund programme as set out in Appendix 4.

(8)   That Officers review the role, function, value for money and performance of IBB and consider the current funding arrangements, presenting a report detailing the findings and any key recommendations to the Joint Committee in June 2023.