Decision details

10.1

The report sought approval from the Sub-Finance Committee to accept £6.6m from the South Yorkshire Mayoral Combined Authority (SYMCA) to support the implementation of a Project Feasibility Fund (PFF) and to note the proposed governance arrangements for the PFF.

10.2

RESOLVED UNANIMOUSLY: That Finance Sub-Policy Committee:-

1.     Sheffield City Council through the Programmes and Accountable Body Team will act as the Accountable Body for the Project Feasibility Fund.

2.     The Council to enter into a funding agreement with the South Yorkshire Mayoral Combined Authority in order to accept a grant of £6.6 million.

10.3

Reasons for Decision

10.3.1

Entering into the Fund Agreement will allow the Council to:

1.     Develop and complete of the City Strategy which will also include Policies and Spatial Strategies and the Sheffield Place Based Plan.

2.     Enable the development of project ideas from prioritised City strategic objectives.

3.     Turn ideas into deliverable projects with developed and costed business cases that can deliver against South Yorkshire Strategic Economy Plan (SEP) objectives.

10.4

Alternatives Considered and Rejected

10.4.1

A do-nothing option would see the Council with very little capacity and resource to complete the City Strategy and Place Based Plan. In addition, there would be extremely limited ability to proactively develop project ideas and business cases to delivery strategic outcomes for the City.

10.4.2

No alternative external funding sources have been identified for this type of activity to be undertaken.