Skip to content

Agenda item

Economic Recovery Fund 2022-23

Report of the Executive Director, City Futures

Decision:

9.1

Full Council resolved during its budget setting process (on 16 February 2022) to allocate £2m to the city’s district and local centres to support their economic recovery. The budget amendment committed to building on the work of the Economic Recovery Fund (launched in March 2021).

 

This report proposes to continue the work of the Economic Recovery Fund, re-

establish its governance arrangements, and develop options for the future operation of the Fund.

 

The objectives of the Economic Recovery Fund are:

·       To support local economic recovery; helping our businesses and our retail and hospitality centres to rebuild and grow.

·       To help businesses open safely and remain viable – building resilience to future economic changes.

·       To protect jobs and businesses, particularly in hardest hit sectors.

·       To generate demand, to bring back customers and promote consumer confidence.

 

 

9.2

RESOLVED UNANIMOUSLY: That the Economic Development and Skills Policy Committee Policy Committee:-

 

1. notes the allocation of £2m to the Economic Recovery Fund resolved during its budget-setting process by Full Council on 16 February 2022; and

 

2. supports re-establishing the Economic Recovery Fund Steering Group with updated membership and term of reference, with a first task of supporting the development of options for the future operation of the Economic Recovery Fund.

 

 

9.3

Reasons for Decision

 

 

9.3.1

The report makes these recommendations to support delivery against the Council’s priorities, as set out in the Business Response Plan and One Year Plan (see section 2). It will enable the Economic Recovery Fund to deliver a new phase of the scheme, continue supporting district and local centres and building relationships with our communities.

 

 

9.3.2

The expected outcomes of this work include:

·       The establishment of a refreshed Economic Recovery Fund that improves on the first iteration and touches additional areas of the city that were not successful in the first round.

·       The delivery of a new set of projects in district centres that will achieve positive economic and other impacts for their local high streets and businesses.

·       The bringing together of new local collaborations and strengthening of existing networks.

·       Embedding this collaborative, enabling approach across different council teams and sharing the organisational learning generated by the first year of delivery.

·       Increasing the council’s knowledge and understanding of the health of district centres and the development of a set of longer-term interventions to work towards.

 

 

9.4

Alternatives Considered and Rejected

 

 

9.4.1

In the development of this report several alternative options were considered:

 

 

9.4.2

Option 1: Sheffield City Council allocating funding directly to local areas without running a competitive process

This option does not fit with the ambition and ethos of engaging, enabling and empowering of residents and communities. This would not deliver the benefits that collaboration and competition has brought to the first iteration of the scheme.

It risks losing the local insight, enthusiasm, confidence and collaboration that the first scheme engendered and harnessed.

 

 

9.4.3

Option 2: Economic Development and Skills Policy Committee take on the

decision-making role

Overseeing and steering the Economic Recovery Fund is a detailed job and the Steering Group committed many hours in undertaking tasks relating to the Fund.

In this model it is unlikely the Committee would have the time to undertake the necessary work and the Committee does not meet frequently enough to meet the needs of the scheme, which has been able when required to take decisions at pace. In this option the project would also lose the participation of private sector partners who have provided such valuable perspectives to date.

 

 

 

Minutes:

8.1

Full Council resolved during its budget setting process (on 16 February 2022) to allocate £2m to the city’s district and local centres to support their economic recovery. The budget amendment committed to building on the work of the Economic Recovery Fund (launched in March 2021).

 

This report proposes to continue the work of the Economic Recovery Fund, re-

establish its governance arrangements, and develop options for the future operation of the Fund.

 

The objectives of the Economic Recovery Fund are:

·       To support local economic recovery; helping our businesses and our retail and hospitality centres to rebuild and grow.

·       To help businesses open safely and remain viable – building resilience to future economic changes.

·       To protect jobs and businesses, particularly in hardest hit sectors.

·       To generate demand, to bring back customers and promote consumer confidence.

 

 

8.2

RESOLVED UNANIMOUSLY: That the Economic Development and Skills Policy Committee Policy Committee:-

 

1. notes the allocation of £2m to the Economic Recovery Fund resolved during its budget-setting process by Full Council on 16 February 2022; and

 

2. supports re-establishing the Economic Recovery Fund Steering Group with updated membership and term of reference, with a first task of supporting the development of options for the future operation of the Economic Recovery Fund.

 

 

8.3

Reasons for Decision

 

 

8.3.1

The report makes these recommendations to support delivery against the Council’s priorities, as set out in the Business Response Plan and One Year Plan (see section 2). It will enable the Economic Recovery Fund to deliver a new phase of the scheme, continue supporting district and local centres and building relationships with our communities.

 

 

8.3.2

The expected outcomes of this work include:

·       The establishment of a refreshed Economic Recovery Fund that improves on the first iteration and touches additional areas of the city that were not successful in the first round.

·       The delivery of a new set of projects in district centres that will achieve positive economic and other impacts for their local high streets and businesses.

·       The bringing together of new local collaborations and strengthening of existing networks.

·       Embedding this collaborative, enabling approach across different council teams and sharing the organisational learning generated by the first year of delivery.

·       Increasing the council’s knowledge and understanding of the health of district centres and the development of a set of longer-term interventions to work towards.

 

 

8.4

Alternatives Considered and Rejected

 

 

8.4.1

In the development of this report several alternative options were considered:

 

 

8.4.2

Option 1: Sheffield City Council allocating funding directly to local areas without running a competitive process

This option does not fit with the ambition and ethos of engaging, enabling and empowering of residents and communities. This would not deliver the benefits that collaboration and competition has brought to the first iteration of the scheme.

It risks losing the local insight, enthusiasm, confidence and collaboration that the first scheme engendered and harnessed.

 

 

8.4.3

Option 2: Economic Development and Skills Policy Committee take on the

decision-making role

Overseeing and steering the Economic Recovery Fund is a detailed job and the Steering Group committed many hours in undertaking tasks relating to the Fund.

In this model it is unlikely the Committee would have the time to undertake the necessary work and the Committee does not meet frequently enough to meet the needs of the scheme, which has been able when required to take decisions at pace. In this option the project would also lose the participation of private sector partners who have provided such valuable perspectives to date.

 

 

 

 

Supporting documents: