Decision details

RESOLVED that Cabinet: -

(a)  In its capacity as a Dorset Local Enterprise Partnership (CIC) company member, to ratify the decision to transfer and accept the following funds to BCP Council, subject to approval of the 24-25 DLEP accounts by the DLEP board. (Please note, that interest continues to be applied until the payment is made to BCP upon agreement. The figures below include interest up to 31^st March 2025.)

£866,951.68 revenue

£2,498,208.50 capital

£1,275,000 capital loan repayments due

(b)  Agrees to ringfence funds for the benefit of the community and to delegate authority to the Chief Operating Officer, the Chief Financial Officer in consultation with the Portfolio Holder for Portfolio Holder for Destination, Leisure and Commercial Operations to allocate funding in consultation with the BCP Growth Board.

(c)  Notes the resignation of the Leader of the Council from the DLEP Board on successful transfer of the above funds.

(d)  Notes that Dorset Council will formally close the DLEP following successful transfer of the above funds.

(e)  Delegates authority to the Director of Law and Governance to finalise any legal documentation required

Voting: Unanimous

Portfolio Holder: Destination, Leisure and Commercial Operations

Reason

The acceptance of the revenue and capital funding for community benefits in the BCP Council area will help deliver the Council’s Corporate Strategy and wider economic and social objectives:

• Our inclusive, vibrant and sustainable economy supports our communities to thrive
• Revitalised high streets and regenerated key sites create new opportunities Employment is available for everyone and helps create value in our communities
• Skills are continually developed, and people can access lifelong learning