Agenda item

Report of the Director of Economic Development.

The Committee considered a report of the Director of Economic Development seeking a long-term funding commitment for Heart of the City.

Whilst not disputing the merit and value of the work of Heart of the City, Members expressed caution around making any long-term funding decisions at this particular point in time. Given the context of major funding considerations to be taken in the New Year, it was suggested that a more strategic overview should be taken of long-term spending commitments in their totality, rather than an ad hoc approach of considering individual applications as they arose at this point in time. As these discussions were due to take place in January, following debate it was agreed that funding should be approved for one year only at this stage, with a decision in relation to further funding to be taken in the context of wider discussions in the new year.

In relation to the wider question of long-term funding commitments, a Member observed that any requests should not generally be for periods longer than that of the Medium Term Financial Plan, to ensure that the funding envelope within each period was fully controlled and understood.

RESOLVED: That Members:-

1.      Note Heart of the City’s success in securing a significant amount of in-kind funding and membership fees over the last three years;

2.      Agree one-year funding of £300,000, to be met from City’s Cash;

3.      Agree to consider funding for further years as part of the Medium Term Financial Planning Process.