This report seeks approval for the establishment of a Social Impact Fund.
Cabinet Portfolio Holder – Councillor Heather Timms
Councillor Heather Timms (Portfolio Holder for Environment, Climate & Culture) introduced this report, noting that Council had resolved to bring forward proposals for a fund to act as a catalyst for building stronger communities. Proposals for the fund had been considered by Overview and Scrutiny which had expressed general support. Councillor Timms explained that, subject to approval, the fund would launch on 4 November 2021 and it was recommended that the operation of the fund be commissioned to a third party as described in the report.
By way of clarification, Cabinet were informed that in order to promote inclusion, the source of funding for the proposals was the Contain Outbreak Management Fund (COMF) and this meant that it was linked to the areas most affected by Covid. It also aligned with the Council Plan and Community Powered workstream.
1. Approves proceeding with the establishment of a Social Impact Fund, using source funding of no less than £1,000,000 from the Contain Outbreak Management Fund (COMF) and authorises the Strategic Director for Resources, in consultation with the Portfolio Holder Finance and Property, to increase the value of the fund drawn from the COMF if the appropriate conditions are met;
2. Approves the capital element of the fund to be added to the Capital Programme and authorises the Strategic Director for Resources, in consultation with the Portfolio Holder Finance and Property, to adjust the value of scheme in the capital programme depending on the balance of grant determinations approved;
3. Supports the operation of the fund to be delivered by a third party and authorises the Strategic Director for Resources to take all steps as he considers necessary to establish the fund; and
4. Notes the feedback from the Communities Overview and Scrutiny Committee as set out at paragraph 4.15 of the report.