All UK Shared Prosperity Fund projects were awarded funding according to anticipated funds required for delivery at the time the project proposals were drawn up. As projects have reached delivery stage, some have stalled or been scaled back needing less funding than initially envisaged and others are in delivery but with costs rising above levels initially anticipated.
As the end of the financial year approaches there is a need to reallocate unspent funds to projects able to utilise the funds by end March 2025 to avoid underspend which would have to be returned to UK government with no benefit to the local area, allowing the opportunity to provide more funding for projects which have faced rising costs.
Decision type: Non-key
Decision status: Recommendations Approved
Notice of proposed decision first published: 15/01/2025
Decision due: 14 Feb 2025 by Executive Director Place