Lancashire Enterprise Partnership Financial Outurn Position 2017-18 and Proposed Draft Operational Budget 2018-19
Decision status: Recommendations approved
Is Key decision?: No
Kathryn talked through the report which set out the 2017/18 outturn position of the Lancashire Enterprise Partnership and the draft operational Budget for 2018/19. It was noted that the 2017 / 18 outturn reported an underspend which it is proposed is programmed to be carried forward and spent in the 2018 / 19 Budget.
The Committee received an update regarding where the variance had come from and highlighted the key areas of reduced expenditure / additional expenditure.
It was noted that the two new posts approved by the LEP will be advertised before summer and will be in place for a two year period. One post will focus on Economic Policy and communications and the other on Commercial and Business support.
It was noted that the Legal resource the LEP has had since April 2018 has been a great help and it is proposed that in the 2018/19 Budget that funding for this post be extended to March 2020. The post supports the delivery of The Growth Deal Programme, Growing Places Investment Fund and the development and delivery of the Salmesbury Aerospace Enterprise Zone.
The Committee discussed the on-going maintenance of the LEP's new website, the Lancashire investment website and in supporting the development and delivery of Lancashire's place marketing capacity through a more focussed attendance at MIPIM UK and MIPIN Cannes. It was noted that Marketing Lancashire will be developing the LEP and Lancashire's new web presence and day to day press releases and social media updates. It was proposed that SKV will continue to work with on strategic messages. The Committee recognised that the LEP needs to be pushed on a National level going forward.
It was reported that the SKV Communications contract had been extended until October 2018 and will be reviewed in Aug/Sep 2018. Information will then be brought to the October Committee meeting for further discussion.
The Committee briefly discussed the study work that is being done into Preston Railway Station, the proposed development and the growth opportunities presented by HS2. It was requested the David Taylor be kept up to date on key framework regarding this.
The Committee will be kept informed on the initial scoping work around a potential City of Culture bid.
The Committee discussed the growing places investment fund and agreed it's timely to undertake an evaluation of the Fund to ensure its current operating principles are still relevant to the current commercial marketplace and identify a complementary focus to the proposed urban development fund.
It was suggested that a prospectus document be produced to present to the LEP Board indicating what they wish to invest in. It was agreed that both Kathryn and Liam will look to pull this information together. The Committee suggested it would also be useful to see what investments are available along with a list of opportunities so they can identify what fits well where.
Committee members were asked to email any ideas they have to Kathryn.
The Committee had a discussion regarding an Investment Committee to the LEP which would help identify opportunities and it was noted that they will need a governance structure agreed for this.
The balance of funds expected to be available to the LEP at March 2019 and the forecast available to the LEP as of March 2020 was noted. It was highlighted that none of the Budget figures included the interest generated from the Growing Places Investment Fund.
The Committee were provided with an update on the Luneside East scheme.
It was agreed that the draft Operational Budget be taken forward to the LEP Board for approval.
i. That the committee reviewed and noted the contents of the report including the Lancashire Enterprise Partnerships 2017-18 Financial outturn position
ii. That the Committee considered and commented on the Lancashire Enterprise Partnerships proposed draft operational budget for 2018-19.
iii. Approved that the proposed Operational budget for 2018-19 including the forecast will be presented to the LEP Board for approval at its June 2018 meeting.
Report author: Kathryn Molloy
Date of decision: 22/05/2018
Decided at meeting: 22/05/2018 - LEP - Performance Committee