To update Cabinet on the success of the Back to Business Programme and seek agreement to move to a Corporate Investment Plan, with a focus on accelerated delivery.

RESOLVED that Cabinet –

(a)    notes the work completed under the Back to Business programme;

(b)    agrees to implement a Corporate Investment Plan approach along with establishing the associated Corporate Investment Board, as set out in the joint report of the Corporate Finance & Governance Portfolio Holder and the Business & Economic Growth Portfolio Holder (report A.7);

(c)    requests Portfolio Holders to explore with Officers further items for consideration by the proposed first meeting of the Corporate Investment Board in March 2022;

(d)    (i) agrees to the creation of a one-off Members’ Small Grant Scheme to make available £1,000 to each Member for the support of Her Majesty The Queen’s Platinum Jubilee celebrations within the District and authorises the Assistant Director (Finance & IT) and the Deputy Chief Executive to finalise the conditions, in consultation with the Leader of the Council and make the necessary arrangements to enable Members to access this funding as soon as possible;

(ii)  agrees that the  total cost of the scheme of £48,000 be funded from the existing Tendring Community Fund budget; and

(e)    agrees that a cross-party Member working group is set up to explore the establishment of a local scholarship scheme and that Officers be requested to set up the first meeting of the group in consultation with the Portfolio Holder for Partnerships.

Cabinet had before it a joint report of the Corporate Finance & Governance Portfolio Holder and the Business & Economic Growth Portfolio Holder (A.6) which updated it on the success of the Back to Business Programme and sought its agreement to move to a Corporate Investment Plan to support accelerated delivery.

Members were aware that the Council had co-ordinated some of its investment over the last two years through the Back to Business Plan in response to the Covid 19 Pandemic. In line with the Capital Strategy, other investments and cost pressures had been managed via the financial strategy and in-year financial performance reports. This approach had been supported by earmarking reserves and budgets with the aim of managing such costs separately to the annual budget cycle. As a result the Council had protected the underlying base revenue budget as far as possible.

It was reported that, in response to previous peer reviews and the annual governance statement action plan (including points raised by the Council’s External Auditor), the opportunity had been taken to review the corporate framework against which projects and investments were prioritised. This was felt timely given the limited funding available to the Council outside of the money required to operate its key front line services and other day to day operations.

It was considered that Back to Business had galvanised the Council to counter the impacts of the pandemic, successfully delivering projects against the themes of ‘Strive’, ‘Thrive’ and ‘Live’. It had enabled the Council to respond to the economic challenges Tendring had faced, for example, providing businesses with advice and supporting the development of Freeport East. The Council had also attracted tourists to the Coast and had engaged local residents during the Pandemic, including the Octopus Ahoy! sculpture trail, Clacton 150 Anniversary flights and the Clacton 150 Heritage Trail from Jaywick Sands to Holland Haven. Back to Business had also supported well-being, with over twenty well-being hubs set up in Tendring and Colchester schools. 

Cabinet was informed that this new approach had therefore allowed the Council to merge the Back to Business Plan into a new Corporate Investment Plan along with the other proposals for schemes and projects that flowed from initiatives and strategies, in order to compete for the Council’s scare resources. It also enabled a reinvigorated approach to reviewing existing ‘cash backed’ schemes and projects where they could be considered against other emerging issues in order to ensure the Council’s money was being put to effective use in the short, medium and long term.

From now on, the Corporate Investment Plan would bring together a fuller pipeline of opportunities to be funded, which would enable the various competing priorities to be considered in a consistent way.

Members were advised that the new Corporate Investment Plan would include the following key elements:-

“A decision making process, including a Corporate Investment Board to agree the project Pipeline, and which projects to recommend for progression towards a formal decision to allocate resources to deliver.

Criteria / Priority  ...  view the full minutes text for item 137