Decision details

Approval is required to transfer £120,000 from the Business Rates Growth Reserve to support the delivery of some Regeneration projects across the district. This Decision is required to formalise the reallocation of funds and to give delegated authority to the Director of Regeneration to allocate spend on these projects.

1.  That Cabinet approve a 2021-22 revenue supplementary budget of £120,000 for Regeneration projects in the district to be funded from the Business Rates Growth Reserve; and

2.  That Cabinet delegates authority to the Director of Regeneration to allocate spend on these projects.

There is significant interest in ‘levelling up’ districts like Thanet and the Council needs to ensure that it is in a position to take advantage of the government policies and funding, and the potential private investment that follows statements as ‘levelling up’. The allocation of this funding will allow the Council to make better use of some of its assets, put together funding bids to central government for significant funding for projects and support the technical development of project proposals.

An alternative would be to not to transfer the funds, however this option was rejected because it would have meant that the projects would not be completed until alternative funding had been identified.