Agenda item 6 - HGB Growth Fund Budget update
Report Author: Patsy Dell, Hertfordshire Growth Board (Tel: 07949 887794)
1. Purpose of report
1.1
This report updates the Growth Board on the Budget profile and commitments for use of the Growth Board Growth Fund (GBGF) in 20/21. Appendix 1 includes the current budget profile summary.
2. Changes since the last report in April 2020
2.1
The 2020/2021 budget profile has been updated to include the development of the HGB visual identity, new microsite and a provisional sum for further legal support which may be necessary to support the engagement with HM Government on the Growth and Recovery prospectus (e.g. regarding any governance changes, development/delivery models etc).
2.2
The salary costs of seconded staff appointments are now being charged to the GBGF.
2.3
Total commitments from the GBGF (e.g. running of the Growth Board, consultants’ costs, Growth Board programmes, staffing capacity and support) from 2018/19 to the end of 2020/2021 are profiled at £1,036,000. This equates to a spend commitment from the fund of £86,333 per partner over three years or £29,000 (rounded up) per partner per year.
3. Growth Board Growth Fund - Retained Business Rates update
3.1
The fund is drawing on the Herts Business Rates retention pilot growth pot. Advice previously was that the fund was anticipated to exceed £2.3m and that it was not expected to be adversely affected by Covid-19. That advice remains unchanged.
4. Recommendation
4.1
Leaders are asked to note the report and agree the revised spend profile and commitments.