Purpose

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.

Content

To approve the reallocation of unspent UKSPF
between projects to enable funds to be spent by 31 March 2025 and
avoid unspent funds being returned to UK government and not
utilised to support local priorities.