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RESOLVED:
 

1.   
That Cabinet notes the progress made in establishing
the Council as Surrey’s strategic economic leader including
the taking on of LEP functions and assets from
Government.
 

2.   
That Cabinet notes the use of delegated officer
powers to approve the signing of a Memorandum of Agreement with
Hampshire County Council, which formally sets out how ongoing
governance will be undertaken, and how assets and liabilities will
be split between both local authorities.
 

3.   
That Cabinet approves the vision and priorities in
the refreshed economic growth strategy following the endorsement by
the One Surrey Growth Board and the Surrey Business Leaders Forum.
These interconnected updated priorities are reinforced by the
evidence review that has been carried out.
 

4.   
That Cabinet approves the creation of the Economic
Growth Funding Framework and related funding rounds for 2025/26,
through which investments will be made to realise initiatives that
support the agreed priorities. This includes approximately £4
million towards capital initiatives, £2 million towards
revenue initiatives and £1 million towards an SME business
grant scheme.
 

5.   
That Cabinet approves funding thresholds for the
Interim Executive Director for Environment, Property & Growth
in consultation with the Cabinet Member for Transport,
Infrastructure, and Growth and the Section 151 Officer (up to
£100,000), and the Cabinet Member for Transport,
Infrastructure, and Growth (between £100,000-£500,000),
with Cabinet responsible for approving any investments over
£500,000.
 
Reasons for Decisions:
 
To
bring the significant strategic decision of approving the refreshed
county-wide economic growth strategy and strategic funding
framework to Cabinet, which will help give direction
to local economic initiatives and enable greater coordination of
local institutions with an ability to deliver.
 
(The
decisions on this item can be called-in by the Communities,
Environment and Highways Select Committee)