Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: February 25, 2025

Purpose:

Content: 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)