Issue - meetings

Relighting Our City: Working together to support local economic recovery

Meeting: 20/01/2021 - Cabinet (Item 8)

8 Wolverhampton Pound: Spend Local for More Jobs and Opportunities pdf icon PDF 534 KB

[To present the Council's commitment to work with partners to support the City’s economic growth and recovery]

Additional documents:

Decision:

1.      That the approach to maximise the Wolverhampton Pound, including the vision, objectives and priority areas for action for the next 12 months to increase local spend, creating more jobs and opportunities set out in appendix 1 to the report be approved.

 

2.      That Cabinet endorse and support the delivery of the action plan through the Wolverhampton Anchor Network to take forward the actions and recommendations of the report.

 

3.      That the allocation of £56,000 from the Recovery Reserve, to fund the costs associated with the delivery of the 12 month action plan to progress with the priority actions identified in the report be approved.

 

4.      That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance, to accept external funding and approve supplementary budgets necessary to reflect external funding offered by The Health Foundation as part of their Economies for Healthier Lives fund as a result of a successful grant funding application.

 

5.    That it be noted that the Wolverhampton Pound vision, principles and action plan were co-produced after extensive engagement with city partners, businesses and the voluntary and community sector.

 

Minutes:

Councillor Ian Brookfield presented the report Wolverhampton Pound: spend local for more jobs and opportunities.  He reported that as part of the Council’s Relighting Our City recovery framework, and the commitment to work as ‘one city’ alongside our civic partners to drive community and economic recovery, the Council had been working with key civic partners, City of Wolverhampton College, Royal Wolverhampton NHS Trust, University of Wolverhampton and Wolverhampton Homes to develop the city’s approach to Community Wealth Building, the Wolverhampton Pound. The approach aimed to leverage the combined power of the city’s institutions, businesses and communities to build and retain local wealth in Wolverhampton, creating new jobs and opportunities.

 

Resolved:

1.      That the approach to maximise the Wolverhampton Pound, including the vision, objectives and priority areas for action for the next 12 months to increase local spend, creating more jobs and opportunities set out in appendix 1 to the report be approved.

 

2.      That Cabinet endorse and support the delivery of the action plan through the Wolverhampton Anchor Network to take forward the actions and recommendations of the report.

 

3.      That the allocation of £56,000 from the Recovery Reserve, to fund the costs associated with the delivery of the 12 month action plan to progress with the priority actions identified in the report be approved.

 

4.      That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance, to accept external funding and approve supplementary budgets necessary to reflect external funding offered by The Health Foundation as part of their Economies for Healthier Lives fund as a result of a successful grant funding application.

 

5.      That it be noted that the Wolverhampton Pound vision, principles and action plan were co-produced after extensive engagement with city partners, businesses and the voluntary and community sector.