Labour Shadow Spokesperson for Finance and Property, Cllr Leonard Jacklin, has today called on Suffolk County Council to think again and revoke the end of the Corporate Regeneration Fund after a Freedom of Information request has identified how much the fund has been worth to Suffolk.
The Corporate Regeneration Fund is a sum of money available for Suffolk groups to bid for in order to leverage other money through match funding. This allows groups to be able to maximise the money for the county from external sources. The fund is specifically targeted at helping community, economic or environmental regeneration across Suffolk to develop capital projects.
Cllr Jacklin said “Of all the cuts Suffolk is going to suffer over the next year and more this has to be the most stupid. Over the last four years the CRF has helped bring in over £20m into the County for a total cost of £1.3m which is a fantastic achievement by those that manage the fund.
He added “This cut is the worst kind of cut, it is short-sighted, damages communities and will disadvantage the people of Suffolk. How can the administration cut the CRF at exactly the time when we need this kind of innovative thinking to get the most for the limited resources we have. This is money that makes money. I urge the administration to think again on this cut”.
The Freedom of Information request revealed that the fundamental principle of the fund is that the amount of money leveraged has to be at least £4 for every £1 invested.
The CRF has been responsible for delivering projects across the county, including Mildenhall Museum, Newmarket Memorial Hall, Beccles Lido, Mendlesham Internet café and Ofton and Willisham Village Hall.
Councillor Leonard Jacklin (Lab), Shadow Spokesperson for Finance and Property
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Notes to EditorsPapers for the Scrutiny Committee can be found at http://committeeminutes.suffolkcc.gov.uk/meeting.aspx?d=21/Nov/2013&c=Scrutiny Committee
For further details on the Corporate Regeneration Fund see