It was reported that, in accordance with the wishes of the Conservative Group, the membership of the Board had been amended to include Councillor Addis in place of Councillor Hill.

To confirm as a correct record the minutes of the meeting of the Board held on  24 January 2013.

The minutes of the meeting of the Board held on 24 January 2013 were confirmed as a correct record and signed by the Chairman.

To consider the response to the Board’s questions (attached) in relation to Economic Regeneration.

As background information, extracts from the Quarter 3 of the Performance and Public Value Report in relation to economic development are also attached.

In accordance with its Work Programme and following the meeting of the Board held on 12 September 2012, the Board had requested that the Mayor attend the meeting to discuss further his priorities and strategy around the economic regeneration of Torbay.

In particular the Board asked for updates on:

·         South Devon Link Road and how the Council would be capitalising on the improved transport links into Torbay from the completion date of the road

·         the recently announced £1.4 million which had been allocated to Torbay from the Government’s Coastal Communities Fund

·         the current position in relation to the European Union Transition Zone funding which was likely to be allocated to Devon

·         the Council’s relationship with the Heart of the South West Local Enterprise Partnership which would have a key role to play in the future economic strength of Torbay.

The Board also had before it extracts from the Quarter 3 Performance and Public Value Report which gave details of the “State of the Bay” including current statistics about Torbay’s economy together with updates on the Council’s and the Torbay Development Agency’s performance as it related to the economy.

At its meeting in September 2012, the Board had been reassured that the current Economic Strategy was being revised and that it, at that time, was scheduled to be considered by the Council in December 2012.  The Board had asked to be provided with the opportunity to “critically engage with the consultation process” on the emerging Strategy.

The Mayor presented his briefing note which set out how the Economic Strategy was being revised taking account of the economic issues which Torbay continues to face.  The Mayor stated that his main priority remained the creation of jobs (whether part-time or full-time).  The number of jobs available needed to be increased and the numbers needed to be maintained.

The briefing note also gave details of Lord Heseltine’s report “No Stone Unturned in the Pursuit of Growth” which had been published at the end of October 2012.  It was noted that the Local Economic Partnerships (LEP) would have an increasingly significant role in economic regeneration acting as a conduit for funding from central government to the regions.  However, the level of funds available had substantially reduced and therefore bidding rounds where becoming ever more competitive.

The Chief Executive of the Torbay Development Agency was confident that he currently had the resources available to make successful bids.  However, whilst recognising the increased pressure that Council finances were under, he expressed concern about his organisation’s ability to sustain the long term delivery of schemes to regenerate to the economy if the funding of his organisation continued to be reduced. 

It was also noted that match funding which in the past had been provided by the South West Regional Development Agency (RDA) for schemes was not available through the LEP and that the Council would need to take a different approach to providing match funding which may be consider more risky than in the  ...  view the full minutes text for item 48.