Issue - meetings

Cabinet Member: Finance, Property and Transformation

Forward Plan Ref: 2025/183

Contact: Kathy Wilcox, Head of Corporate Finance

Kathy.wilcox@oxfordshire.gov.uk

Report of the Executive Director of Resources and Section 151 Officer (CA17)

Cabinet is RECOMMENDED to:                                         

a)    Note the intention to develop an Enterprise Zone Investment Plan.

b)    Consider and endorse the proposed Enterprise Zone investment priorities as set out at paragraph 41.

c)    Conditionally approve an allocation of up to £10m from the retained funding for Enterprise Zone 1 (Science Vale) to enable the delivery of priorities arising from the forthcoming OxRail strategy.

d)    Conditionally approve an allocation of up to £4m from Enterprise Zone 2 (Didcot Growth Accelerator) for infrastructure that directly enhances access to the Enterprise Zone itself.

e)    Conditionally approve an allocation of £0.700m in 2025/26 for additional economic strategy and delivery capacity and capability at Oxfordshire County Council and Enterprise Oxfordshire from the Enterprise Zone 1 retained business rate funding.

f)     Conditionally approve an on-going allocation of up to £1.254m each year for additional economic capacity and capability at Oxfordshire County Council and Enterprise Oxfordshire from 2026/27 – 2027/28, from the Enterprise Zone 1 retained business rate funding.

g)    Note that, regarding Enterprise Oxfordshire, the acceptance of those funds will be subject to agreement of the Enterprise Oxfordshire Board and Shareholder Committee and will be considered in light of both a revised business plan for 2025/26, and a business plan for 2026 plus.

h)    Delegate authority to the Director for Economy & Place in consultation with the Cabinet Member for Future Economy & Innovation,  to oversee the preparation of business cases for recommendations e) and f).

i)      Note that the Cabinet Member for Future Economy & Innovation, in conjunction with the Director for Economy & Place, will undertake engagement with district councils regarding the Investment Plan and pipeline of investible propositions.

j)      Approve switching the use of remaining funding of £15.7m from supporting on-going borrowing costs to a direct contribution to finance the capital investment allocated towards the City Deals & Pinch Point Programme.

Recommendations approved.

Cabinet received a report which set out background, principles and conditional proposals for the use of retained business rates funding generated through the two Enterprise Zones in Oxfordshire to support economic development in Oxfordshire.

The plan prioritised strategic site development, high-quality infrastructure, and business support activities, with allocations subject to business case development.

Councillor Ben Higgins, Cabinet Member for Future Economy and Innovation presented the report.

Cabinet noted the intention to develop a full investment plan, the need for engagement with district councils, and the conditional nature of allocations pending further strategy development.

Councillor Higgins moved and Councillor Leffman seconded the recommendations, and they were approved.

RESOLVED to:-

a)    Note the intention to develop an Enterprise Zone Investment Plan.

b)    Consider and endorse the proposed Enterprise Zone investment priorities as set out at paragraph 41.

c)    Conditionally approve an allocation of up to £10m from the retained funding for Enterprise Zone 1 (Science Vale) to enable the delivery of priorities arising from the forthcoming OxRail strategy.

d)    Conditionally approve an allocation of up to £4m from Enterprise Zone 2 (Didcot Growth Accelerator) for infrastructure that directly enhances access to the Enterprise Zone itself.

e)    Conditionally approve an allocation of £0.700m in 2025/26 for additional economic strategy and delivery capacity and capability at Oxfordshire County Council and Enterprise Oxfordshire from the Enterprise Zone 1 retained business rate funding.

f)     Conditionally approve an on-going allocation of up to £1.254m each year for additional economic capacity and capability at Oxfordshire County Council and Enterprise Oxfordshire from 2026/27 – 2027/28, from the Enterprise Zone 1 retained business rate funding.

g)    Note that, regarding Enterprise Oxfordshire, the acceptance of those funds will be subject to agreement of the Enterprise Oxfordshire Board and Shareholder Committee and will be considered in light of both a revised business plan for 2025/26, and a business plan for 2026 plus.

h)    Delegate authority to the Director for Economy & Place in consultation with the Cabinet Member for Future Economy & Innovation,  to oversee the preparation of business cases for recommendations e) and f).

i)      Note that the Cabinet Member for Future Economy & Innovation, in conjunction with the Director for Economy & Place, will undertake engagement with district councils regarding the Investment Plan and pipeline of investible propositions.

j)      Approve switching the use of remaining funding of £15.7m from supporting on-going borrowing costs to a direct contribution to finance the capital investment allocated towards the City Deals & Pinch Point Programme.