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i. Notes progress made with securing equity and loan finance and developing the pipeline of projects for first investment during the second half of 2025.
ii. Requests that a single investment of £0.8m to the Greater Cambridge Impact is included in the 2025/26 General Fund Budget to be recommended to Full Council (noting these funds were agreed ‘in principle’ by full Council on 20th July 2023 subject to progress towards funding commitments of £5m from other parties)
iii. Requests that drawdown is delegated to the Executive Councillor for Finance and Resources, following reassurance from the Chief Executive and Chief Financial Officer that governance arrangements are in place and due diligence is completed.
iv. Requests approval of the nomination of the Chief Executive as the Council’s representative on the Greater Cambridge Impact Company Board.
Decision type: Non-key
Decision status: For Determination
Decision due: 10 Feb 2025 by Executive Councillor for Finance and Resources
Lead member: Executive Councillor for Finance and Resources
Department: Corporate Hub
Contact: Jemma Little, Head of Economy Energy and Climate Email: Jemma.Little@cambridge.gov.uk.
Additional Information: This item will automatically appear on the agenda for scrutiny.
Background Information: In 2023, the Council recognised that a £1m a one-off investment from reserves could leverage in a further significant investment to create a social impact investment vehicle (working title Greater Cambridge Impact) to tackle systemic inequality and contribute to inclusive growth in Cambridge and the wider area. Of the Council’s £1m, £0.2m was ringfenced for development, and the balance (£0.8m) was ringfenced for investment, on the condition that a further £5m was raised. The Council now needs to consider the allocation of the remaining £0.8m to the 25/26 budget, to help secure commitment from other investors and enable the first social impact investments to be made in 2025. This report provides an update on progress to establish Greater Cambridge Impact (GCI) and makes recommendations to the Executive Councillor for Finance and Resources to enable the Council’s investment in GCI to be included in 25/26 General Fund Budget.
