PAPER C
|
ECONOMIC DEVELOPMENT,
PLANNING, TOURISM AND LEISURE SERVICES SELECT COMMITTEE – 28 APRIL 2003 QUARTERLY REPORT ON ISLE
OF WIGHT ECONOMIC PARTNERSHIP ACTIVITIES REPORT OF THE HEAD OF
POLICY AND COMMUNICATIONS |
To update Members on the
outcome of the Ernst and Young audit of the Isle of Wight Partnership finances
for the year 2001 – 2002.
To
update Members on the activities of IWEP
ACTION REQUIRED BY THE SELECT COMMITTEE
That
Members note this report |
BACKGROUND
Following the restructuring of the IWP in November 2001 there was a need to ensure that there was a completely independent audit of the IWEP finances. SEEDA were able to finance Ernst & Young to carry out an independent audit which has now been completed. An IWEP Director will report on the findings of the audit to the select committee.
As part of
the Service Delivery Contract between the Council and IWEP, it has been agreed
that quarterly reports will be provided by IWEP on their activities. Annex 1 provides a
summary of these activities highlighting key points. The quarterly monitoring
reports for the regeneration programs, which provide more detailed information,
are appended as Annex 2.
FINANCIAL
IMPLICATIONS
For
the financial year 2002 / 2003 the Council contributed £104,000 in cash and
seconded staff as agreed. In addition
the Council were called upon to honour their agreement to pay the rent on
Enterprise House, should this remain vacant and IWEP be unable to do so. This amounted to £135,000. After taking these contributions into
account it is anticipated that the IWEP will make a small surplus for the year.
LEGAL
IMPLICATIONS
Legal implications are as laid down in the Service
Delivery contract between IWEP and the Council, and the legal agreements
between the same parties relating to the Council guaranteeing the rent on
Enterprise House and the Innovation Centre.
Service
Delivery Contract between IWEP and the Council
Legal Agreements between the Council and IWEP
undertaking to guarantee payment of the rent on the properties known as
Enterprise House and the Innovation Centre, St Cross Business Park, Newport,
should the IWEP be unable to do so.
Contact
Point : , F John Bentley
Head of
Policy and Communications
Ext 3346
M
FISHER
Chief Executive
Officer