Recession Reserve 'timely boost' for local economy

Local communities across the district have benefited from the Bath & North East Somerset Council recession reserve fund.

In 2009, around £1 million was allocated to respond to the economic downturn. The fund has been invested in a range of one-off initiatives designed to mitigate the impact of the recession on local communities and also to cover the impact the recession has had on Council income.

Councillor Malcolm Hanney, Cabinet Member for Resources, said, “Prudent economic management of Bath & North East Somerset Council’s finances has allowed us to make one-off investments to help support our local economy during the recession. Local people and the business community have benefited from this timely boost to the local economy in the form of community grants, support for public events, and initiatives for jobs and training.

“Living within our means has also resulted in the Council heading towards providing our services on budget in this financial year.”

A report on the economic downturn was discussed at the Council Cabinet meeting on March 3, 2010. Some of the one-off initiatives funded by the recession reserve are:

1. Alongside local partners the Council has supported public events to attract additional visitors to the area – these have included the Somer Valley flower festival, the Midsomer Norton Lantern Festival, and Keynsham ‘show window dressing’ event/ trail;

2. Grants to nine community organisations, including Care & Repair and Citizens Advice Bureau, which provide a range of services, for example re-skilling programmes, and advice and support for those affected by the economic downturn;

3. Delay to parking charge increases to enable business consultation on the Council’s long-term car parking strategy;  

4. Loan for the Lions of Bath project;

5. Support for employment and jobs training, including the SouthGate Jobs and Training Bus which has travelled district-wide.

For more information visit: www.bathnes.gov.uk/recessionadvice