To consider a report on Torbay Growth Fund.

Members considered the submitted report detailing how a Torbay Growth Fund would create jobs and improve the productivity of the Torbay economy.

It was proposed by the Mayor and seconded by Councillor Pritchard:

(i)            That the investment of £1,000,000 into a growth fund which would generate employment opportunities through business growth in Torbay be approved;

(ii)        a selection panel comprising of the Mayor, Deputy Mayor and Executive Lead for Finance alongside the Director of Economic Strategy and Performance (TDA) and Executive Head of Finance to determine applications to the fund be established. Performance would be reported through SPAR and annually to Council; and

(iii)       the Chief Operating Officer in consultation with the Mayor and selection panel set out above be authorised to finalise the criteria on which funding will be awarded.

An amendment was proposed by Councillor Darling and seconded by Councillor Baldrey:

            That (ii) above be amended as follows with the inclusion of an additional recommendation:

(ii)        a selection panelcomprising the Mayor, Deputy Mayor, Executive Lead for Finance and a representative from the Liberal Democrat and Non-Coalition Groups alongside the Director of Economic Strategy and Performance (TDA) and Executive Head of Finance be established to determine applications to the fund. Performance would be reported through SPAR and annually to Council; and

(iii)       in the interests of openness and transparency, the selection panel meetings be open to members of the public.  If exempt or confidential information is to be discussed at these meetings, these items should be considered in the absence of the press and public.

On being put to the vote, the amendment was declared lost.

The original motion was then before members for consideration and on being put to the vote, the motion was declared carried.