Issue - meetings

To support taking forward the Council’s approach to Community Wealth Building (CWB) by developing an Inclusive Economy Charter,line with the CWB motion passed by the Council on 29 January 2020.

The Leader commended the idea of the Community Balance Sheet, the set of metrics to be used to measure the impact of Community Wealth Building (CWB) and the concept of a Working Group to drive CWB forward.  There was a need to increase the level of local procurement, and she hoped that this would be reflected in the Council’s emerging Procurement Strategy, which itself should link into the work on CWB.

The Portfolio Holder for Resources was requested to raise at the next Local Government Pensions meeting the possibility of the Hertfordshire Pension Fund contributing towards CWB, seeing it as an avenue towards the generation of local investment.

It was RESOLVED:

1.         That an Inclusive Economy Charter be developed and launched by the end of June 2020, underpinned by an action plan, this Charter to include a space for communities and stakeholders to pledge their support.

2.         That the Council pilots a Community Balance Sheet in partnership with its Co-operative Neighbourhoods Programme, and that this Balance Sheet be published alongside its annual statement of accounts.

3.         That the Council agrees a set of metrics to measure the impact of Community Wealth Building (CWB) on day-to-day business, and that this process be supported by a cross-departmental working group.

4.         That the Council facilitates a CWB Group to review progress and to validate findings of impact work, and to support the Council to share best practice at a regional and national level.

Reason for Decision:  As contained in report.

Other Options considered:  As contained in report.