Torfaen Council allocates £8.3 million from the Shared Prosperity Fund across key community projects by 2026.
Torfaen’s council decided how to use the funds. They are part of a larger group getting £103 million. The council’s Labour group made the decision.
Most of the money, £3.3 million is for prevention projects. This involves hiring people and paying for services. About £1.29 million supports business growth. Town centers will get £1.25 million. Digital stuff and community wellbeing get £1.46 million.
Energy projects for communities receive £500,000. The Torfaen Strategic Forum gets £60,000. Strategic sites receive £50,000.
The total allocated so far is £7.95 million. The rest covers management costs. Some fees go to Rhondda Cynon Taf. They are the lead authority for the region.
The council also discussed the 2025/26 budget. An official said the fund can help schools. It could pay for things like sports fields.
A councillor wants to track reallocated money. They want projects to match the council’s plans. They expect good value for the money too. The council’s head of economy spoke about regional projects. He said they don’t have to support projects that don’t fit. More information should arrive soon.
The UK government will continue the fund in 2025/26. Existing plans end this March. The budget is now £900 million. This is less than before.
The money needs spending by March 2026. If not, they must return it to the government. Projects must finish within one year. The council wants to avoid lasting costs. Staff may start to look for new jobs later.
A replacement fund will likely appear soon. The UK government will discuss plans with devolved governments.