Decision details

Decision Maker: WMCA Board

Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: Yes

Is subject to call in?: No


To present the proposed 2024/25 budget for approval


(1)      A cash flat transport levy for 2024/25 of £119.4m was approved.


(2)      The budget requirement for transport delivery 2024/25, totalling £198.3m and comprising three elements was approved:


(i)       £119.4m to be funded from the existing transport levy mechanism;


(ii)       use of £73.9m of grant income, including £28.4m of Network Stabilisation Grant;


(iii)      use of windfall gains from treasury management of £5.0m.


(3)      The budget requirement for portfolio delivery in 2024/25 of £262.0m comprising of six elements was approved:


(i)       £142.0m adult education (including Free Courses for Jobs) spending to be funded from adult education budget funding devolved by the Department for Education;


(ii)       £104.4m to be funded from other grants;


(iii)      £2.3m to be funded from other income, notably investments;


(iv)      £4.6m to be funded from constituent authority fees (fees to remain at the same level as 2023/24);


(v)      £0.4m to be funded from non-constituent authority and observer fees (fees to remain at the same level as 2023/24);


(vi)      use of £8.3m business rates retention income.


(4)      The Mayoral Office budget for 2024/25 of £7.0m, of which £0.9m to be funded from additional Mayoral Capacity Funding and a further £6.1m to be funded from reserves, was approved.


(5)      It was noted that there would be no mayoral precept during 2024/25.


(6)      The first year (2024/25) of the indicative WMCA capital programme, totalling £706.8m, noting the indicative onward programme thereafter, was approved.


(7)      The planned spend on the Investment Programme over the period was noted.


(8)      The advice of the Director of Finance & Business Hub in relation to the robustness of the budget and the adequacy of reserves was noted.


(9)      The WMCA’s ongoing commitment to work with the Mayor and Leaders during 2024 to discuss a sustainable funding solution for transport which would meet the scale of ambition for the network was noted.


(10)    Authority was delegated to the Director of Finance & Business Hub, in consultation with the Portfolio Lead for Finance, to make any final changes that might result from the final Local Government Finance Settlement.


(11)    Authority was delegated to Executive Directors to progress expenditure within the budget that was in furtherance of WMCA Board-approved local policy.


(12)    The following policies and strategies, which contained items as required by statute, were approved:


(a)      Treasury Management Policy Statement;


(b)      Treasury Management Strategy, including the 2024/25 Investment Strategy and criteria for specified and non-specified investments;


(c)      Capital Strategy and Minimum Revenue Provision Statement; and


(d)      Pay Policy Statement.

Report author: Beverly Sullivan

Publication date: 13/02/2024

Date of decision: 09/02/2024

Decided at meeting: 09/02/2024 - WMCA Board

Accompanying Documents: