Decision details

(1)      The financial position as at 31 January 2024 was noted.

(2)      The latest forecast for 2023/24 was noted.

(3)      The proposed allocations of the anticipated revenue surplus for 2023/24 was approved.

(4)      The Section 151 Officer and the Monitoring Officer were authorised to put in place all necessary arrangements to give effect to the agreed recommendations, to include entry into the any funding agreements with third parties and expenditure of the amounts described.

(5)      The confirmation of the Adults Skills Funding budget (previously referred to as the Adult Education Budget) for the 2024/25 academic year and the Skills Bootcamp funding for the 2024/25 financial year was noted.

(6)      The acceptance of £14.5m of the Local Electric Vehicle Infrastructure Capital Fund, £20m Trailblazer Devolution Deal capital funding and £3m grant award from the Department for Levelling Up, Housing & Communities to supplement the Commonwealth Games Legacy Fund was approved, and authority was delegated to the Section 151 Officer and the relevant Executive Directors to enter into any contracts required to enable delivery of the programme in compliance with the grant conditions.

(7)      Authority was delegated to the Executive Director of Finance & Business Hub (Section 151 Officer) to accept any funds awarded during the pre-election period and up to the WMCA Board meeting on 14 June 2024, subject to satisfactory terms and conditions and all funds going through the Single Assurance Framework.

(8)      The arrangements concerning the UK Shared Prosperity Fund year 3 payment profile and actions being taken to ensure the West Midlands allocation was maximised was noted.

(9)      The ability to increase the commitment cap on the WMCA commercial and residential loan funds by (up to) an additional £40m (to £250m) was delegated to the Section 151 Officer, in consultation with the Portfolio Lead for Finance, subject to the West Midlands Finance Directors consenting to the change.

(10)    The Local Authority Capacity requirements associated with the WMCA Levelling Up Zones and the WMCA proposal were noted.

(11)    The annual allocations endorsed by the WMCA Board on 18 March 2022 for 2024/25 in respect of Highways Maintenance and Local Network Improvement Plan, within the City Region Sustainable Transport Settlement, were confirmed.

(12)    The additional funding awarded to the region for Highways Maintenance works, as part of the Government’s Network North plan was noted, and the proposed 2024/25 allocation of this funding was endorsed.

(13)    Note the Treasury and Prudential indicators for the period ending 31 December 2023.