Decision details

(1)      The WMCA consolidated revenue budget was approved, including:

(a)      the budget requirement for transport delivery in 2023/24 comprising three elements:

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

(ii)       use of £4.7m business rates retention income;

(iii)      a transfer from earmarked reserves of £9.2m.

(b)      the budget requirement for portfolio delivery in 2023/24 of £170.4m comprising of six elements:

(i)       £140.6m adult education (including level 3) spending to be funded from adult education budget funding devolved by the Department for Education;

(ii)       £16.1m to be funded from other devolution deal grants;

(iii)      £1.3m 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 2022/23);

(v)      £400,000 to be funded from non-constituent authority and observer fees (fees to remain at the same level as 2022/23);

(vi)      Use of £7.3m business rates retention income.

(2)      The Mayoral Office budget for 2023/24 of £900,000, to be funded from additional mayoral capacity funding, was approved.

(3)      The first year (2023/24) of the indicative WMCA capital programme, totalling £805.1m, was approved, noting the indicative onward programme thereafter.

(4)      The planned spend on the investment programme over the period was noted.

(5)      It was noted that there would be no mayoral precept during 2023/24.

(6)      The WMCA’s ongoing commitment to work with the Mayor and leaders of constituent authorities to discuss future funding for the WMCA during 2023, including the need to review local choice transport policies was noted.

(7)      Authority was delegated to the Director of Finance & Business Hub, in consultation with the Portfolio Lead for Finance, to make any final changes that may result from the final local government finance settlement.

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

(a)      the WMCA Treasury Management Policy Statement;

(b)      the WMCA Treasury Management Strategy, including the 2023/24 Investment Strategy and criteria for specified and non-specified investments.

(c)      the WMCA Treasury Management Practice; and

(d)      the WMCA Capital Strategy and Minimum Revenue Provision Statement.

(e)      the WMCA Pay Policy Statement.