Decision details

(1)      The financial position as at 30 November 2024 was noted.

(2)      The Quarter 2 full year forecast for 2024/25 was noted.

(3)      The transfer of £16.8m of windfall treasury management gains to an earmarked reserve to bolster financial resilience against known risks was approved.

(4)      The £2m transfer to the earmarked Pooled Investment Fund Reserve was approved.

(5)      The new grant awards to the WMCA were noted.

(6)      The update on WMCA’s Medium Term Financial Plan was noted.

(7)      It was noted that the Government had provided enough revenue resources to put the WMCA in the position of being able to set a balanced budget for 2025/26, but that this was only a short-term relief for the financial deficit on transport while longer term options for achieving financial sustainability were explored.

(8)      The increase in the commitment cap that the WMCA applied to the commercial and residential loan funds from £210m to £300m was approved.

(9)      It was approved that the WMCA varied the current 3rd generation battery replacement contract to include battery replacement for the 2nd generation of trams and entered into the 18-year contract at a total cost of £14.4m and delegated to the Section 73 Officer the ability to manage the funding strategy providing there was no detriment to other WMCA or local authority budgets or programmes.

(10)    The treasury and prudential indicators for the period ending 30 September 2024 (Quarter 2) were noted.

(11)    The annual allocations endorsed by the WMCA Board on 18 March 2022 for 2025/26 in respect of Highways Maintenance and the Local Network Improvement Plan, within the City Region Sustainable Transport Settlement, were confirmed.