Decision Maker: WMCA Board
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
(1) The consolidated revenue budget monitoring position as at 31 December 2018 was noted;
(2) The West Midlands Combined Authority consolidated revenue budget was approved, including:
(a) the budget requirement for transport delivery 2019/20 comprising two elements:
(i) £114.7m a year to be funded from the existing transport levy mechanism; and
(ii) a transfer from earmarked reserves of £1.0m.
(b) the West Midlands Combined Authority operational budget requirement for 2019/20 of £103.1m comprising of six elements:
(i) £84.2m Adult Education spending to be funded for the first time from Adult Education Budget funding devolved by the Department for Education;
(ii) £10.6m to be funded from other devolution deal grants;
(iii) £4.6m to be funded from Constituent Authority fees (fees to remain at the same level as 2018/19);
(iv) £0.4m to be funded from Non-Constituent Authority and Observer fees (fees to remain at the same level as 2018/19);
(v) £2.2m to be funded from other income; and
(vi) a transfer from reserves of £1.1m.
(3) The Mayoral Office budget for 2019/20 of £0.8m, to be funded from existing Mayoral capacity funding of £0.8m, was approved.
(4) It was noted that the Mayor had indicated that there would be no mayoral precept during the remainder of his current term of office.
(5) The Summary Capital Programme was approved.
(6) The planned spend on the Investment Programme over the 5 year period was noted.
(7) The West Midlands Combined Authority indicative 5 year Medium Term Financial Plan was noted.
(8) Surplus cash balances generated from the Collective Investment Fund were approved to be used to support the West Midlands Combined Authority operational budget, thus minimising Constituent and Non-Constituent Authority contributions.
(9) Authority was delegated to the Interim Director of Finance in consultation with the Portfolio Lead for Finance & Investments to make any final changes that may result from the final Local Government Finance Settlement;
(10) The following policies and strategies were approved, as required by statute:
(a) the West Midlands Combined Authority Pay Policy Statement;
(b) the West Midlands Combined Authority Treasury Management Strategy; and
(c) the West Midlands Combined Authority Prudential Indicators, Minimum Revenue Provision Strategy and Capital Strategy.
Publication date: 12/02/2019
Date of decision: 08/02/2019
Decided at meeting: 08/02/2019 - WMCA Board