Decision details

(1)       The progress update was noted in relation to the £8.0bn Investment Programme agreed by the West Midlands Combined Authority on November 2015 and funded by:

(a)       £2.0bn of funding generated by the West Midlands Combined Authority; and

(b)       £6.0bn of other funding sources, including Constituent Members internally generated funds, Central Government grants and 3rd party contributions.

(2)       The current funding position of the Investment Programme 18 months after the establishment of the West Midlands Combined Authority was noted.

(3)       In relation to the £2.0bn funding intended to be generated by the West Midlands Combined Authority:

(a)       The inclusion of the intended Mayoral Precept for 2018/19 included within the West Midlands Combined Authority Draft Budget and Mayoral Council Tax Precept was noted.

(b)       The continued work with Central Government on providing the power to introduce a Business Rates supplement as envisaged in the first Devolution Deal was noted, taking account of proposals for levying within local arrangements, particularly in relation to Business Improvement Districts.

(c)        The work planned in the final quarter of the 2017/18 financial year for Finance Directors to agree an approach that confirmed the contribution of locally generated Business Rates to fund the Investment Programme was endorsed.

(d)       An approach whereby the West Midlands Combined Authority was consulted with prior to any future changes to Business Rates income forecasts, such as the development of Enterprise Zones, was endorsed; and

(e)       The delivery of a process with Leaders of Constituent Authorities, Chief Executives and Finance Directors to rank and sequence the Investment Programme based on the current assessment of when funding streams would be realised was endorsed. This should then align to specific project approvals only where funding had been or was likely to be secured.

(4)       Authority was delegated, in relation to the wider funding of the Investment Programme, to the Director of Finance in consultation with the Portfolio Lead for Finance & Investments to work with Constituent Authority Finance Directors to confirm and establish accountable leads for each element of the Investment Programme, together with plans and dates by which funding would be secured.

(5)       A governance review to confirm the appropriate programme governance to be implemented to provide assurance to the WMCA Board, based on the updated review of programme delivery and funding, was endorsed.