Issue - meetings

(1)       The financial position as at the end of November 2019 was noted.

(2)       It was noted that on 8 November 2019, regulations came into force retrospectively merging the West Midlands Integrated Transport Authority Pension Fund with the West Midlands Pension Fund, effective 1 April 2019.

(3)       The statement of assets and liabilities of the West Midlands Pension Fund and the West Midlands Integrated Transport Authority Pension Fund as at the date of transfer, set out in within the report, were noted.

The board considered a report from the Director of Finance providing an update on WMCA finances as at the end of November 2019.

The report provided a summary of revenue and capital spend against the approved budget, and a summary of the Investment Programme along with current commitments. The year to date position at the end of November 2019 showed a £1.544m favourable variance from budget and a full-year favourable variance of £2.256m. This included of a favourable variance of £1.972m in transport expenditure against the budget, primarily as a result of lower patronage volumes and changes in the timetable of capital requirements.

Resolved:

(1)       The financial position as at the end of November 2019 be noted.

(2)       It be noted that on 8 November 2019, regulations came into force retrospectively merging the West Midlands Integrated Transport Authority Pension Fund with the West Midlands Pension Fund, effective 1 April 2019.

(3)       The statement of assets and liabilities of the West Midlands Pension Fund and the West Midlands Integrated Transport Authority Pension Fund as at the date of transfer, set out in within the report, be noted.