Presented By: Councillor Bob Sleigh
(1) The consolidated revenue budget monitoring position as at 31 December 2019 was noted.
(2) The West Midlands Combined Authority consolidated revenue budget was approved, including:
(a) the budget requirement for transport delivery 2020/21 comprising three elements:
(i) £114.7m to be funded from the existing transport levy mechanism;
(ii) £1.4m to be funded from grant awarded by the Commonwealth Games Organising Committee; and
(iii) a transfer from earmarked reserves of £3.65m;
(b) the West Midlands Combined Authority delivery budget requirement for 2020/21 of £142.6m comprising of six elements:
(i) £125.6m Adult Education spending to be funded from Adult Education Budget funding devolved by the Department for Education;
(ii) £9.0m 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 2019/20);
(iv) £0.4m to be funded from Non-Constituent Authority and Observer fees (fees to remain at the same level as 2019/20);
(v) £2.2m to be funded from other income; and
(vi) a transfer from reserves of £0.7m.
(3) The Mayoral Office budget for 2020/21 of £0.8m, to be funded from additional confirmed 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) It was noted that funding had not yet been secured in respect of the mayoral election taking place in May 2020.
(6) The prepayment of employers’ pension contributions to West Midlands Pension Fund was approved.
(7) The proposal in respect of the Ring & Ride service was endorsed.
(8) The Capital Programme was approved.
(9) The West Midlands Combined Authority indicative five-year Medium Term Financial Plan was noted.
(10) It was approved that surplus cash balances generated from the Collective Investment Fund and Residential Investment Fund were to be used to support the West Midlands Combined Authority delivery budget, thus minimising Constituent and Non-Constituent authority contributions.
(11) The Director of Finance was given delegated authority, in consultation with the Portfolio Lead for Finance, to make any final changes that may result from the Final Local Government Finance Settlement.
(12) An amendment to the terms of reference of the Audit, Risk & Assurance Committee, to include responsibility for review, commentary and consideration of the WMCA’s annual Treasury Management Strategy and the annual mid-year review of treasury management activity was approved.
(13) The following policies and strategies were approved, as required by statute:
(a) The West Midlands Combined Authority Treasury Management Strategy;
(b) The West Midlands Combined Authority Capital Strategy and Minimum Revenue Provision Strategy; and
(c) The West Midlands Combined Authority Pay Policy Statement.