Presented By: Councillor Bob Sleigh
(1) The West Midlands Combined Authority consolidated revenue budget was approved. This included:
(a) the budget requirement for transport delivery 2021/22 comprising three elements:
(i) £114.7m a year to be funded from the existing transport levy mechanism;
(ii) £3.9m to be funded from grant awarded by the Commonwealth Games Organising Committee; and
(iii) a transfer from earmarked reserves of £3.9m.
(b) the West Midlands Combined Authority delivery budget requirement for 2021/22 of £141.9m comprising of five elements:
(i) £129.7m Adult Education spending to be funded from Adult Education Budget funding devolved by the Department for Education;
(ii) £5.1m 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 2020/21);
(iv) £0.4m to be funded from Non-Constituent Authority and observer fees (fees to remain at the same level as 2020/21); and
(v) £2.1m to be funded from other income, including a £1.2m use of reserves created from WMCA’s share of 2020/21 Business Rates.
(2) The inherent risks included within 2021/22 budget assumptions were noted.
(3) The Mayoral Office budget for 2021/22 of £0.8m to be funded from additional Mayoral Capacity Funding of £0.8m was approved.
(4) It was noted that there would be no Mayoral Precept during 2021/22.
(5) The West Midlands Combined Authority indicative 5 year Medium Term Financial Plan was noted.
(6) It was noted that a full Strategic Plan would be completed following the 2021 Mayoral election, to inform the annual Medium Term Financial Planning exercise to be completed in 2021/22.
(7) The Capital Programme was approved.
(8) Authority was delegated to the Director of Finance in consultation with the Portfolio Lead for Finance to make any final changes that might result from the final Local Government Finance Settlement.
(9) 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 Statement; and
(c) The West Midlands Combined Authority Pay Policy Statement.