Issue - meetings

Councillor Izzi Seccombe presented a report that confirmed that the Investment Board had considered the options for funding the Wolverhampton Interchange Project could be made available through the Investment Programme.

The Wolverhampton Interchange Project incorporated the Midland Metro Wolverhampton city centre extension, the provision of a new multi-storey car park and the reconstruction of Wolverhampton rail station. The Investment Board had considered the funding of this project at its meeting on 27 November and had confirmed that the WMCA’s proposed additional capital contribution of £15m could be made available from within the existing Investment Programme.

Councillor Izzi Seccombe noted that the cost of the project had increased from the original estimates, and that it was intended that the City of Wolverhampton Council and the WMCA would meet these increased costs equally. Councillor Peter Hughes, Chair of the Overview & Scrutiny Committee, noted that a ‘lessons learnt’ exercise was to be carried out that would identify the reasons for an increase in the forecast costs of the project, and suggested that both the Audit, Risk & Assurance Committee and Overview & Scrutiny Committee could play a role in this review.

Resolved:

(1)       The appended report by the Portfolio Lead for Transport with regard to the Wolverhampton Interchange Programme contained in Appendix 1 be noted.

(2)       The Investment Board’s endorsement of this report it at its meeting of 27 November 2017 and the following recommendations made in that report be noted:

(a)       For the funding package for the Wolverhampton Interchange Programme and for the project team to submit this report to the WMCA Board seeking authority to commit the funding of £49.3m, of which the £21.9m WMCA contribution is to be funded by the Department for Transport deed as approved by the ITA.

(b)       For the WMCA Board to approve the delegation of powers from the WMCA to the Metro Programme Director and the Head of Governance to enter into the necessary legal agreements.

(3)       Based on the Funding Package agreed at Investment Board, the recommendations made by the Portfolio Lead for Transport be agreed as follows:

(a)       Approve the funding package for the Wolverhampton Interchange as detailed in Appendix 1, including the commitment of funding by the WMCA of £49.3m, of which £21.9m is to be funded by the Department for Transport deed as approved by the ITA and the remainder financed by borrowing.

(b)       Approve the delegation of powers to the WMCA to the Metro Programme Director and the Head of Governance to enter into the necessary legal agreements.

[NB. Councillor Roger Lawrence declared an interest in this item in respect of his membership of the City of Wolverhampton Council.]