Issue - meetings

(1)       Delegated authority was given to the WMCA Section 151 officer together with the WMCA Monitoring Officer, subject to consultation with the appropriate Portfolio Lead, to approve the amendment to statutory regulations which amended the WMCA borrowing powers as set out in the report, subject to:

(a)       The additional borrowing powers sought being fully aligned to the WMCA’s statutory functions as detailed within the West Midlands Combined Authority Orders.

(b)       Each Constituent Authority approving a complementary paper through their Cabinet to provide approval to the WMCA for these new borrowing powers; and

(c)        The two WMCA officers detailed above to enter into the agreement with HM Treasury, subject to consultation with the appropriate Portfolio Lead, based on confirmation of (b) above from each of the seven Constituent Local Authorities.

(2)       The WMCA borrowing cap was approved as agreed with HM Treasury as follows:

2018/19          £487.5m

2019/20          £662.9m

2020/21          £867.3m

(3)       Delegated authority was given to the WMCA Section 151 officer together with the WMCA Monitoring Officer, subject to consultation with the appropriate Portfolio Lead, to approve the amendment to the Key Route Network as detailed within the report, after receiving confirmation that the amendments had been approved by each Constituent Authority.