Agenda and decisions

Apologies for absence were received from Councillor Lee Carter (Telford & Wrekin), Councillor John Cotton (Birmingham), Councillor Ian Davison (Warwick) and Councillor Abdul Khan (Coventry).

The Chair’s remarks were noted.

Agreed as a correct record.

The update on recent activity and delivery was noted.

(1)      The financial position as at 30 September 2024 was noted.

(2)      The Quarter 1 full year forecast for 2024/25 was noted.

(3)      The new grant awards to the WMCA were noted.

(4)      The update on WMCA’s Medium Term Financial Plan, and the indication that the WMCA would likely be in a position to set a balanced budget for 2025/26, were noted.

(5)      The redistribution of c.£800,000 of WMCA UK Shared Prosperity Funds to local authorities was noted, and authority was delegated to the Section 73 Officer, subject to full agreement by local authority finance directors, to agree the precise allocation between the constituent local authorities.

(6)      It was approved that any further redistributions of UK Shared Prosperity Fund underspends from (and to) relevant authorities was delegated to the Section 73 Officer, subject to obtaining appropriate consent from West Midlands finance directors, noting the regional UK Shared Prosperity Fund performance as at the end of Quarter 2.

(7)      The recharge of 2024/25 Business Rates Growth monies was noted.

(8)      The revised arrangements in respect of the loan facility agreement between the WMCA and Coventry City Council in respect of the UK Battery Industrialisation Centre were noted.

(9)      The Treasury and Prudential Indicators for the period ending 30 September 2024 (Quarter 2) were noted.

[A confidential appendix to be considered alongside this report is enclosed at agenda item no. 22.]

(1)        An extension to the existing Network Support Grant arrangements from 1 January to 31 March 2025 inclusive, including entering into any legal documentation to effect this change, in order to support the continued provision of commercially operated local bus services was approved.

(2)        It was noted that the Executive Director of Transport for West Midlands, in consultation with the Section 73 Officer and the Monitoring Officer, would finalise relevant documentation ensuring value for money in line with existing delegations.

(1)      Subject to ministerial sign off, the continuation of the construction of the metro extension to Merry Hill in line with the business case and funding package which has been formally reviewed and supported by the Department for Transport was approved.

(2)      Subject to appropriate/binding funding confirmations in line with the above, the Section 73 Officer was authorised to establish within the capital programme a budget for the delivery of the metro extension phase 2B totalling £261.4m, noting that work was ongoing to finalise the contractual Target Cost 2 position which could be below this figure.

(3)      The ringfencing of £4.84m of City Region Sustainable Transport Settlement overprogramming to enable the project to move forward was authorised, pending the formal incorporation of identified opportunities in the project budget.

(4)      The Executive Director for Transport for West Midlands, in consultation with the Section 73 Officer, was authorised to approve the Target Cost 2 documentation and any adjustments with the Midland Metro Alliance to deliver the necessary phase 2 works.

(5)      The implications of this decision for the Medium-Term Financial Plan and the progress made by Dudley Metropolitan Borough Council on the development of its place-based strategy and expected growth in housing and employment opportunities which would drive up patronage with the intention of mitigating increased metro subsidy costs over time was noted.

(6)      It was noted that this place-based strategy would advance growth proposals and support the development of a further business case seeking to deliver the final stage of delivery to Brierley Hill High Street.

(1)      The Bus Depot Strategy was approved.

(2)      The intention for this strategy to be self-funding where possible was noted.

(3)      It was noted that the bus depot strategy was required regardless of regulatory approach.

(4)      A proposal for the Bus Reform Panel to oversee joint working between the WMCA and local authorities to identify land and infrastructure to support future development of bus depots and the modernisation of infrastructure, with the aim of improving outcomes and preventing excessive costs to purchase existing bus depots and noting that each depot would require an individual business case to go through the relevant governance and funding channel was endorsed.

The adoption of the Regional Road Safety Action Plan 2024-30, along with the delivery plan for the refreshed Regional Road Safety Strategy previously approved by the WMCA Board in September 2023 was endorsed.

(1)      The initial work that had been undertaken to review economic development functions in the West Midlands was noted.

(2)      Proceeding with Option 2, at a total cost of £7.25m, to transition to a new consolidated economic development vehicle via a reformed, smaller West Midlands Growth Company was approved, and the three subsequent phases of the review of economic development functions were endorsed.

(3)      Subject to receiving £2.13m from the Integrated Settlement, the allocation of this funding to the West Midlands Growth Company for the next financial year 2025/26 was approved.

(4)      In lieu of the Integrated Settlement confirmations, the WMCA was authorised to underwrite the £2.13m risk from General Reserves.

(5)      The committal of £1.2m of funds from the WMCA budget (£0.7m) and the Investment Zone programme (£0.5m) was authorised.

(6)      The earmarking of £1.25m of reprofiled WMCA Service Level Agreement underspend to be used as funding for the West Midlands Growth Company in 2025/26 was approved.

(7)      For proposals relating to 2026/27 onwards, it was noted that there was no ongoing funding for a regional economic delivery vehicle and so future resources would need to be identified and approved by the WMCA Board, and/or any financial exposure accepted by local authorities could only be accepted following agreement through their local authority governance processes.

The minutes were noted.

The minutes were noted.

The minutes were noted.

The minutes were noted.

The minutes were noted.

The minutes were noted.

The minutes were noted.

The minutes were noted.

Friday 13 December 2024 at 12.00pm.