Agenda item

1.    The release of £12.2m of West Midlands Combined Authority funding to West Midlands Growth Company (WMGC) over the next two years to 31 March 2025 be approved. This is comprised of:

a.    £9.9m from the Commonwealth Games Legacy Enhancement Fund allocation, from the total £14.1m agreed by the WMCA Board in March 2023, of which £2.5m was agreed by the Investment Board at the Strategic Outline Case stage:

i.£1.8m which has been utilised by WMGC in order to develop the Full Business Case and to begin delivery against the local and regional priorities in the Programme in Quarters 1 and 2 of 2023/24 and

ii. £0.7m which has been granted to local authorities from the WMCA to support an increase in capacity to deliver against priorities in the programme.

b.    £1.6m of UK Shared Prosperity Funding for 2024/25 with the same amount previously released for 2023/24 by the WMCA Board on 16 December 2022.

c.    £0.7m of WMCA core funding for 2024/25, with the same amount previously released for 2023/24 by the WMCA Board on 16 December 2022.

2.         The appended Full Business Case and the total budget of £22.5m

which includes all funding requesting in this report and approved at previous boards be noted and allocated as follows:

a.£21.8m for the West Midlands Growth Company with the WMCA 

            providing £18m and the remaining £3.8m from commercial and other

            funding leveraged by the WMGC;

3.     The WMGC funding will enable the delivery of WMGC’s Business Plan 2023-25 which was agreed by the Economic Growth Board in July 2023 and is comprised of the following:

-       £14.1m from the Commonwealth Games Legacy Enhancement Fund, of which £0.7m has been granted to local authorities from the WMCA to support an increase in capacity to deliver against priorities in the programme, with the balance of £13.4m for WMGC

-       £3.2m from the UK Shared Prosperity Fund

-       £1.4m from the WMCA core budget

4.    The balance of WMGC budget is comprised of £3.8m of commercial and other funding leveraged by the WMGC be noted;

5.    The WMGC’s Business Plan 2023-2025 that was approved by the Economic Growth Board on 12 July 2023 be noted and

6.    Agreed that Investment Board receive a 6 monthly update report on the Global West Midlands Programme.

The board considered a report of the Executive Director of Strategy, Integration and Net Zero, that sought approval of funding for the full business case for Global West Midlands.

The full business case outlined how West Midlands Growth Company would work in partnership with the WMCA, local authorities and other partners to build on the pipeline of leads from the Birmingham Commonwealth Games Business and Tourism Programme, run a full programme of international promotion in key markets identified in the West Midlands International Strategy and deliver the Global West Midlands Programme.

The Chief Executive of West Midlands Growth Company, Neil Rami, highlighted key aspects from the report.

In relation to the monitoring and reporting of the Global West Midlands programme to Investment Board, the Chair asked that a six- monthly update be provided.

Resolved that:

1. The release of £12.2m of West Midlands Combined Authority funding to West Midlands Growth Company (WMGC) over the next two years to 31 March 2025 be approved. This is comprised of:

a.    £9.9m from the Commonwealth Games Legacy Enhancement Fund allocation, from the total £14.1m agreed by the WMCA Board in March 2023, of which £2.5m was agreed by the Investment Board at the Strategic Outline Case stage:

i.£1.8m which has been utilised by WMGC in order to develop the Full Business Case and to begin delivery against the local and regional priorities in the Programme in Quarters 1 and 2 of 2023/24 and

ii. £0.7m which has been granted to local authorities from the WMCA to support an increase in capacity to deliver against priorities in the programme.

b.    £1.6m of UK Shared Prosperity Funding for 2024/25 with the same amount previously released for 2023/24 by the WMCA Board on 16 December 2022.

c.    £0.7m of WMCA core funding for 2024/25, with the same amount previously released for 2023/24 by the WMCA Board on 16 December 2022.

2.     The appended Full Business Case and the total budget of £22.5m

which includes all funding requesting in this report and approved at previous boards be noted and allocated as follows:

 £21.8m for the West Midlands Growth Company with the WMCA 

            providing £18m and the remaining £3.8m from commercial and other

            funding leveraged by the WMGC;

3.    The WMGC funding will enable the delivery of WMGC’s Business Plan 2023-25 which was agreed by the Economic Growth Board in July 2023 and is comprised of the following:

-       £14.1m from the Commonwealth Games Legacy Enhancement Fund, of which £0.7m has been granted to local authorities from the WMCA to support an increase in capacity to deliver against priorities in the programme, with the balance of £13.4m for WMGC

-       £3.2m from the UK Shared Prosperity Fund

-       £1.4m from the WMCA core budget

4.    The balance of WMGC budget is comprised of £3.8m of commercial and other funding leveraged by the WMGC be noted;

5.    The WMGC’s Business Plan 2023-2025 that was approved by the Economic Growth Board on 12 July 2023 be noted and

6.    Agreed that Investment Board receive a six-monthly update report on the Global West Midlands Programme.