Agenda item

Ian Martin presented a report on the status of the Investment Programme to

assist the Board in setting out the context for any investment decisions to be

made by the Board.

He reported that approved funding from the WMCA investment Programme for programmes totalled £768.7 million (as at 31 August 2020) compared to £770.4 million as at 31 July 2020) with funding drawn down / incurred against these projects as at 31 July 2020 totalling £206.7 million. This was consistent with the expectations as at 8 November 2019 when the WMCA board had agreed to hold approvals at the current affordable limit of £801 million. Since the last report the following business cases had been approved:

·       UK Central HS2 interchange – Automated People Mover (APM) Route Realignment (FBC): £5.75 million; and

·       UK Central HS2 Interchange – Hub Movement and Connectivity: £2.28 million.

He updated the Board on the present position with the five-yearly gateway review which formed part of the Devolution Deal agreement made in 2016 inasmuch as the 2020/21 was the fifth and final financial year of the first gateway review period and that SQW, commissioned by the MHCLG, to review a selection of projects in the Investment Programme and would issue a recommendation in November 2020. A draft report would be available on 9 October 2020 and a verbal report on the contents would be made to the next meeting of this Board (19 October 2020). The contents of the draft report could only be challenged on the grounds of accuracy but a complimentary report would be prepared and issued by the WMCA for consideration by the WMCA Board.

The Chair explained that due to the timelines for the circulation of the Agenda and supporting papers and in order to comply with the statutory timelines, it would only be possible for a verbal report to be given to the next meeting of this Board. Similarly, due to the timescales it would be necessary for him to prepare, in consultation with the Directors of Finance and Investment and Commercial Activities and a small number of members of this Board, the complimentary response to the SQW draft report. This course of action received the support of the Board subject to the draft report being circulated prior to the formulation of the complimentary response and its submission.

Ian Martin referred to the Investment Programme Dashboard and advised that this now contained 59 projects some of which were capable of division into separate sub-projects. He referred to the Coventry City Centre South scheme which was the subject of a presentation later in the meeting and the A46 Stoneleigh Junction (A46 Link Road Phase 1) and updated the Board on the present position with that scheme.

Resolved:

1.That the status of the Investment Programme delivery as detailed in the report be noted;

2. That the progress of the Devolution Deal five-year gateway review be noted;

3. That the Investment Programme funding status be noted;

4. That the Chair, in consultation with appropriate Officers and selected Members be authorised to prepare a complimentary response to the SQW draft report subject to the circulation of the draft report to the Board prior to the formulation of the response and its circulation.