Agenda item

(1)      The financial position as at 31 January 2023 was noted.

(2)      The latest full year forecast for 2022/23 was noted.

(3)      The new grant awards to the WMCA and the arrangements for these grants were noted.

(4)      With respect to the £15m Social Housing Fund, authority was delegated to the Executive Director of Finance & Business Hub (s.151 officer) to make payments to local authorities subject to the WMCA receiving the grant conditions, those conditions being acceptable and the distribution of payments between local authorities being in line with the necessary regional agreements.

(5)      Authority was delegated to the Executive Director of Finance & Business Hub (s.151 officer) to accept any funds awarded during the pre-election period and up to the WMCA Board meeting on 9 June, subject to satisfactory terms and conditions and all funds going through the Single Assurance Framework.

(6)      The risk management arrangements in place at the WMCA and the suggested revisions towards reporting exposure to risk were noted.

(7)      The specific details around the underwrite provided by the seven constituent member authorities were noted.

(8)      The annual allocations endorsed by WMCA Board at its meeting on 18 March 2022 for 2023/24 in respect of highways maintenance and the Local Network Improvement Plan within the City Region Sustainable Transport Settlement, were confirmed.

(9)      The City Region Sustainable Transport Settlement revenue allocation was approved.

The board considered a report of the Executive Director of Finance & Business Hub providing an update on the WMCA’s finances as at 31 January 2023.

The overall position year to date at the end of January was a favourable variance to budget of £2.6m. Within transport, there was a surplus of £6.4m which represented a favourable variance from budget of £2.7m. The most notable variances related to concessions, where savings to lower patronage and fare levels had been transferred to a reserve to protect against future risks in relation to the transport network. In respect of the Capital Programme, actual costs totalled £281.7m, resulting in a favourable variance of £186m against budget. This variance was primarily contained within transport (£111.3m) and housing (£39.7m).

Councillor Stephen Simkins stressed the importance of ensuring that the WMCA secured longer term financial stability. The Executive Director of Finance & Business Hub indicated that work was currently being undertaken to refresh the Medium Term Financial Plan in light of the budget agreed by this board at its last meeting and the recently announced Deeper Devolution Deal. This work would then be brought back to this board for approval later in the year. Councillor Mike Bird stressed the importance of ensuring the WMCA was able to spend the additional funding expected to come out of the devolution deal.

Resolved:

(1)      The financial position as at 31 January 2023 be noted.

(2)      The latest full year forecast for 2022/23 be noted.

(3)      The new grant awards to the WMCA and the arrangements for these grants be noted.

(4)      With respect to the £15m Social Housing Fund, authority be delegated to the Executive Director of Finance & Business Hub (s.151 officer) to make payments to local authorities subject to the WMCA receiving the grant conditions, those conditions being acceptable and the distribution of payments between local authorities being in line with the necessary regional agreements.

(5)      Authority be delegated to the Executive Director of Finance & Business Hub (s.151 officer) to accept any funds awarded during the pre-election period and up to the WMCA Board meeting on 9 June, subject to satisfactory terms and conditions and all funds going through the Single Assurance Framework.

(6)      The risk management arrangements in place at the WMCA and the suggested revisions towards reporting exposure to risk be noted.

(7)      The specific details around the underwrite provided by the seven constituent member authorities be noted.

(8)      The annual allocations endorsed by WMCA Board at its meeting on 18 March 2022 for 2023/24 in respect of highways maintenance and the Local Network Improvement Plan within the City Region Sustainable Transport Settlement, be confirmed.

(9)      The City Region Sustainable Transport Settlement revenue allocation be approved.