(1) The programme progress delivered to date of the Black Country Land & Property Investment Fund programme managed by the Black Country LEP and its Single Accountable Body (Walsall Metropolitan Borough Council) was noted.
(2) The previous derogations which had been approved and provided for the Phoenix 10 and i54 Western extension projects were noted.
(3) It was noted that the Black Country LEP utilised its LEP Assurance Framework, which was compliant with the Government’s National Assurance Framework, to manage the Black Country Land & Property Investment Fund programme and would continue to do so until programme closure.
(4) The programme management costs that were agreed at the start of the programme in 2017 (as part of the £53.04m allocation) and were not due to exceed their overall budget were noted.
(5) It was approved that the Black Country Land & Property Investment Fund programme be re-profiled to allow expenditure and outputs to be claimed up to March 2025.
(6) It was approved that programme management costs within this fund be reprofiled for an additional year to March 2026 to ensure that the expenditure and outputs were audited in line with the Black Country Assurance Framework.