Decisions

The update on recent activity and delivery was noted.

The minutes were noted.

The minutes were noted.

Friday 7 February 2025 at 11.00am.

The forward plan was noted.

Agreed as a correct record.

Councillor Kerrie Carmichael (Sandwell), Councillor John Cotton (Birmingham), Councillor Abdul Khan (Coventry), Councillor Izzi Seccombe (Warwickshire) and Councillor Sharon Thompson (Birmingham).

(1)      Abbey Fields as a local growth initiative, and the reimbursement of business rates to fund the costs associated with capital expenditure for Abbey Fields as outlined in the ‘financial implications’ section of the report, were approved, subject to sufficient business rates uplift being generated in the relevant sites and the signing of the legal deed by all parties in respect to the management of retained business rates.

(2)      Approval was delegated to the WMCA’s Section 73 Officer to finalise the quantum and profile of the reimbursement of rates based on the principles outlined in the ‘financial implications’ section of the report.

(1)      An increase in the transport levy for 2025/26 from £119.4m to £122.9m, representing an overall increase of £3.6m (3%), was approved for consultation.

(2)      The maintenance of constituent and non-constituent member fees at current levels was approved for consultation.

(3)      It was noted that there would be no mayoral precept during 2025/26.

(4)      In accordance with legal requirements, the draft Mayoral Office budget for 2025/26 would be reviewed, and it set out in a report to the Mayor whether it was approved in its current form, including any recommendations, before 8 February 2025.

(5)      The Mayoral Office budget for 2025/26 of £800,000 (subject to confirmation), which would be fully funded from the Mayoral Capacity Funding, was approved for consultation and scrutiny.

(6)      It was noted that work would continue on budget preparation for wider WMCA activity, with the final revenue budget and capital programme proposals presented to the WMCA Board on 14 March 2025.

This item was deferred until the next meeting of the board on 7 February 2025.

(1)      The full business case, and the comments from the Investment Panel and the Investment Zone Board, were noted.

(2)      The Coventry and Warwick Gigapark full business case was approved.

(3)      Grant funding of £21.038m to Coventry City Council for the Coventry and Warwick Gigapark was approved, subject to the following conditions, outlined in the ‘financial implications’ and ‘legal implications’ sections of the report:

·       Confirmation of flexible funding grant by the Ministry of Housing, Communities & Local Government;

·       Delivery of the outcomes funded through the strategic outline case;

·       Appropriate provision for coverage in the event of income generation eg. from land disposals or other arrangements.

(4)      Authority was delegated to the Monitoring Officer, Director of Commercial & Investment and the Section 73 Officer to finalise a grant agreement with Coventry City Council, including the detail of the conditions outlined above.

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

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

(3)      The transfer of £16.8m of windfall treasury management gains to an earmarked reserve to bolster financial resilience against known risks was approved.

(4)      The £2m transfer to the earmarked Pooled Investment Fund Reserve was approved.

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

(6)      The update on WMCA’s Medium Term Financial Plan was noted.

(7)      It was noted that the Government had provided enough revenue resources to put the WMCA in the position of being able to set a balanced budget for 2025/26, but that this was only a short-term relief for the financial deficit on transport while longer term options for achieving financial sustainability were explored.

(8)      The increase in the commitment cap that the WMCA applied to the commercial and residential loan funds from £210m to £300m was approved.

(9)      It was approved that the WMCA varied the current 3rd generation battery replacement contract to include battery replacement for the 2nd generation of trams and entered into the 18-year contract at a total cost of £14.4m and delegated to the Section 73 Officer the ability to manage the funding strategy providing there was no detriment to other WMCA or local authority budgets or programmes.

(10)    The treasury and prudential indicators for the period ending 30 September 2024 (Quarter 2) were noted.

(11)    The annual allocations endorsed by the WMCA Board on 18 March 2022 for 2025/26 in respect of Highways Maintenance and the Local Network Improvement Plan, within the City Region Sustainable Transport Settlement, were confirmed.