Issue - meetings

Resolved:

(i)         That the Director of Resources be authorised to contract with the

European Investment Bank for a borrowing facility up to the value of £100 million and approve subsequent disbursements and amendments over the five year term.

(ii)        That the corporate technology strategy be noted.

(iii)       That the corporate technology strategy progress through decision point 2 of the assurance framework with an indicative allocation of £3.5 million, funded through the Combined Authority’s internally funded capital programme.

(iv)       That funding of £150,000 be approved to develop the outline business case and that future progress through the assurance process be delegated to the Managing Director, subject to remaining within tolerance.

The Combined Authority considered a report of the Director of Resources which:

·         Sought approval to enter into a borrowing facility with the European Investment Bank.

·         Advised the Combined Authority of the work undertaken to establish a corporate technology strategy.

·         Sought approval for the corporate technology strategy to progress through decision point 2 of the assurance framework and for work to proceed on the outline business case.

It was reported that borrowing will be required to achieve the ambition to deliver a programme of schemes over a shorter timescale than the twenty years for which Growth Deal funding has been granted.  Discussions have been held with the European Investment Bank (EIB) who are able to offer a flexible facility that could be utilised alongside traditional Public Works Loan Board loans.  As the s73 finance officer, the Director of Resources has the authority to enter into appropriate borrowing and investment arrangements within the agreed treasury management strategy.  However the EIB needs a specific resolution from the Combined Authority to enter into a borrowing facility.

Members discussed the corporate technology strategy and executive summary which was attached at Appendix 1 to the submitted report.  It was noted that the strategy set out a three year plan to update the Combined Authority’s core systems to ensure compliance and robustness and provide for more efficient and effective ways of working.

Resolved:

(i)         That the Director of Resources be authorised to contract with the

European Investment Bank for a borrowing facility up to the value of £100 million and approve subsequent disbursements and amendments over the five year term.

(ii)        That the corporate technology strategy be noted.

(iii)       That the corporate technology strategy progress through decision point 2 of the assurance framework with an indicative allocation of £3.5 million, funded through the Combined Authority’s internally funded capital programme.

(iv)       That funding of £150,000 be approved to develop the outline business case and that future progress through the assurance process be delegated to the Managing Director, subject to remaining within tolerance.