Agenda item

Members were provided with further information on the budget position for the Combined Authority for 2022/23 was provided. Members received a brief overview of the Budget Workshop held in December.

The awaited levelling up white paper would outline government’s vision for Mayoral Combined Authorities and funding long term. Members discussed the £2 million funding gap in a previous report and it was confirmed that since the last meeting that gap had been closed to zero after confirmation of further capacity funding from the government, updated interest information and some further redeployments of operating costs. Members also discussed Gainshare and the £14 million committed spend (formally approved to date) from the wider allocation. A paper was being produced to determine how to allocate remaining funds to the local authorities within pre-agreed investment priorities and principles.