Decision details

Approval of variations to the revenue budget and capital programme.

A report was considered which provided revised Group budget forecasts to the end of the financial year 2021/22,

The report sought formalised approval for the deployment of some highways maintenance funding and the final tranche of the Additional Restrictions Grant.

It also sought approval for officers to accept a debt-cap from HM Treasury which represented an in important step in the devolution journey.

The mid-year budget revision exercise, which had been undertaken at the end of September 2021, had highlighted a number of notable issues that would influence the MCA’s financial position over the remainder of the year, as well as planning for the medium term.  These were detailed within the report.

RESOLVED – That the Board:

i)         Adopt the revised budget estimates.

ii)        Note the slower than forecast pace of the capital programme.

iii)       Approve the final distribution of Additional Restrictions Grant funding.

iv)       Approve the distribution of the excess Highways Maintenance grants received.

v)       Consent to borrowing powers for all functions of the MCA and approve   the acceptance of the debt-cap of £171m for the year ending March 2022.