The Greater Lincolnshire Combined County Authority Overview and Scrutiny Committee is scheduled to meet on Wednesday, 28 January 2026. The meeting's agenda includes a review of the draft Medium Term Financial Plan for the authority, alongside discussions on its Treasury Management Strategy, Policy Statement, and Practices. The committee will also consider the delegation of transport functions as part of the Local Transport Authority transition programme and review its work programme.

Draft Medium Term Financial Plan for GLCCA

The committee is scheduled to receive a report on the draft 2026/27 budget and Medium Term Financial Plan (MTFP) for the Greater Lincolnshire Combined County Authority (GLCCA). This plan, which must be approved before the start of the financial year in April 2026, outlines the authority's financial framework for delivering its statutory functions and agreed priorities. The MTFP reflects the GLCCA's ambitions to deliver devolution benefits for Greater Lincolnshire, aligning with the recently adopted Corporate Plan, The Greater Lincolnshire Plan. This plan sets out priorities for raising living standards, growing the local economy, and securing further powers and funding in key areas such as transport, employment and skills, and business and infrastructure. The report also provides a summary of the Quarter 3 financial position for 2025/26 and the anticipated year-end outturn. The committee is invited to review the draft MTFP and provide comments and feedback to support the development of the revenue and capital budgets for 2026/27. The report also notes identified risks and their proposed mitigations.

GLCCA's Treasury Management Strategy

A report will be presented for the committee's consideration regarding the GLCCA's Treasury Management Strategy (TMS) for the 2026/27 financial year. Effective treasury management is described as fundamental to the financial resilience and long-term success of the Combined Authority, influencing its ability to deliver services, invest in regional growth, and meet its responsibilities. The strategy outlines the framework for managing borrowing, investments, and financial risk, emphasising prudent financial stewardship, transparency, and strong governance. It acknowledges the complex financial environment, with ongoing uncertainty in interest rates, inflationary pressures, and wider economic conditions, necessitating a disciplined and forward-looking approach. The strategy prioritises the effective management of risk while maintaining flexibility to respond to changing circumstances and emerging opportunities. It is aligned with the authority's broader financial planning, including the MTFP and Capital Strategy, ensuring that borrowing and investment decisions are considered in the context of affordability, sustainability, and value for money. The report highlights that the authority currently has no plans to borrow for its capital programme and no maturing debt, meaning the strategy focuses on investments and cash flow.

Treasury Policy Statement

The committee is invited to consider the Treasury Policy Statement, which sets out the principles, procedures, and controls designed to ensure efficient fund management, maintain liquidity, mitigate financial risks, and meet regulatory requirements. This policy operates within the framework of the broader Treasury Management Strategy, ensuring alignment between operational practices and strategic objectives. The authority defines its treasury management activities as The management of the Authority's borrowing, investments and cash flows, its banking, money market and capital market transactions; the effective control of the risks associated with those activities; and the pursuit of optimum performance consistent with those risks. The policy prioritises the security of capital in its investment activities, followed by liquidity, with yield being a secondary consideration.

Treasury Management Practices

A report on the GLCCA's Treasury Management Practices (TMPs) will be presented for the committee's consideration. These practices were initially agreed upon in March 2025 and have been updated. Key changes include the addition of GLCCA bank details, treasury advisor details, and additional brokers. Oversight of treasury functions has been adjusted, with the Overview and Scrutiny Committee reviewing policy and processes, and the Audit Committee reviewing the performance of the control environment. The report states that these practices are in line with CIPFA requirements, and all changes have been shared with relevant committees and approved where necessary. The committee is asked to review these practices and consider a recommendation to delegate minor amendments to the Treasury Management Practices to the S73 Officer.

Greater Lincolnshire Local Transport Authority Transition Programme - Delegation of Transport Functions

The committee will consider a report concerning the Greater Lincolnshire Local Transport Authority Transition Programme, specifically focusing on the delegation of transport functions. The GLCCA is set to become the Local Transport Authority on 1 April 2026, taking on responsibilities for transport strategy, investment planning, and assurance. Currently, the GLCCA acts as a commissioning and assurance organisation, with delivery undertaken by constituent authorities. The report outlines the agreed principles of the Transport Transition Programme, where the GLCCA will hold Transport Leadership, Strategy, and Investment Planning and Assurance functions, while Constituent Authorities will retain responsibility for Transport Scheme Delivery and Operations and Maintenance. It is proposed that the GLCCA delegates its transport delivery functions to the constituent authorities on an open-ended basis as an interim measure, pending the full transition. This delegation will be governed by formal agreements under Section 101 of the Local Government Act 1972. The committee is asked to review and provide feedback on this proposed delegation mechanism and determine whether to support the recommendation for the GLCCA to delegate these functions.

Greater Lincolnshire Combined County Authority Overview and Scrutiny Committee Work Programme

The committee will review its work programme to ensure that its scrutiny activity is focused where it can be of greatest benefit. The report encourages members to highlight any additional areas of scrutiny that could be considered for inclusion. The current items for the meeting include the draft Medium Term Financial Plan, GLCCA's Treasury Management Strategy, Treasury Policy Statement, Treasury Management Practices, and the Local Transport Authority Transition Programme. Planned items for future meetings include performance reporting against the Corporate Plan and budget, and the review of the Forward Plan of Key and Non-Key Decisions. The committee is asked to review and agree the work programme and identify any further scrutiny activities for consideration.