The Greater Lincolnshire Combined County Authority met on Wednesday, 25 February 2026, to discuss a range of financial and strategic matters. Key topics included the draft Medium Term Financial Plan, the Risk Management Strategy, and the Treasury Management Strategy. The Authority was also scheduled to consider proposed changes to its Constitution and the delegation of transport functions.

Draft Medium Term Financial Plan for GLCCA

The Authority was invited to consider and approve the draft 2026/27 Medium Term Financial Plan (MTFP) for the Greater Lincolnshire Combined County Authority (GLCCA). The report presented the draft budget for 2026/2027 and the accompanying MTFP, along with Quarter 2 results and the anticipated outturn for 2025/26. It noted that final funding allocations from the government were still awaited, but an additional £52m investment for Greater Lincolnshire between 2026 and 2030 had been confirmed. The plan outlined projected funding allocations for steady year-on-year growth, underpinned by devolved settlements and targeted capital programmes. Expenditure was profiled to maintain a balance between operational delivery and strategic investment. The MTFP also detailed projected revenue and capital forecasts for the coming years, including significant allocations for transport and the Investment Fund. Risks and mitigations related to funding uncertainty, delivery risks on major projects, cost and inflation pressures, and interest rate fluctuations were also noted.

Risk Management Strategy

A report was presented for the Authority to review and approve the Risk Management Strategy. This strategy aimed to provide a structured approach for identifying, assessing, and managing risks that could affect GLCCA's ability to achieve its objectives. It detailed adjustments to the risk framework, including a move from a 4x4 to a 5x5 risk matrix for more sensitive measurement, and the inclusion of three options to measure the impact of risk across operating budgets, the annual investment fund, and large strategic and capital programmes. The strategy outlined a tiered system of risk registers, from programme and project level up to the strategic risk register, which monitored eight key corporate risks: lack of funds, governance and assurance failure, failure in partnership/reputation, programme and project delivery failure, failure to achieve economic growth, lack of workforce/capacity/resilience, digital/data/cyber security, and policy/legislative/political uncertainty.

GLCCA's Treasury Management Strategy

The Authority was invited to approve the proposed Treasury Management Strategy (TMS) for 2026/27. This strategy sets out the framework for managing treasury activities, prioritising capital protection over returns, and adhering to the Security, Liquidity, Yield (SLY) principles. It noted that no borrowing was planned for 2026/27, with all capital plans being grant-funded. The strategy detailed strict investment criteria, focusing on highly rated counterparties and diversified limits, with a minimum liquidity level of £5m. Prospects for interest rates were outlined, with the Bank Rate expected to fall gradually. The TMS also covered borrowing strategies, prudential indicators, and other finance prudential indicators.

Treasury Management Practices

A report was presented for the Authority to adopt the Treasury Management Practices (TMPs), which had been reviewed by the Overview and Scrutiny Committee. These practices, first agreed in March 2025, had been updated to include GLCCA bank details, treasury advisor details, additional brokers, and adjusted oversight of treasury functions. The report invited the Authority to approve these practices and delegate authority for future minor amendments to the S73 Officer. The Overview and Scrutiny Committee had noted the importance of understanding cash flow requirements for large investment schemes and balancing this with treasury investments.

Treasury Policy Statement

The Authority was asked to review and approve the Treasury Policy Statement. This policy outlines the principles, procedures, and controls for managing funds efficiently, maintaining liquidity, mitigating financial risks, and meeting regulatory requirements, in line with the CIPFA Treasury Management Code of Practice. The statement defined treasury management activities and emphasised the priority of capital security, followed by liquidity, and then yield. It also outlined high-level policies for borrowing, borrowing in advance of need, and investments, stating that borrowing would be affordable, sustainable, and prudent.

Adult Skills Funding Rules

The Authority was invited to approve proposed changes to the funding rules for the Adult Skills Fund (ASF) in preparation for devolution. These changes included re-introducing residency eligibility rules, meaning individuals would need to have lived in the UK for three years to access free or subsidised training, with exemptions for certain groups. The proposal also included ending funding for all English for Speakers of Other Languages (ESOL) courses from August 2027, with funding redirected to literacy training. Feedback from a public consultation was presented, indicating majority disagreement with both proposals, particularly from training providers and those concerned about integration and economic impacts. Mitigations were proposed, including delaying the ESOL funding changes until August 2027 and developing a new literacy qualification.

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

The Authority was asked to approve the delegation of transport functions and the allocation of funding as part of the Greater Lincolnshire Local Transport Authority Transition Programme. From 1 April 2026, GLCCA will become the Local Transport Authority, taking on responsibilities for Transport Strategy, investment planning, and assurance, while Constituent Authorities will retain responsibility for Transport Scheme Delivery and Operations and Maintenance. A s101 agreement was being prepared to govern this delegation. Proposed funding allocations for 2026/27 to each Constituent Authority were detailed, with GLCCA retaining a portion of funding for strategy development and assurance.

Humber Governance Arrangements

The report presented proposed governance arrangements to support collaboration across the Humber region, as recognised in the devolution deals for Greater Lincolnshire and Hull and East Yorkshire. It was proposed to amend the Constitutions of both Combined Authorities to establish a Mayoral-led joint committee, the Mayoral Humber Growth Board. This Board would approve joint strategies, oversee joint programmes, coordinate infrastructure priorities, and endorse joint representations to Government. A Humber Business Forum would also be established through an open recruitment process to ensure private sector engagement.

Humber Economic Strategy

The Authority was invited to consider and endorse the Humber Economic Strategy 2025-2035. This strategy, developed through extensive stakeholder engagement, aims to enhance the Humber's economic potential through collaboration. Its vision is to bring large-scale jobs, growth, and prosperity by securing private sector investment and transforming the economy into a world-leading industrial hub, supported by the Humber Freeport. The strategy identifies three strategic opportunities: Energy Security and Resilience, Freeport, Ports and Logistics, and Environment and Natural Capital. It also outlines five Humber-wide investment and growth priorities.

Appointment to the Post of Director of Strategy and Operations

The Authority was invited to approve the appointment of Joelle Davies to the permanent post of Director of Strategy and Operations, following a recommendation from the Appointments Panel. The report detailed the recruitment process, including advertising routes and the interview process. The appointment was conditional on the satisfaction of pre-employment checks, with authority delegated to the Resourcing Manager at Lincolnshire County Council to confirm these checks and agree a commencement date.

Proposed Changes to the Constitution

The Authority was asked to approve minor amendments to its Constitution, which was initially approved in March 2025. These changes included clarifying terminology, updating recording of meetings provisions, aligning post titles with the new staffing structure, and inserting the Terms of Reference for the newly established Innovation Panel. Amendments were also proposed to reflect the end of the Transition Period on 31 March 2026 and the creation of the Mayoral Humber Growth Board. The report detailed proposed changes to the Scheme of Delegation and the removal of references to the Transition Period.

Appointment of Members to the Economic Advisory Panel

The Authority was asked to consider recommendations for the appointment of members to the Economic Advisory Panel (EAP). Following an initial recruitment campaign, eight out of twelve positions were filled. A further campaign focused on specific sectors, resulting in seven applications and four shortlisted candidates. The report recommended the appointment of Julian Free CBE, Deputy Vice Chancellor of the University of Lincoln, to the EAP. Authority was also requested to delegate to the Chair of the EAP the authority to seek two further members with expertise in UKIFS/STEP and international focus.