Decision

RESOLVED:– That the Combined Authority Board:-

1. Noted the financial position as at 30 June 2026, as detailed in paragraphs 3.1 to 3.3 to the submitted report.
2. Noted the anticipated revenue surplus of £6.5m for 2026/27 as updated at forecast 1 and detailed in paragraphs 3.4 to 3.6 to the submitted report.
3. Approved the outlined rebased capital programme for 2026/27 totalling £576.8m, reflecting updated funding allocations, revised delivery schedules and the latest forecast expenditure profiles, as set out in paragraphs 3.7 to 3.9 to the submitted report.
4. Noted the financial position for capital programme as at 30June 2026 and the emerging risks associated with Bus Franchising and delays in the capital programmes which had the likelihood of pushing expenditure to future years, as detailed in paragraphs 3.10 to 3.13 to the submitted report.
5. Noted the update on the Medium-Term Financial Strategy (MTFS) and the emerging financial outlook for 2027/28, including the key financial risks and challenges associated with bus franchising, reserve levels, capital programme delivery, inflationary pressures and wider funding uncertainty, as set out in paragraphs 3.16 – 3.17 to the submitted report.
6. Approved the proposed guiding principles for the development of the MTFS, as set out in paragraphs 3.18 – 3.23 in the submitted report, to support long-term financial sustainability, value for money and delivery of the Combined Authority's strategic priorities.