The Investment Board of the West Midlands Combined Authority is scheduled to meet on Monday 17 August 2026. The meeting's agenda includes updates on various investment programmes, including transport initiatives and property development funds. Discussions are also scheduled regarding the progress of several key development projects across the region.

Rosewell Review Phase 2 and Transport for City Regions Update

The board is set to receive an update on Phase 2 of the Rosewell Review and the Transport for City Regions (TCR) funding. This discussion will cover the principles guiding the allocation of the remaining £405 million in funding to various portfolios and the engagement process with local authority officers through the Strategic Transport Officers Group (STOG). Additionally, progress on appointing an Independent Panel to assist the Investment Board with future scheme prioritisation and business case approvals will be reviewed. The Rosewell Review, commissioned by the Mayor, aims to enhance how infrastructure investment, particularly in transport, is unlocked and accelerated across the West Midlands to support economic growth. The review identified a substantial pipeline of 161 transport projects with an estimated budget requirement of £5.6 billion, though many are in early stages of maturity. The proposed programme approach to capital investment, endorsed in July, treats related projects in a coordinated manner to align with long-term strategic objectives.

Investment Programme Update

An update on the overall Investment Programme is scheduled, detailing the status of funding awarded and allocated to projects. As of 31 July 2026, approved grant funding awarded and administered by the WMCA totals £836.8 million. This represents a net reduction of approximately £10.5 million since the previous board meeting, attributed to changes in funding requirements following the receipt of a compensation payment from HS2 Limited for construction delays. This additional headroom is intended as a contingency against potential cost escalations. The report will also outline adjustments to Investment Programme funding approved by the WMCA Board in July, which are expected to be net neutral once final governance stages are complete. These adjustments include reallocating crystallised project underspends from the Perry Barr Rail Station and Bilston Road projects to other areas of the capital delivery programme, such as the Wednesbury Brierley Hill Metro and Dudley Interchange. The Investment Programme dashboard, detailing project-level summaries, will also be presented.

Investment Programme Dashboard - Red Rated Projects Update

This report will provide further detail on projects currently flagged with a Red status on the Investment Programme Dashboard. A Red rating is applied when a project's completion date variance is six months or more behind schedule, or when an issue materially affects delivery. The report will outline the reasons for these ratings, the factors contributing to delivery challenges, and the actions being taken to address outstanding matters. Currently, eight projects are flagged as Red. These include issues such as revised delivery approaches requiring approval, outstanding Change Requests, delays in Business Case progression, and land, technical, or infrastructure dependencies. Specific projects highlighted include Accelerated Housing Delivery – Utilising Solihull Assets, Playing Pitch Implementation Strategy, Middlewood House, Rowood Drive, Chelmsley Wood, Solihull Town Centre Public Realm Improvement Scheme, A46 Stoneleigh Junction (A46 Link Road Phase 1), and Metro Wednesbury to Brierley Hill Extension Phase 1. In most cases, revised delivery arrangements are being developed or approved to reflect the current situation.

Commercial Investment Fund Dashboard

The board will review the dashboard for the Commercial Investment Fund (CIF), which provides an overview of committed and repaid investments as of 1 August 2026. The fund has supported 24 live transactions, creating an estimated 4,238 jobs, utilising 59 acres of brownfield land, and generating £7.8 million in annual business rates. The total loan amount committed across all CIF investments stands at £174.3 million, with £64.1 million drawn to date. The dashboard also details 28 repaid transactions, which created 4,455 jobs, remediated 119 acres of brownfield land, and resulted in the creation of 513 homes.

Residential Investment Fund Dashboard

A dashboard update for the Residential Investment Fund (RIF) will be presented, detailing investments committed and repaid as of 1 August 2026. The RIF currently has 8 live transactions with a total loan amount of £66.7 million, of which £40.4 million has been drawn. These investments are projected to create 261 jobs, develop 36 acres of brownfield land, and deliver 1,725 homes. The fund has also seen 4 repaid transactions, which created 100 jobs, remediated 2 acres of brownfield land, and delivered 52 homes.

Brownfield Land & Property Development Fund Dashboard

The dashboard for the Brownfield Land and Property Development Fund (BLPDF) will be presented, showing investments committed and completed funds as of 1 August 2026. The BLPDF has supported 21 transactions, creating 1,898 jobs, developing 120 acres of brownfield land, and delivering 410 homes. The total grant amount committed is £50 million, with £45.4 million drawn to date. The fund's investments are distributed across various local authorities within the West Midlands region.

Forward Plan

The board will also consider the Forward Plan for Investment Board reports from August to December 2026. This includes upcoming reports on Oasis Southside Birmingham, Chelmsley Wood Town Centre OBC - Change Request Approval, A45 Coventry Road Cycle Route Phase 2, and an Update Report - City Region Sustainable Transport Settlement. Some of these items are noted as potentially involving the disclosure of exempt information.