Financial Position - 2022/2023 Revenue Budget Analysis
2022/23 Transport expenditure is to be funded by £117.0m of Transport Levy, which WMCA receive from its constituent members, £4.5m of Business Rates and £3.6m of WMCA’s existing Reserves. The Transport Levy has been increased by 2% (£2.3m) from 2021/22, having previously remained flat for five years.
Also within Transport, WMCA will receive a grant of £18.7m from the 2022 Commonwealth Games Organ- ising Committee in order to support the delivery of the Games.
2022/23 Non-Transport expenditure includes WMCA’s devolved funding in order to deliver Adult Education throughout the region, as part of our Productivity & Skills portfolio. The remaining expenditure in the area includes WMCA’s Economy & Innovation, Culture & Digital, Well- being, PSR & Social Economy, Environment and Inclu- sive Communities portfolios, as well as revenue costs of delivering our Housing & Land Capital Programme.
The Investment Programme and Mayor’s Office Budg- ets are in line with prior years and include the receipt of Devolution Deal grants. A gainshare grant of £36.5m will be used to deliver the Capital projects within the Investment Programme, whilst a £0.8m Mayoral Capac- ity Funding grant supports the operation of the Mayoral Office.
WMCA have committed to working with Constituent Authorities throughout 2022 to develop a longer-term, sustainable budget and plan, building on the work to develop the 2022/23 Aims and Objectives.
AEB Grant - £140.6m
- 41.2%
Levy - £117.0m
- 34.3%
Devolution Deal Grant - £36.5m
- 10.7%
Other devolution grants - £7.6m
- 2.2%
Business Rates Growth - £10.5m
- 3.1%
Constituent Fees - £4.6m
- 1.3%
Use of Reserves - £3.6m
- 1.1%
Investment Income - £0.9m
- 0.3%
Non Constituent Fees - £0.5m
- 0.1%
Other - £19.2m (inc 18.7m CWG)
- 5.6%
Financial Position 2022/23 Capital Programme
The West Midlands Combined Authority Capital Programme is summarised in these tables highlighting the current planned capital investment between 2021/22 and 2025/26. This position represents the latest 2021/22 reforecast, the final 2022/23 Capital Budget will be presented to WMCA Board at the earliest opportunity in 2022/23 following confirmationof the 2021/22 outturn position. It should also be noted that this view does not include any allocation of the recently awarded City Regional Sustainable Transport Settlement (CRSTS) funding.
Revenue Backed Debt - IP £871m (40%)
- Investment Programme (£871m)
DfT Transport Grants - £681m (31%)
- Transforming Cities Grant (£320m)
- Metro Eastside (£131m)
- Sprint Grant (£35m)
Income Backed Debt - £226m (10%)
- WBHE (£141m)
- Metro Eastside (£58m)
Land Fund Grants - £208m (10%)
- Devo 2 Land Fund (£100m)
- Brownfield Grant (£84m)
- Additional Brownfield (£24m)
Other Grants - £169m (8%)
- Get Britain Building (£74m)
- University Station (£28m)
- 5G (£25m)
Administered Grants £32m (1%)
- National Productivity Fund (£17m)
- New Bridges Funding (£15m)