Issue - meetings

Report of the Director of Regeneration and Economy

The Cabinet considered a report of the Director of Regeneration and Economy in respect of the West Midlands Combined Authority Grant Funding to Coventry 2025/26.

The report would also be considered by Council at their meeting on 25 March 2025.

The West Midlands Trailblazer Deeper Devolution Deal (the Deal) was:

·  Agreed in principle by the West Midlands Combined Authority (WMCA) Mayor and Portfolio Leaders on 10 March 2023.

·  Announced in the Chancellor’s Budget on 15 March 2023, and

·  Adopted by Coventry City Council (the City Council) on 17 October 2023. 

One of the flagship announcements within the Deal was for the West Midlands to have a Single Settlement, whereby instead of being funded through 50+ individual grants, the WMCA would be funded by a single funding settlement covering a full Spending Review period.  This has since been rebranded as an “Integrated Settlement”, and this report seeks approval to accept the first rounds of funding for Coventry through the Integrated Settlement.

The Integrated Settlement covers five Pillars.  It was expected that a total of £19.44m would be awarded to the City Council through the first round of funding (£10.971m of which will be revenue funding and £8.469m capital funding), although there may be potential for additional in year funds in the event of strong performance or underspends elsewhere in the region. The Integrated Settlement funding being awarded to the City Council is summarised below:

·  Pillar 1: Local Growth & Place.  The City Council was expected to be allocated £4.65m of funds (£3.761m revenue and £0.889m capital) through the UK Shared Prosperity Fund for 2025/26 to deliver the City Council’s business support and grants and Job Shop “Hub & Spoke” services.

·  Pillar 2: Adult Skills & Employment Support.  The City Council expects to be awarded £6.27m of revenue funding, of which £5.52m would be from the Adult Education Budget (AEB), and up to £0.75m from the Connect to Work fund to tackle physical and mental health barriers to employment.

·  Pillar 3: Retrofit & Net Zero.  The City Council expects to be awarded £8.52m (£0.94m revenue and £7.58m capital) across two funds to improve the energy efficiency of private housing stock and the public estate.  Coventry based Registered Providers would also receive a share of the region-wide budget for the Warm Homes Social Housing Fund.

·  Pillar 4: Local Transport.  For 2025/26, much of the core transport funding for the City Council would be dealt with outside the Integrated Settlement, notably the City Region Sustainable Transport Settlement (CRSTS), and recommendations to approve acceptance of Transport Capital funding are covered in the Transport Capital Programme Cabinet Report to be tabled at this same meeting.  Much of the Transport funding through the Integrated Settlement (notably focusing on bus services) would be managed by Transport for West Midlands (TfWM).

·  Pillar 5: Housing & Regeneration.  Continuation of WMCA’s Brownfield Land & Infrastructure Fund, Brownfield Housing Fund, and Brownfield Land Release Fund.  This funding would remain open for developers to apply for, it was not expected  ...  view the full minutes text for item 77