Purpose

To present a financial update and a projected outturn financial position for the Combined Authority as a group, reflecting the position as at the end of June 2026. Also providing information in relation to proposals for budget revisions, reserve movements and financial risks and opportunities.

Decision

RESOLVED – That in relation to the Financial Performance and Budget Revisions, Quarter 1 2026/27:

(a)         the financial position set out in the report be noted;

(b)         the proposed 2026/27 revenue budget amendments, as detailed in section 5 and table two of the report be approved;

(c)          the proposed 2026/27 capital programme budget amendments, as detailed in section 7 and table four of the report be approved; and

(d)         the establishment of an Investment and Development Earmarked Reserved, funded initially by a £6m allocation from the forecast 2026/27 revenue underspend be approved.