Purpose

To approve entering into the agreement for
2024/25 spend for the UK Shared Prosperity Fund, underwriting spend
in advance of receipt of agreement and payment of grants for local
delivery.

Content

1. 
Approved the acceptance of the grant allocation for our year three
allocation of the UK Shared Prosperity Fund and entering into the
year three Deed of Variation in accordance with our three-year
agreement with West Midlands Combined Authority as lead
authority.
 
2. 
Approved the underwriting in the unlikely event we do not receive
the year three allocation, Revenue grant from Budget Contingency
Reserve and Capital grant from the Corporate Provision and
Contingency for Future programmes to enable the continuation of
delivery from year two and commencement of delivery of new year
three activity from 1 April 2024.
 
3. 
Approved the establishment and spend of supplementary revenue and
capital budgets in line with the funding agreement.
4. 
Approved the payment of grants as required for delivery of
activity.