The Investment Board of West Midlands Combined Authority (WMCA) met on Monday 17 August 2026 to discuss updates on transport funding, the investment programme, and various fund dashboards. Key decisions included noting principles for allocating remaining Transport for City Regions funding and progress on appointing an independent panel to support scheme prioritisation.

Rosewell Review Phase 2 and Transport for City Regions Update

The Board noted the principles developed to guide the allocation of the remaining £405 million of funding for the Portfolios, as well as the engagement process with local authority officers through the Strategic Transport Officers Group (STOG). Progress on appointing an independent panel to assist the Investment Board with future scheme prioritisation and business case approvals was also noted. Sandeep Shingadia, Executive Director of Transport for West Midlands, presented the update, explaining the transition from the City Regions Sustainable Transport Settlement (CRSTS) to the new Transport for City Regions (TCR) funding. The review aims to ensure transport investment better supports regional growth and maintains the existing network. The new approach introduces a five-stage assurance process for capital projects, with enhanced roles for the Investment Board and the proposed establishment of an Independent Panel of experts to provide advice on project prioritisation and assurance.

Investment Programme Update

The Board was updated on the WMCA Investment Programme, noting that since the previous meeting, no change requests had been approved under delegated authority by WMCA Officers. One business case was approved at the July meeting. Changes to the Investment Programme funding awarded and allocated to projects were noted, along with the programme's funding status and current affordable limit. The regional investment programme delivery update was also presented. Ian Martin, Executive Director of Commercial and Investment, highlighted that the WMCA Investment Programme has an approved affordable limit of £871 million, which is fully utilised by earmarked contributions. As of July 2026, funding commitments stood at £836.5 million. A downward adjustment in costs was primarily due to a refund from the government for work on the metro.

Investment Programme Dashboard - Red Rated Projects Update

The Board noted the current position of eight red-rated projects within the Investment Programme Dashboard. Reasons for the ratings and progress being made to resolve outstanding matters were detailed. Factors contributing to delivery challenges and actions being undertaken to agree revised delivery positions and progress approvals were also noted. Several projects, including Accelerated Housing Delivery – Utilising Solihull Assets, Playing Pitch Implementation Strategy, Middlewood House, and Rowood Drive, remain red-rated due to delays in meeting approved completion dates and the need for revised delivery proposals to be approved. The Chelmsley Wood project is red-rated due to delays in workstreams and progressing the Outline Business Case, primarily caused by land assembly challenges. The Solihull Town Centre Public Realm Improvement Scheme is red-rated due to delays in progressing its Outline Business Case. The A46 Stoneleigh Junction project remains red due to the need for a further extension beyond its current approved completion date, stemming from construction delays and a contractual dispute. Finally, the Metro Wednesbury to Brierley Hill Extension Phase 1 is red-rated because, although construction is complete, testing and commissioning are ongoing, preventing formal completion.

Dashboards for Investment Funds

The Board noted the public information dashboards for the Commercial Investment Fund (CIF), Residential Investment Fund (RIF), and the Brownfield Land & Property Development Fund (BLPDF). These dashboards provide an overview of committed and repaid investments, including details on jobs created, brownfield land utilised, homes created, commercial space, and business rates generated.

Forward Plan

The Board noted the Forward Plan, which outlines upcoming reports and decisions scheduled for Investment Board meetings from August to December 2026. A positive update on the further crusts update, scheduled for October, was highlighted.

Oasis Southside Birmingham

Approval was given for the WMCA to enter into an agreement with an applicant to provide grant funding, up to a specified sum from the Brownfield Infrastructure and Land Fund (BILF), to enable the development of a minimum of 456 homes at the Oasis Southside site on Lower Essex Street, Birmingham. Authority was delegated to the Director of Commercial and Investment to negotiate and agree the terms of the grant funding agreement, including clawback provisions and a long-stop date. Approval was also given for the WMCA to charge £300,000 in project costs to the BILF for the assessment, negotiation, and contract management of the grant funding agreement. The Board will receive regular updates on the scheme's progress.