The WMCA Board met on Friday 11 September 2026 to discuss a range of significant transport, financial, and governance matters. Key discussions included an update on Phase 2 of the Rosewell Review and the Transport for City Regions (TCR) programme, the acceptance of new investment tools, the 2026/27 First Quarter Financial Monitoring Report, and a revised members' allowances scheme.

Rosewell Review Phase 2 / Transport for City Regions Update

The Board received an update on Phase 2 of the Rosewell Review and the Transport for City Regions (TCR) programme. This update focused on the allocation of the remaining £406 million of TCR capital funding across ten investment portfolios, split equally between Growth Corridors and Network Needs. The Board was asked to approve these allocations, which aim to strengthen strategic alignment, improve budget management, and accelerate delivery of transport projects across the West Midlands. The appointment of the first tranche of an Independent Advisory Panel, comprising experts in transport planning, commercial development, and public sector assurance, was also proposed. This panel will provide expert advice to the Investment Board on project prioritisation and business case approvals. Additionally, the Board was asked to endorse the principles for the use of £80 million in TCR revenue funding, intended to support scheme development, regional capability, and the continuation of Midlands Connect.

WMCA Enhanced Investment Tools and Delivery Requirements

The Board was asked to approve the acceptance of up to £700 million in new debt and grant-based investment tools, including the Mayoral Revolving Growth Fund (£110 million), the Housing Acceleration Fund (£300 million), and the City Densification Fund (£180 million). These funds are intended to facilitate new, recyclable investment, supporting development and capturing returns to fund future projects. The Board was also asked to approve an increase in capacity within the WMCA Investment Team to manage these sophisticated financial instruments, with revenue support provided by the Government. Authority was delegated to the Investment Board to approve the related Programme Business Case and the arrangements for deploying these investment tools.

2026/27 First Quarter Financial Monitoring Report

The Board received the first quarter financial monitoring report for 2026/27. Early indications suggested a forecast increase in corporate income of approximately £10 million, primarily due to higher interest rates and additional grants. This positive income is offset by a pressure on business rates income, with growth expected to be minimal. The report also detailed a revenue underspend of £7 million for the previous financial year (2025/26) and noted that capital expenditure was forecast to be closely aligned with the budget. The Board was asked to approve the reprofiling of reserve drawdown to support the Bus Reform Programme and approve the proposed allocations of the Rough Sleepers grant to local authorities.

Report of the Independent Remuneration Panel and Members Allowances Scheme 2026/27

The Board considered the report of the Independent Remuneration Panel, which reviewed the WMCA's Members' Allowances Scheme. The Panel recommended an increase in the Mayor's allowance to £105,035, with a further review planned following the transfer of Fire and Rescue Service and Police and Crime Commissioner responsibilities. The Deputy Mayor's allowance was set at 26% of the Mayor's allowance (£27,309.10), and new allowances were recommended for Commissioners (£34,661.55) and Vice-Chairs of committees (£4,201.40). The Board was asked to approve the revised scheme, including backdating allowances to the relevant anniversary dates, and agree to a further review of the Mayor's allowance in late 2027 and 2028. The scheme will be indexed annually based on the Annual Survey of Household Earnings (ASHE) for the West Midlands.

Minutes of Other Committees

The Board noted the minutes from the Local Scrutiny Committee (13 July 2026), the Audit, Risk & Assurance Committee (14 July 2026), the Investment Board (20 July 2026 and 17 August 2026), and the Investment Zone Board (29 July 2026).

Forward Plan

The Board noted the Forward Plan, which outlines key decisions to be taken by the WMCA in the coming months. The next meeting is scheduled for Friday 13 November 2026.