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Funding Committee - Monday, 2nd November, 2026 10.00 am
November 2, 2026 at 10:00 am Funding Committee View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
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The Funding Committee of Cambridgeshire and Peterborough Combined Authority Council met on Monday 2 November 2026. The committee recommended to the Combined Authority Board the approval of significant funding for the Brownfield Housing Fund Programme and the regeneration of 11-12 High Street in Wisbech. The committee also resolved to note updates on officer decisions made under delegated authority, subsidiary companies, and project progress.
Brownfield Housing Fund Programme
The committee recommended that the Combined Authority Board approve the Full Business Case for the Brownfield Housing Fund Programme, allocating £26,660,696 to deliver new homes on brownfield sites across the region. This funding, provided by the Ministry of Housing, Communities and Local Government (MHCLG), aims to address market failures and viability gaps, with an initial target of at least 870 new homes. The committee also recommended that the Combined Authority Board delegate authority to the Executive Director for Place and Economy to approve individual Wave 1 capital grant awards of up to £5 million per scheme by March 2027, subject to satisfactory appraisals, due diligence, and subsidy control assessments. Further recommendations included delegating authority to the Combined Authority Board for negotiating Heads of Terms and finalising grant funding agreements.
11-12 High Street Wisbech Regeneration Project
A recommendation was made to the Combined Authority Board to approve the Concept Form and allocate £1,500,000 from the Local Growth Fund towards the regeneration of 11-12 High Street in Wisbech. This project aims to redevelop a derelict brownfield site into a mixed-use building, providing six residential units and flexible ground-floor commercial or community space. The scheme is intended to address declining town centre vitality and act as a catalyst for wider regeneration in Wisbech. The total project cost is £3.3 million, with other funding sources including the National Lottery Heritage Fund and Fenland District Council's own capital.
Officer Decisions
The committee resolved to note the Officer Decisions for projects under the Single Assurance Framework delegation from Funding Panels held on 27 August and 22 September 2026.
Combined Authority Subsidiary Companies and Equity Interests
An update was provided on the Combined Authority's subsidiary companies and equity interests. The overall portfolio valuation had reduced by £50,000 (0.7%) since the previous year. The report detailed the status of various investments, including the ARU Peterborough campus, Growth Company Ltd, MedTech Accelerator, Illumina Accelerator, Start Codon, and the Business Growth & Social Investment Fund. The committee noted that actively managed portfolios generally performed better.
Project Progress Report
The committee resolved to note the project progress report including the Strategic Projects Dashboard and Portfolio Dashboard. Of the six strategic projects, three were rated Amber and three Green, with no Red-rated projects. Across the wider portfolio of 41 in-delivery projects, two were rated Red: the Affordable Housing Programme and the Nature and Environment Investment Fund. Seventeen projects were rated Amber, and 22 were Green. The report detailed specific updates on projects such as Peterborough Station Quarter, the Bus Reform Programme, Cygnet Bridge, Digital Connectivity Strategy, March Area Transport Programme, Youth Guarantee Trailblazer, Connect to Work, and Active Travel initiatives.
Work Programme
The committee resolved to note the Funding Committee's Work Programme.
Election of Vice-Chair
Councillor Count was appointed as the Vice-Chair of the Committee for the remainder of the municipal year 2026-2027.
Minutes of the previous meeting
The committee resolved to approve the minutes of the meeting held on 7 September 2026.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
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Work Programme
Recommendations ApprovedThe Funding Committee of Cambridgeshire and Peterborough Combined Authority Council resolved to approve its Work Programme on 02 November 2026. The committee noted the Funding Committee's Work Programme.
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Minutes of the previous meeting
Recommendations ApprovedThe Funding Committee of Cambridgeshire and Peterborough Combined Authority Council decided on 02 November 2026 to approve the minutes of the previous meeting. The committee also recommended approval of the Full Business Case for the Active Travel Consolidated Settlement 2026-2030 and the Outline Business Case for the Brownfield Housing Fund. Officer decisions for projects under the Single Assurance Framework delegation were noted. The committee recommended approval of shareholder documentation for the closure of Cambridgeshire and Peterborough Business Growth Company Limited.
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Election of Vice-Chair
Recommendations ApprovedCambridgeshire and Peterborough Combined Authority Funding Committee resolved that Cllr Count be appointed as Vice-Chair for the remainder of the municipal year 2026-2027 on 02/11/2026.
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Project Progress Report
Recommendations ApprovedThe Funding Committee of Cambridgeshire and Peterborough Combined Authority Council decided to note the project progress report on 02 November 2026. The report included the Strategic Projects Dashboard and Portfolio Dashboard.
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Single Assurance Framework Business Case Approvals: Officer Decisions
Recommendations ApprovedThe Funding Committee of Cambridgeshire and Peterborough Combined Authority noted Officer Decisions for projects under the Single Assurance Framework delegation on 02/11/2026. These decisions included approving additional funding for Adult Skills, Regional Investment Funding, Connect to Work, and Skills Bootcamps, as well as timing changes for FE Coldspots and Market Towns projects.
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Single Assurance Framework Business Case Approvals: Funding Committee Decisions
Recommendations ApprovedThe Funding Committee recommended that the Combined Authority Board approve the Full Business Case and £26,660,696 for the Brownfield Housing Fund Programme. They also recommended delegating authority to the Executive Director, Place and Economy, to approve individual Wave 1 capital grant awards up to £5m per scheme, negotiate Heads of Terms, and finalise grant funding agreements. The committee also recommended approving the Concept Form and £1,500,000 for the 11-12 High Street Wisbech Regeneration Project.
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Combined Authority Subsidiary Companies and Equity Interests
For DeterminationThe Funding Committee noted the subsidiary company information and update on current equity holdings of the Combined Authority on 02 November 2026. The committee was requested to formally note the details of the Combined Authority's main equity/shareholder interests, including any subsidiary companies and other commercial arrangements.
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