Decision details

The Combined Authority Committee RESOLVED:

1. To approve a Transport Levy to the constituent councils of £19.5m for 2022/23, with a recharge of £2m applied to North Somerset Council, as detailed in Figure 6.

2. To approve 50% of surplus investment income achieved in 2021/22 to be transferred to the Treasury Management Reserve to cover the risk of capital losses and/or lower financial returns in future years.

3. To approve the Combined Authority budget for 2022/23 as detailed in Appendix 1.

4. To note the Combined Authority forecasted revenue outturn for 2021/22 as detailed in Appendix 2.

5. To approve the Mayoral Budget for 2022/23 together with the funding contribution from the Combined Authority, (Investment Fund), budget of £645k as set out in Appendix 4.

6. To note the Mayoral Fund 2021/22 forecasted revenue outturn as detailed in Appendix 5.

7. To note the Financial Reserves Policy as set out in Appendix 6.

8. To approve ‘opting in’ to the Public Sector Audit Appointment Framework for the commissioning of external audit services for the period 2023/24 to 2027/28.

9. Forgo the transfer of £384k of the 2021/22 transport levy into a Transport Smoothing Reserve and approve investing one-off funding of £384k in further support to regional bus services to protect routes, particularly in rural areas and other communities not well served by public transport, during 2022/23, the details to be developed by the Head of Strategic Transport Integration in consultation with Transport Board members.

10. To approve the creation, and transfer, of £950k from the 2021/22 Transport Levy to a specific earmarked reserve to fund anticipated additional costs of maintaining continuity of bus services prior to the re-tender of major bus routes in August 2022.