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Financial overview


The West of England Combined Authority revenue account has three primary elements:

  1. The Mayoral Combined Authority Budget
  2. The Mayoral Fund Budget
  3. The Local Enterprise Partnership Budget

1. Mayoral Combined Authority Budget

The West of England Combined Authority approved the budget for 2024/25 on 26 January 2024. The funding for the Combined Authority comes from five main sources:

  • Investment funding provided by the Government as part of the Devolution Deal (revenue funding for feasibility and development of approved schemes).
  • A levy on the constituent councils for the costs of operating transport functions that transferred to the MCA in 2020/21.
  • A 5% share of business rates and growth, (above a defined baseline), under the 100% Business Rates Retention Pilot.
  • Government funding for specific functions, capacity and projects.
  • Treasury Management - Interest received from invested cash balances held.

The Mayoral Combined Authority revenue funding has increased over time with the approval of various projects, and associated funding, as part of the £450m four-year investment programme (up to March 2026).

2. Mayoral Fund Budget

The West of England Combined Authority approved the Mayoral budget for 2024/25 on 26 January 2024. A Contribution from the Combined Authority of £687k is proposed for the Mayoral budget in 2024/25 to meet the operating costs of the mayoral office and election cost provision. As per previous years, this will be allocated from the Combined Authority Investment Fund.

3. Local Enterprise Partnership Budget

The West of England Combined Authority approved the 2024-25 Local Enterprise Partnership Budget on 26 January 2024. The Combined Authority acts as the Accountable Body for the range of funding streams on behalf of the West of England Councils and Local Enterprise Partnership.

Capital Investment

Accountable body

The West of England Combined Authority act as Accountable Body for the Local Enterprise Partnership, (LEP), activities, which includes significant capital investment in the region.

The capital funding streams administered by the Accountable Body include:

  • The Revolving Infrastructure Fund (£57m)
  • The Economic Development Fund (£500m)

The West of England Mayoral Combined Authority is the Accountable Body for the £500m Economic Development Fund, although the associated finances are administered by South Gloucestershire Council. The four constituent authorities will deliver approved projects and can claim the costs of borrowing from the fund once practical completion of the project is achieved. The Mayoral Combined Authority does not include this capital spend within its capital programme.

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