Further details have emerged of a bid by councils in West Yorkshire to create a £1 billion regional transport fund.

The Telegraph & Argus exclusively revealed last month how the leaders of the five West Yorkshire authorities had been meeting to discuss plans to establish a fund for major transport schemes.

Members of the Association of West Yorkshire Authorities are developing proposals for a West Yorkshire Transport Fund.

West Yorkshire Integrated Transport Authority’s executive board had already agreed to £100,000 to develop the proposed fund. Now members of the board will be asked when they meet on Friday to add another £300,000 which would allow the fund to be worked up.

A report to the board suggests that such a regional fund has the potential to substantially reduce dependence on central funding.

It goes on to say: “The fund’s principal objective is about stimulating net additional economic growth across West Yorkshire, not redistribution.”

“Transport investment will be the principal means of achieving the primary objective, although regeneration projects could be considered if these deliver a better net impact on growth.”

A timetable for developing the fund includes a work programme mapping out the key stages needed to reach a fund proposal by March next year. The fund will need to be ratified by the five authorities and the Integrated Transport Authority.

Bradford member on the ITA executive board, Councillor Khadim Hussain told the Telegraph & Argus: “We are fully in support of setting up this fund because it will bring many benefits to the Bradford district. A clear set of objectives are being developed to make our infra-structure sustainable in the long term.”

He added that such a fund was necessary due to cuts in central funding for transport and that Bradford, as the second largest authority in the scheme, would no doubt play a key role.

Last month the T&A revealed that documents it had obtained showed a £1 billion fund could have a “transformational impact” equivalent to 33km of light rail network, a 60km network of high-quality bus rapid transit, or 43km of new roads. If investment was well targeted, it could add £1 billion a year to the region’s economic potential as well as creating 20,000 jobs.

A total of £850 million would be contributed locally, with the remainder hopefully from the Department for Transport’s major scheme funding, post 2014/15. Funding options include the Integrated Transport Authority levy, top slicing of the Local Transport Plan monies, the community infrastructure levy, localised business rates, part of Section 106 monies, and external funding.