The election for the inaugural East Midlands Mayor will cost an “eye-watering” £4 million, accounting for a sizable chunk of the new combined authority’s annual budget. Papers for the first meeting of the East Midlands Combined County Authority — led by Derby, Derbyshire, Nottingham and Nottinghamshire — detail the super council’s annual budget of £56 million. They say that the cost of the upcoming election for a mayor to oversee the authority on Thursday, May 2, will cost £4 million – 7% of its annual interim spending budget. The inaugural meeting will be held on Wednesday, March 20, at Chest…