Issue - meetings

Dewi A.Morgan, Host Authority Head of Finance (Statutory Finance Officer) and Sian Pugh, Host Authority Assistant Head of Finance to present the report.

(1)  To note and accept the Ambition Board's end of August 2023 revenue review (Appendix 1 of the report). 

(2)  To note and accept the Ambition Board's reserves update (Appendix 2).

(3)  Agree on the Ambition Board's revised capital expenditure profile (Appendix 3).

The report was presented by Sian Pugh (Assistant Head of Finance).

RESOLVED

(1)       To note and accept the Ambition Board's end of August 2023 revenue review (Appendix 1 to the report). 

(2)       To note and accept the Ambition Board's reserves update (Appendix 2).

(3)       Agree on the Ambition Board's revised capital expenditure profile (Appendix 3).

REASONS FOR THE DECISION

(1)       To note a projected underspend of £266,683 against the revenue budget in 2023/24 that was mainly due to the success of the Portfolio Management Office with their application to the regional Shared Prosperity Fund. The final underspend at the end of the financial year would be used to reduce the amount claimed from the North Wales Growth Deal Grant and the earmarked fund.

(2)       To note a further slippage on the capital programme, with an estimate of £7.13m expenditure in 2023/24 compared with the approved budget of £11.25m for the year. 

DISCUSSION

The need to recognise and appreciate the team's work drawing funding down from the Shared Prosperity Fund (SPF).

It was noted, although the current situation was stable that the Board noted the financial challenges that face it in the future, and extremely difficult discussions would have to be discussed over the next few months. 

It was asked if the better-than-expected interest on balances this year was a significant factor in moving forward.   In response, it was explained that the interest was likely to be over £2m this year, however this meant that our borrowing costs would be higher in the future, and the interest would contribute to this.