Issue - meetings

Dewi A. Morgan (Head of Finance - CJC’s Statutory Finance Officer) and Sian Pugh, (Assistant Head of Finance) to present the report.

To note and accept the Corporate Joint Committee's projected expenditure for 2024/25 as submitted in Appendix 1.

The report was submitted by  Dewi A.  Morgan (Head of Finance - CJC Statutory Finance Officer) and Sian Pugh, (Assistant Head of Finance).

DECISION

To note and accept the CJC’s projected expenditure for 2024/25 as presented in Appendix 1.

DISCUSSION

The financial review report for December 2024 was submitted, drawing members' attention to the table in appendix 1 of the report. It was explained that the budget was on the left side and then a projection of the position up to the end of the financial year on the right side, with the last column showing the overspend or underspend per heading.

It was highlighted, based on the latest information, that a net under-spend of £270,000 was projected by the end of the financial year, increasing from the £200,000 forecast in the August Review. An underspend of £311,000 was forecast on the Workers heading and £5,000 underspend on the Travel heading. It was noted that the external consultant heading showed an overspend of £53,000, but £80,000 of the expenditure on this heading related to consultancy costs funded from a Transport Grant, and the income was shown as a surplus under grant income further down the table.

The £216,700 overspend on set-up costs, an increase from the £136,000 overspend envisaged in the August review, was highlighted and this was due to the delay in transferring the Growth Deal functions to the Corporate Joint Committee with the likely transfer date now in April.

The Assistant Head of Finance Department was thanked for the report and the work and the committee was satisfied with what had been noted.