Issue - meetings

To consider the report.

1.     To note the NWEAB out-turn report for 2024/25 which includes the use of £714,395 from the North Wales Growth Deal grant to demonstrate a neutral position for the year.

2.     To note the position of NWEAB's funds.

3.     To note NWEAB's end of year capital review on 31 March 2025.

The report was presented by the Statutory Finance Officer.

RESOLVED

1.     To note the NWEAB out-turn report for 2024/25 which includes the use of £714,395 from the North Wales Growth Deal grant to demonstrate a neutral position for the year.

2.     To note the position of NWEAB's funds.

3.     To note NWEAB's end of year capital review on 31 March 2025.

REASONS FOR THE DECISION

To inform the Economic Well-being Sub-Committee of the financial position of the NWEAB for revenue and capital in 2024/25.

The role and function of the NWEAB was transferred to the CJC on 1 April 2025, which included staff, resources, commitments and financial assets, including the Growth Deal and funding.

DISCUSSION

The Report was presented for information purposes to the Sub-committee, confirming that it would be presented to the Corporate Joint Committee at its meeting on 13 March 2025 for approval.

It was reported that the final revenue out-turn position for the year 2024/25 was an underspend of approximately £386,000. It was explained that this underspend was an increase on the underspend anticipated when reporting on the position in December 2024, which was approximately £205,000. Details were provided on the main headings of the budget as follows:

·       Portfolio Management Office - It was explained that the final net underspend on this heading is £75,140 as a result of an underspend on employee expenditure. It was elaborated that the true salary inflation in 2024/25 was 3%, where an increase of 6% had been budgeted. Attention was drawn to the fact that an extension to the Shared Prosperity Fund budget until the end of March 2025 had allowed three officers to be funded within the UKSPF heading instead of the core budget as budgeted.

·       Employee Expenditure - It was noted that part of the underspend within this heading had been used to fund temporary advisory staff whilst work was being done to appoint a Programme Manager after the post became vacant.

·       Support Services by the Accountable Body - Reference was made to the underspend of £41,730 which mainly derived from underspend on support from the Finance Service.

·       ⁠Joint Committee - It was reported that there was an underspend of £48,935 in this heading, with an underspend seen on every relevant line of the budget within the heading.

·       Projects - It was explained that the final net underspend on this heading was £65,034 as a result of capitalised costs previously considered within the 'Developing Project Business Cases' budget line. ⁠Despite this, it was acknowledged that a high demand for external legal advice on many projects had led to overspending within the 'Developing Project Business Cases' line.

·       Grants - It was noted that an overspend was seen in the Local Area Energy and the Shared Prosperity Fund projects. It was elaborated that an extension on both projects until the end of March 2025 had led to a net overspend of £96,820. It was explained that the overspend associated with the Local Area Energy project was being funded by the remaining  ...  view the full minutes text for item 6