Issue - meetings

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

To accept the report which provided the final out-turn position of the North Wales Economic Ambition Board (NWEAB) to the North Wales Corporate Joint Committee (CJC) for revenue and capital in 2024/25.

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

RESOLVED

The report providing the final North Wales Economic Ambition Board (BUEGC) out-turn position to the North Wales Joint Incorporated Committee (CJC) for revenue and capital in 2024/25 was accepted.

DISCUSSION

The report was presented explaining that it had already been submitted to the Economic Wellbeing Sub-Committee, but it was now submitted for approval. It was added that they were aiming to submit the report in the form of a statement of draft accounts in July.

It was explained that the final out-turn revenue position for the year was an underspend of almost £386k, and that it was an increase from the underspend forecast in the December review. It was noted that this was mainly due to a decrease in expenditure on several of the budget headings. It was expressed that the final net underspend under the Portfolio Management Office heading was £75,140, due to underspend on employee expenditure. It was explained that this was due to lower inflation than budgeted along with an extension of the Shared Prosperity Fund grant until the end of March 2025.

It was stated that underspending of Supporting Services by the Accountable Body was mainly due to underspending of the Finance Service Support. The final underspending of the Joint Committee was highlighted and the reasons for this on each heading were highlighted. It was noted that there was an unbudgeted expenditure of £2.8m on Transfers to Reserve Funds. It was highlighted that back in February the Board approved the use of the interest received on the Growth Deal Balances from 2024-26 to fund additional roles and additional development costs, and to retain the current resources of the Portfolio Management Office for an additional 2 years beyond March 2026.

In terms of the main income streams, it was highlighted that this included partner contributions, the North Wales Growth Deal grant revenue allocation, the CJC's contribution for staff secondment, the Welsh Government's energy grant, the UK Shared Prosperity Fund and the earmarked reserve fund. It was noted that the final out turn revenue position for the year was an underspend of almost £386k and this was an increase from what was forecast. It was explained that in order to leave a neutral position for the year, it was stated that they would be drawing £714k down from the North Wales Growth Deal Grant rather than the £1.1m indicated.

In highlighting the reserves, it was noted that the total reserve fund as at 31 March 2025 was £211k. The Board, at its February meeting, used £61k from this reserve fund as part of the 2025-26 budget. It was stated that the project fund balance was £29k, and it was explained that the money would be used to fund the costs of a local Energy project. It was highlighted that the interest fund balance was £4.7m and the resource fund was £2.8m.

It was noted that the year-end  ...  view the full minutes text for item 11