Issue - meetings

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

The report, which provided the final position for 2024/25 to the Corporate Joint Committee (CJC) was accepted and the approval of the official Annual Form for 2024/25 was obtained.

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

RESOLVED

The report was accepted which provided the final position for 2024/25 to the Corporate Joint Committee (CJC) and seeking the approval of the official Annual Return for 2024/25 was obtained.

DISCUSSION

The report was presented stating that as the Joint Committee's turnover was less than £2.5m, an annual return rather than a floor statement of accounts would be required to meet the statutory requirement.

It was stated that the final out-turn position for the year was an underspend of almost £402k, and it was explained that this was an increase from what was forecast in the December review. It was noted that this was mainly because the expenditure on external consultants for Strategic Planning will not start until 2025/26.

Members were guided through the budget headings and a final underspend of £333,674 was highlighted on the Employees heading. It was noted that the lay members' allowance budget related to Governance and Audit Committee meetings and these meetings would take place from 2025/26. It was stated that the travel and subsistence budget had not been utilised during the year, and that there was an underspend of £129,140 against the heading for supplies and services. It was explained that Audit Wales' fees were showing negatively, and that this was because the fees calculated in previous years were higher than the actual amounts and had been reversed in 2024/25. In addition, fees were lower because it was an Annual Form rather than a set of accounts that need to be audited. It was highlighted that external consultant expenditure of £222,231, of which £180,517 was funded by the Welsh Government's Transport Grant. It was noted that there was an underspend on the insurance costs, as an interim policy existed with the full policy starting in April 2025.

It was explained that there was a net expenditure, of £195,753. It was noted that expenditure on the legal and democracy costs included the costs of an external law firm as well as a legal and democratic consultant commissioned to provide expert advice and support on the establishment of the CJC.

It was stated that the CJC was successful in its application to the Welsh Government for funding towards the Regional Transport Plan, with £125k awarded in 2023/24 and £100k in 2024/25. The interest received on balances for 2024/25 was £57,723. It was explained that a contribution from the reserve of £83k relating to the costs of the Investment Zone would be repaid once the grant income was approved by the Welsh Government.

The Joint Committee was asked to note and accept the actual expenditure and income for 2024/25, and to approve the underspend of £402k to the earmarked reserve to give a total of £1,113k. It was added that £565k of this has been approved for use as part of the 2025/26 budget.