Issue - meetings

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

To note and accept the end of July 2025 revenue review for the CJC.

To note and accept the end of July 2025 revenue review for the Economic Well-being Sub-committee (the Growth Deal), including the reserves position and the approval of the one-off virement in the budget relating to grant income and expenditure.   

To note and accept the end of July 2025 revenue review for the Regional Skills Partnership.

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

RESOLVED:

To note and accept the end of July 2025 revenue review for the Corporate Joint Committee (CJC).

To note and accept the end of July 2025 revenue review for the Economic Well-being Sub-committee (the Growth Deal), including the reserves position and the approval of the one-off virement in the budget relating to grant income and expenditure.   

To note and accept the end of July 2025 revenue review for the Regional Skills Partnership.

DISCUSSION

A forecast review of the CJC's revenue position was submitted, including separate headings for Planning, Transport and the Investment Zone.

It was noted that the capital programme profile of the Growth Deal was currently being reviewed following the withdrawal of some schemes and the addition of new schemes from the reserve list. This work would be reported as part of the Portfolio Business Case in December and subsequently as part of the quarter three financial review.

It was elaborated that there was an estimated underspend of £411k for the CJC. This was mainly identified as due to underspending in employee spending, insurance, support systems and services, as well as a Welsh Government grant for the Regional Transport Plan and income from interest.

In addition, it was noted that there was an estimated underspend of £280k for the Growth Deal. It was explained that this was mainly due to underspending in employee spending, additional government jobs and the support services of the accountable body. Success was acknowledged with their Shared Prosperity Fund application, which had further contributed to the underspend in employee spending.

It was reported that a Welsh Government grant of £177k for the Energy Scheme and £444k from the Shared Prosperity Fund were included in the budget in the One-off Virements column.

A forecast of the funds' balance sheet as at 31 March 2026 was added, stating that they anticipated that borrowing would be required during the next financial year in order to fund the Growth Deal, and therefore these costs would be financed from the interest fund. A breakdown of expenditure on the Regional Skills Partnership was noted; it was elaborated that this expenditure was funded by a Welsh Government grant of £290 thousand and £12 thousand from reserves.

The members expressed their thanks for the report.