Issue - meetings

Dewi Morgan and Sian Pugh to present the report.

DECISION

1.    To note the revenue review at the end of July 2025, including the one-off transfer in the budget relating to grant income and expenditure.

2.    To note the reserves position.

The report was presented by Sian Pugh.

DECISION

1.     To note the end of July 2025 revenue review, including the one-off virement in the budget relating to grant income and expenditure.

2.     To note the reserves position.

REASONS FOR THE DECISION

To note a projected underspend of £280,562 against the revenue budget for 2025/26. ⁠

DISCUSSION

An estimate review of the 2025/26 revenue position was presented following a review undertaken at the end of July.

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 then as part of the quarter three financial review.

An overview of the Growth Deal's revenue position and the situation for the Shared Prosperity Fund and the Energy grant plans were presented. An estimated underspend of £280k was noted for 2025/26. It was noted that this was mainly due to underspend in employee expenditure, additional government jobs and the support services of the accountable body. Attention was drawn to the success with their Shared Prosperity Fund bid which had further contributed to the underspend in employee expenditure.

It was elaborated that a £177k grant from the Welsh Government for the Energy Scheme and £444k from the Shared Prosperity Fund had been included in the budget under the 'One-off virements' column.

An estimate of the funds' balances on 31 March 2026 was reported. It was elaborated that they anticipated that a loan 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.

It was explained that this had already been reported at the Corporate Joint Committee at its meeting on 19 September.

The members expressed their thanks for the report.