Agenda item

Dewi A Morgan, Host Authority Statutory Finance Officer and Sian Pugh, Host Authority Group Accountant   to propose the North Wales Economic Ambition Board’s (NWEAB) Revenue and Capital Budget for 2022/23.

1.       Approve the 2022/23 Revenue Budget as presented in Appendix 1 to the report.  This includes one-off virements of £85,000 in the revenue budget to be funded from the earmarked reserve.

2.    To approve funding contributions to include the partner contributions, local authorities’ supplementary contributions and partner interest contributions. 

3.    To approve the Business Delivery Board’s request, that the £20,000 underspend against their 2021/22 budget is carried forward to 2022/23 to give them a total budget of £40,000. 

4.    To approve the Capital Budget for the Growth Deal as presented in Appendix 2.

The report was submitted by Dewi Morgan (Statutory Finance Officer) and Sian Pugh (Group Accountant - Corporate and Projects).

RESOLVED

1.       To approve the 2022/23 Revenue Budget as presented in Appendix 1. This includes one-off virements of £85,000 in the revenue budget to be funded from the earmarked reserve. 

2.    To approve funding contributions to include the partner contributions, local authorities’ supplementary contributions and partner interest contributions. 

3.    To approve the Business Delivery Board’s request, that the £20,000 underspend against their 2021/22 budget is carried forward to 2022/23 to give them a total budget of £40,000. 

4.    To approve the Capital Budget for the Growth Deal as presented in Appendix 2.

REASONS FOR THE DECISION

In order to operate effectively within the funding available, the NWEAB required an annual budget to be approved.

DISCUSSION

Details were provided about the background and relevant considerations and the consultations held.

During the discussion, the following matters were raised:-

·         The Statutory Finance Officer and the Group Accountant - Corporate and Projects were thanked for the work and the clear presentation.

·         It was explained that the Training expenditure budget referred to specific training that Ambition Board staff would need during the year.

·         In response to a question about the insurance expenditure of £2,980, it was explained that it referred to employer liability and public liability insurance costs arranged as part of the work of the host authority and as part of the Gwynedd Council insurance policy.

·         In response to a query regarding why the Business Delivery Board's budget had not been spent in the previous year, it was noted that this Board had been unsure as to where to spend it previously. It was noted that the money being carried over, should the decision be approved, would be spent wisely and productively in the coming year as well as the money fron the 2022/23 budget. It was added that timing had been a problem; this budget should be used towards targeting and attracting investments in the region; it was reported that it had been difficult to achieve this until the new brand had been put in place. By now, the NWEAB had far more clarity and a clear aim regarding where to go and what to achieve in terms of attracting investments. The Business Delivery Board was thanked for its support.

·         Attention was drawn to the fact that interest rates of 2.2% remained unchanged since October 2020; this was agreed upon following receiving the opinion of an independent treasury consultancy company. A separate fund would be created for earmarked interest so that it was shown separately.

·         In response to a comment that there would be increasing inflation pressure on all projects, it was explained that all projects, when going through the development process, would be checked thoroughly regarding affordability; more focus would be placed on this element as well as regular reviews. It was added that inflation and interest rates matters had been given full consideration and that continuous risk management discussions were being held with the regional teams in the UK and with Welsh Government regarding this.

·         A question was asked regarding the risk meetings and whether it would be possible to invite Local Authorities to these meeting as similar matters were relevant to the Authorities. It was reported that the original intention was for the meetings to discuss specific Growth Deal items with the two regional teams; the Operations Manager would enquire to see if there was room to extend the discussion.