Agenda item

To consider the report.

1.     To note the Quarter 2 Performance Report and updated Portfolio Risk Register

2.     To approve the submission of the Quarter 2 Performance Report to Welsh Government and UK Government as well as the local authority scrutiny committees.

The report was presented by the Head of Operations.

DECISION

1.     To note the Quarter 2 Performance Report and updated Portfolio Risk Register

2.     To approve the submission of the Quarter 2 Performance Report to Welsh Government and UK Government as well as the local authority scrutiny committees.

REASONS FOR THE DECISION

Quarterly reporting on progress against the North Wales Growth Deal is one of the requirements of the Final Growth Deal Agreement. 

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DISCUSSION

Members were guided through the main highlights of the last quarter such as the approval of the Glynllifon Rural Economy Hub - Welsh Sheep Milk Business Justification Case and the Advanced Wireless Full Business Case. Reference was also made to the Launch of the Clean Energy Fund on 10 July and that a process had been implemented to appoint two Non-executive Advisers.

It was reported that 6 Projects were currently in operation, with six other projects approved but not in operation to date, with three further business cases underway.

It was confirmed that investment from the Growth Deal to its projects was £23,164,812.52 by the end of the second quarter of the current financial year. It was elaborated that a total of £25,040,328.17 had been earmarked to the North Wales Corporate Joint Committee to invest in projects, confirming that these figures continued to gradually increase, with many exciting projects underway. It was acknowledged that the number of jobs created was low, explaining that 49 new jobs and 49 construction jobs had been created to date.

Details were given on the Portfolio's Risk Register, reporting that it continued to be consistent with the developments made during the first quarter of the current financial year. However, it was confirmed that some high risks continued on the register in relation to the investment of the private sector, as well as general investment targets, following delays. It was elaborated that the residual risk on the 'Affordability' title had been reduced due to a larger proportion of projects being approved, providing assurance that they were affordable.

During the discussion, the following observations were made:

In response to observations that noted that the number of jobs created was currently low, the Head of Operations explained that it was not possible for these figures to increase until more projects were in operation, acknowledging that there was a natural delay between funding the projects and ensuring that they were being constructed. However, it was reported that there was an expectation for these figures to significantly increase very soon as more projects became operational recently, confirming that a further update would be presented at the next meeting of this Sub-committee. In response to further observations, the Head of Operations confirmed that Members would receive a detailed summary of all the jobs created, the nature of the employment and their locations across the north Wales region as members could be reassured that the jobs were bringing a financial benefit to individuals from the region.

Observations were presented by Members that many projects had been approved during the current financial year and their value would be visible to the region in the future, and all the officers were thanked for their work.

The members expressed their thanks for the report.