Issue - meetings

Officers presented the Quarter 1 Financial Monitoring for year ended 2024/25.

It was highlighted that the budget set for the financial year required a levy on the individual Local Authorities, which was allocated on a population basis; the total combined levy was set at £555,978.

Members were informed that the forecast outturn, as detailed in Appendix A of the circulated report, identified a total surplus of £132,673.

It was noted that there was a predicated underspend regarding the financial services of the Corporate Joint Committee; this wasn’t originally anticipated and may change in the future as the various work streams progress and the workload increases.

A discussion took place in regard to the four work streams; it was currently predicated that the workstreams will commit the full expenditure that had been allocated. However, it was noted that this was difficult to accurately judge this early on in the year. Reference was made to the additional funding from Welsh Government to support the delivery of the Regional Transport Plan; the transport work stream was noted to be delivering a significant amount through the year.

Officers confirmed that projecting a surplus was a positive position to be in as it allows for further development of the South West Wales Corporate Joint Committee going forward.

RESOLVED: That the report be noted.