SWANSEA BAY city REGION

JOINT COMMITTEE

 

 

28th May 2019

 

 

 

FINANCIAL OUTTURN 2018-19

 

RECOMMENDATIONS / KEY DECISIONS REQUIRED:

 

That the Joint Committee receives the Financial Out-turn report for 2018-19.

 

 

 

REASONS:

 

To provide the Joint Committee with an end of year financial position in respect of 2018-19.

 

 

 

Report Author:

 

Chris Moore

 

Designation:

 

Joint Committee S151 Officer

Carmarthenshire County Council

 

Tel No.

01267 224120

 

E. Mail:. CMoore@carmarthenshire.gov.uk

 


 

EXECUTIVE SUMMARY

SWANSEA BAY city REGION JOINT COMMITTEE

28th May 2019

 

 

FINANCIAL OUTTURN 2018-19

 

BRIEF SUMMARY OF PURPOSE OF REPORT

 

The year-end financial position for the Swansea Bay City Region Account is attached.

 

The final out-turn figures for 2018-19 indicate that the expenditure is in excess of income by £14k.

However, you will note that £113k was brought forward from 2017-18 which has been partly used to fund the shortfall.  The balance carried forward at year end is £100k. 

 

Members of the Joint Committee will also note a variance on the report in respect of the 1.5% top slicing contribution.  As no schemes, as yet, have been approved and no funding has been received from Welsh Government, no funding has been provided against this budgeted head of £723k income.  This income is expected to be forthcoming when schemes are approved in the future.

 

Regional Office

Regional Office costs total £348k for the year, which in year 1 is a part year effect.  Of this, staff costs total £266k.  The Regional Office is not yet fully staffed and only 2 posts have been recruited.  You will note within the staffing budget, expenditure has been incurred on recharges, as a consequence of staff being employed by CCC and being recharged.  Other costs include Promotions & Marketing £47k, Admin costs £17k, and Rent £14k.

 

 

 

 

 

 

 

 

 

 

 

Accountable Body

The Accountable Body costs are £111k for the year.  £101k relates to Finance Services support, which includes Section 151 Officer, Monitoring Officer and Democratic recharges.  There is also £10k for audit fees. 

 

Joint Committee

The Joint Committee has spent £4k on fees and travel.

 

Joint Scrutiny

The Joint Scrutiny costs of £8k consist of subsistence and meeting expenses undertaken by Neath Port Talbot Council.

 

Income

The Income received in the year of £458k consists of £400k partner contributions and £58k Welsh Government business engagement grant.

 

 

 

 

DETAILED REPORT ATTACHED?

YES

 

 

 

 

IMPLICATIONS

 

 

Policy, Crime & Disorder and Equalities

Legal

Finance

Risk Management Issues

Staffing Implications

NONE

 

NONE

YES

NONE

NONE

Finance

 

The final out-turn figures indicate an excess of expenditure over income received of £14k.  This will be funded from the brought forward balance of £114k. The c/fwd balance is £100k.

 

 

 

CONSULTATIONS

Details of any consultations undertaken are to be included here

 

None

 

 

 

 

 

 


Section 100D Local Government Act, 1972 – Access to Information

List of Background Papers used in the preparation of this report:

THESE ARE DETAILED BELOW

Title of Document

 

File Ref No.

Locations that the papers are available for public inspection/WEBSITE LINK

Budget 2018/19

 

Corporate Services, County Hall Carmarthen