Decision details

The Joint Committee approved the following recommendations:

15.1       Noted the LEP Budget as set out in Appendix 1 of the report

15.2       A one-off virement of up to £150k from underspending LEP Budget heads and increased income performance to meet the costs of increased Supplies & Services expenditure as set out in para 3.1.3 of the report.

15.3     Any underspends on Digital and Energy strategy work-streams are carried forward to meet costs arising in 2018/19.

15.4       Up to £50k of the remaining forecast underspend is earmarked to provide a LEP contribution the Stepping Up programme in 2018/19 onwards with detailed allocation delegated to the LEP Chief Executive.

The Joint Committee agreed an amended resolution 15.5.

15.5    The Joint Committee agreed the remaining balance of underspend up to £150K is allocated to support the delivery of a bid on behalf of the West of England to the 5G Urban Connected Communities Project in 2018/19 with the detailed allocation of this funding delegated to the LEP Chief Executive.

15.6    The Joint Committee noted the IBB Budget set out in appendix 2 and management be requested to seek to manage within existing allocated funding over the five-year funding term.  Any EDF grant not drawn down in-year is ring-fenced to IBB activities and can be utilised in subsequent Financial Years subject to future Budget Approvals.