Issue - meetings

Local Enterprise Partnership & Invest Bristol and Bath budget outturn, April - June 2020

Meeting: 09/10/2020 - Joint meeting - West of England Combined Authority Committee and West of England Joint Committee (Item 12)

12 Local Enterprise Partnership & Invest Bristol and Bath budget outturn, April - June 2020 pdf icon PDF 144 KB

Report for consideration by the Joint Committee.

Additional documents:

Decision:

The West of England Joint Committee RESOLVED:

 

1. To note the Local Enterprise Partnership revenue outturn as set out in Appendix 1.

 

2. To note the Invest Bristol & Bath revenue outturn as set out in Appendix 2.

 

Minutes:

The Joint Committee considered a report setting out the latest forecast revenue outturn budget for the West of England Joint Committee for the financial year 2020/21 based on data for the period from April to June 2020 (agenda item 12).  The report covered the Local Enterprise Partnership (LEP) and Invest Bristol and Bath revenue budgets. 

 

The Chair highlighted the following aspects of the report and commented as follows:

* Appendix 1 set out the Local Enterprise Partnership forecast revenue outturn to the end of June 2020.  This showed spend of £6.9m against an original budget of £5.6m. The difference of £1.3m was mainly due to the receipt and phasing of spend for government grants. There was a forecast underspend of £80k and this was mainly due to treasury management surplus and the timing of a grant between financial years.

* Appendix 2 set out Invest Bristol and Bath’s revenue outturn position for 2020/21, which showed a surplus of £88k at year end. This surplus related to Business and Skills directorate recharge costs being split over more projects than originally budgeted due to new funding from government. This would result in a lower recharge to Invest Bristol and Bath.

In discussion, members agreed that an update / briefing should be provided on a regular basis to the region’s Mayors and Leaders on the progress being made on inward investment and trade following on from the 2019 review and the new business case that had subsequently been agreed for Invest Bristol and Bath.  This should include information about the geographical spread of new inward investment across the region.

 

The West of England Joint Committee RESOLVED:

 

1. To note the Local Enterprise Partnership revenue outturn as set out in Appendix 1.

 

2. To note the Invest Bristol & Bath revenue outturn as set out in Appendix 2.