Issue - meetings

Consideration was given to report of the Chief Officer Resources.

The Chief Officer Resources presented the report which provided an update on the Strategic Business Reviews, including the provisional out-turn for 2020/2021 and latest assessment of the financial achievement for 2021/22 onwards.

The Officer then went through the report and highlighted points contained therein.

A Member referred to the railway improvement loan and asked whether the Minimum Revenue Provision (MRP) would apply.

In response the Chief Officer said if the railway investment and loan was agreed, it would impact on the MRP going forward.  However, the income we expect to receive from Transport for Wales to fund the loan would mitigate the MRP increase going forward.

A Member expressed concern regarding the financial implications should the expected level of income not be generated.

The Chief Officer said she understood that in the event of insufficient fare income, part of Welsh Government responsibilities was to provide sufficient funding via TFW to enable them to fund the asset development fee to the full amount.

The Member asked whether this would include MRP, and the Officer confirmed that the impact on MRP would be same.

In response to a further question the Chief Officer confirmed all Bridging the Gap proposals would be subject to an impact assessment.

The Committee AGREED to recommend that the report be accepted and provided appropriate challenge to the Bridging the Gap programme.