, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
So, it's a non-cash element again for a—. It doesn't form part of, as you say, something that you can spend.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Thank you very much. Okay. Mike.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
And it was non-cash.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Yes.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Maybe Sharon could.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Okay. Well, my last question, and it's moving on to something slightly different: one of the items outlined in the supplementary budget is a correction of a previous consequential adjustment valued at £1.2 million. Can you explain what the issue was and…
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Yes, where would those—?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
The accountant sat next to you is smiling. [Laughter.]
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Mike.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Rhianon, did you want to come in on that?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
There we are.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
One of the other things, and you touched upon it in your answer to a previous question, was the flexibility to be able to switch capital and revenue, something that we focused quite heavily on when we were talking about the mythical £900 million, and we were…
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
You talked a bit about capital, and, when your predecessor was with us, we were talking about overprogramming capital. Is that policy still working, and are you confident and comfortable with that overprogramming, and is it going to deliver? Are you able to…
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
It's not a gatekeeper.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Talking—. Oh, did you want to come in, Peter?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Rhianon, did you want to come in on that?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
It's not a priority for them.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
I’ve got Mike, and I’ve got Rhianon as well. So, Mike.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
You were in the room in those negotiations, weren't you?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
You mentioned the last time we met and also in the Chamber that you’ve had the Finance: Interministerial Standing Committee recently, and we’ve spoken about potential changes to the fiscal framework around borrowing, draw-down from the Wales reserve, and…
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
So, effectively, it's a balancing-the-books exercise and, potentially, things might change again on 30 October, depending on decisions made there.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Great, thank you. Thank you for that explanation. You've increased the revenue that you're drawing down from the Wales reserve by £39 million, up to £125 million. Why have you decided to do this now rather than wait until after the UK budget in October?
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Bore da. Welcome. It's good to have you with us again. We're doing this regularly now, so—. It's good to have you with us, anyway. We've had the Welsh Government's first supplementary budget, and we'll explore some of the aspects within that this morning for…
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
So, this is item 4. We're back with the Welsh Government's first supplementary budget and the evidence session, and witnesses are here. I'll just ask them to introduce themselves for the record, please.
, Finance Committee
Welsh Government First Supplementary Budget 2024-25: Evidence session
Welcome back. We are now back for item 4.