§ Mr. LivseyTo ask the Secretary of State for Wales if he will list the individual financial reserves of each TEC in Wales as at 31 March. [40166]
§ Mr. HainProvisional figures are provided in the table. The reserves consist of funds which have already been used to acquire assets, or funds required to meet day-to-day needs, or funds which are committed to be spent over a reasonable period. The balance available for discretionary spending at 31 March 1998 (£6.9 million) 417W represents funds which have been earmarked by the TECs for planned expenditure during 1998–99 and for longer term projects. Officials in the Welsh Office continue to monitor closely the level of TEC reserves in order to ensure that they are clearly related to demonstrate working capital needs or reinvestment plans. Discussions
Welsh TEC reserve levels to March 1998 £000 1997–98 Projected end of year position TEC Reserve level Fixed assets Long term loans Working capital Amount available for discretionary spend CELTEC 3,567 316 783 2,050 418 Gwent 3,319 293 0 2,700 326 Mid Glamorgan 2,778 249 0 1,665 864 Powys 941 26 0 588 327 South Glamorgan 4,888 1,048 175 1,500 2,165 West Wales 6,100 427 0 2,800 2,873 All TECs 21,593 2,359 958 11,303 6,973 Note:
CELTEC came into being on 1 April 1997—the figures represent the combined reserve levels of its two predecessor TECs in North Wales.
Source:
Price Waterhouse Review of TEC Reserves
§ Mr. LivseyTo ask the Secretary of State for Wales if he will list the individual financial reserves of each TEC in Wales as at 31 March 1997. [40167]
Welsh TEC reserve levels March 1997 £000 1996–97 end of year position TEC Reserve level Fixed assets Long term loans Working capital Amount available for discretionary spend CELTEC1 5,032 440 824 2,733 1,035 Gwent 5,193 359 0 2,836 1,998 Mid Glamorgan 2,682 229 0 1,807 646 Powys 869 47 0 511 311 South Glamorgan 4,326 125 175 1,625 2,401 West Wales 6,352 427 0 3,368 2,557 All TECS 24,454 1,627 999 12,880 8,948 1CELTEC came into being on 1 April 1997—the figures represent the combined reserve levels of its two predecessor TECs in North Wales Source:
TEC Statutory Accounts