answer text |
<p>As recommended by the Treasury, Departments are encouraged to maintain a reserve.
The Wales Office maintains a reserve of around 5% of its annual Departmental Expenditure
Limit (DEL), which represents our forecast underspend. This underspend can increase
or decrease if planned expenditure is higher or lower than expected. In 2015-16, our
DEL is £4.432m which includes the Departmental reserve of £0.222m. Our forecast of
Annually Managed Expenditure (AME) is £-0.020m.</p><br /> <br /><p>The reserve stated
above was also our forecast underspend at the time of the summer budget in 2015. The
Department does not forecast underspends for the following financial year at the March
budget. Each March, the Wales Office focuses on completing the financial transactions
and processes of that current financial year.</p>
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