Venue: By Zoom. View directions
Contact: Wyn Richards
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Apologies To receive apologies for absence. Minutes: An apology for absence was received from County Councillor A Cartwright. |
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Election of Chair To elect a Chair for the ensuing year. Minutes: RESOLVED that County Councillor A Davies be elected Chair for the ensuing year. |
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Election of Vice-Chair To elect a Vice-Chair for the ensuing year. Minutes: RESOLVED that County Councillor P Lewington be elected Vice-Chair for the ensuing year. |
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To receive the minutes of the meeting held on 14th February, 2022. Minutes: The Panel received the minutes of the meeting held on 14 February 2022. |
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Revenue Report - Quarter 1 PDF 322 KB To receive and consider the report of the Cabinet Member for Finance and Corporate Transformation. Minutes: Documents Considered: · Report of the Cabinet Member for Finance and Corporate Transformation – Revenue Report – Quarter 1.
Issues Discussed: · The projections are broken down into categories covering cost pressures, cost underspends, cost reductions and proposed use of reserves. · The use of reserves includes the call on specific reserves set aside at the end of the last year to meet projected pressures this year, and pressures identified as risk through the budget setting process. These relate to ongoing Covid costs, rising costs due to the situation in Ukraine and inflation. These costs will be funded from the £2million revenue risk budget. · The remaining overall deficit would also require funding from the Council’s revenue reserves if realised. · Cost reductions of £8.072million were approved as part of the Council’s budget. Undelivered savings from 2021-22 have been rolled forward into the current year and the total to be achieved in 2022-23 is £10,855 million. · 27% or £2.886million of the cost reductions have already been delivered and a further 42% or £4.541million are assured of delivery by the Service. Heads of Service are identifying that £3.428million of cost reductions are unachieved and are at risk of delivery during the year. Heads of Service will need to consider what mitigating action to take to deliver within their budget. · Revenue reserves at the beginning of the year were £63.782million with a general reserve of £9.333 million. · Grants for Education and for Children’s Services are set out in the report as are virements for Cabinet approval. · A number of financial risks are set out in the report. The Council achieved an underspend in last year’s out-turn due to additional funding received from Welsh Government. That level of additional funding is not expected for the current financial year. · The projected deficit demonstrates the pressures due to Covid, the Ukrainian crisis and inflation and the call on reserves is likely to increase throughout the year. · Rising energy and fuel costs are impacting on the Council with contractors raising concerns with the Council. The greatest risk is to deliver a balanced budget over the medium and longer term. The original modelling showed a budget gap of £14million up to 2027, but this is now likely to be significantly higher as assumptions and key pressures are reassessed in line with the current economic factors and the impact these are having on the Council. The Medium Term Financial Strategy (MTFS) is being reviewed and will be considered by Cabinet and Council in September. · The Head of Finance indicated that whilst this is the Quarter 1 report the forecast is for the full financial year.
· Questions:
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Capital Report for June 2022 PDF 286 KB To receive and consider the report of the Cabinet Member for Finance and Corporate Transformation. Minutes: Documents Considered: · Report of the Cabinet Member for Finance and Corporate Transformation – Capital Report for June 2022.
Issues Discussed: · The report provided an update on the Capital Programme 2022-23 as at 30th June 2022. · The Capital Programme as approved by Council in March 2022 included capital schemes totalling £133.88m of which £25.55m related to the Housing Revenue Account. The programme has been updated following the reprofiling of projects the previous year and additional grants received from Welsh Government. · Table 1 shows the revised budgets at £115.31m across the Council’s services. Actual spend amounts to £11.22m which is 10% of the total budget. The programme is funded through grants, capital receipts, borrowing and revenue. · Inflation is having a significant impact on schemes due to rising material and construction costs. Officers are considering this impact and mitigating costs where possible. Some schemes may be reduced or paused. Any additional funding required is likely to increase borrowing which will add pressure on the revenue budget. · A number of grants have been received during the first quarter including from Welsh Government schemes. The report also details a number of virements which the Cabinet was asked to support as well as the reprofiling of budgets already approved and the capital receipts position.
· Questions:
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