Venue: By Zoom. View directions
Contact: Wyn Richards
No. | Item | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apologies To receive apologies for absence. Minutes: Apologies for absence were received from: County Councillor: A Cartwright. Officer: W Richards and Lay Member, L Hamilton – observer.
|
|||||||||||||
Declarations of Interest To receive any disclosures of interests by Members relating to items to be considered at the meeting. Minutes: There were no Declarations of Interest from Members relating to items to be considered on the agenda.
|
|||||||||||||
To authorise the Chair to sign the minutes of the previous meetings held as follows: 01.02.2023, 13.02.2023, 24.02.2023.
Additional documents:
Minutes: |
|||||||||||||
Review the Terms of Reference PDF 105 KB To review the Terms of Reference (March 2022) Minutes: Documents Considered: · TOR of Finance Panel as written in the Constitution.
Actions: 1. Chair/ Vice Chair and Head of Finance to discuss wording of TOR. 2. G&A Working Groups outcomes to be added to Forward Work Programme when appropriate.
Observations: Panel made the following observations: · The Panel welcomed: 1. The opportunity to receive updates from G&A Working Group deep dives on relevant financial matters. · The Panel requested that: 2. Wording be recommended to the TOR re: protocols to review past financial performance. Following the meeting, the Head of Legal and Democratic Services confirmed that proposed amendments to the Finance Panel TOR should be forwarded to him in the first instance, then submitted to Democratic Services Committee, from where a recommendation would be made to Full Council.
|
|||||||||||||
Update on Energy Efficiency funding and Criteria for Schools To receive an update on the criteria for the distribution of the £500k energy efficiency monies to Schools Minutes: Background: · The Learning and Skills Scrutiny Committee has requested involvement in developing the criteria. Learning and Skills Committee meeting scheduled for the 19th June 2023. · Once criteria has been developed, it will then be proposed to Cabinet to be taken forward, thereafter Panel will have sight of the outcome.
Observations: Panel made the following observations: · The Panel requested that: 1. Criteria information be passed to schools at the earliest opportunity once developed.
· The Panel expressed concern: 2. Of the lateness of the criteria being developed, particularly as after schools have submitted their finalised budgets for the forthcoming year.
|
|||||||||||||
Re-Imagining Powys / Peoples' Powys Workshop Finance update To receive an update following the Re-Imagining Powys / People Powys Workshop in relation to financial matters. Minutes: Background: · The report on Re-Imagining Powys has not yet been approved by EMT (Executive Management Team) nor Cabinet. · Unsure how progress will be managed from a Finance Panel aspect. Members will be briefed on progress regularly, with Service Area’s progress monitored via the relevant Scrutiny Committee. · Cabinet Member wished to identify the specifics that Finance Panel would be requesting oversight of. · Overarching principles of Re-Imagining Powys and how it would assist the Council’s finances bridge gaps in the MTFS.
Observations: Panel made the following observations: · The Panel expressed concern: 1. That to date no significant evidence of progress on Re-Imagining work. 2. Budgets outlines should be in place mid Q2, leaving a tight timeline, if any significant changes made for Services to adhere to.
|
|||||||||||||
The Revenue Financial Forecast 2022-23 (as at 28th February 2023) PDF 346 KB To receive and consider the Revenue Financial Forecast for the year ended 31st March 2023 (as at 28th February 2023) Minutes: Documents Considered: The report of the 2022-2023 revenue financial forecast position as at 28th February 2023
Background: · Improved position from Q3 £2.4m deficit, as projected outturn reported at a surplus of just over £800k. · This is reported after drawing down payroll reserve, to meet additional pay pressures of last year. · Anticipate a further draw down on specific reserves set aside when inflationary impact identified. · If draw down the £2.5m as expected this would further improve the financial position to a surplus of £3.4m. · The surplus is already set aside for specific elements. · Improved position due to the following (see section 2.3) · Adult Social Care reported an improved position of £1m from additional PTHB funding, in final settlement of an outstanding debt. · Funds set aside for external partners, in relation to the real living wage, is not fully required, leaving £300k. · Improvement in borrowing costs – further impact on Capital schemes, some delays and re-profiling into next year · Within Housing and Community Development, in December the Council agreed to fund, from a draw down on reserves, pressures in Leisure Services of approx. £287k. Due to current position those funds will now be met from the reported underspends. · Section 3 Cost Reductions Delivery – Target of £10.8m savings, delivering 74% approx. £8m, some still be delivered by year end, but do have £2.5m unachieved. Some are to be delivered in the next financial year; however, some have been written out of the budget plan going forward. · Section 4 Reserve position, anticipating using £10.2m Councils Revenue Reserves, reducing opening balance of £67.3m to £53.5m. The nationally agreed pay award is the key pressure to meet. School reserves also reported there. · Latter sections highlight ongoing financial risk and Head of Service commentary.
|
|||||||||||||
The Capital Forecast 2022-23 as at 28th February 2023 PDF 218 KB To receive and consider the Capital Forecast 2022-23 as at 28th February 2023. Minutes: Documents Considered: Capital Forecast 2022-23 Report as at Feb 28th, 2023. Background: · Revised budget just over £95m, reduction from £133m at beginning of the year. · Spend stood at £49m, 38% of the capital programme expected to be funded by borrowing, with 50% funded by capital grants. · Grants received for Shared Prosperity, Housing - optimised retro fit programme for energy efficiency works. Small grant scheme for schools and the Capital Efficiency Works grant £2.2m · Virement requests from Planning Property and Public Protection re: fanning system, supported by the Capital Oversight Board to be implemented in 2024, Installation of whiteboards in schools of £100k. · Capital receipts £1.5m had been received, including £400k for the HRA. · Sales agreed at £2.6m, financial year reported in dependent on end date.
Actions: · Grant Advice notes for 2022/23 information to be forwarded to Chair. · Information on receipt of £2.2m Capital Efficiency works grant to be forwarded to Chair / Panel. · HoS will review comment in relation to funding returned to WG and advise. · Bro Hyddgen capital project delivery timescales, HoS will request information and forward to Panel.
|
|||||||||||||
Forward Work Programme PDF 81 KB To consider the forward work programme (attached) and consider whether any additional items should be included. Minutes: Comments: · Review of previous years Financial Reports to be undertaken · G&A Working Groups deep dive outcomes to be added when appropriate.
|