Venue: By Zoom. View directions
Contact: Kath Flanagan-Jones
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Apologies To receive apologies for absence. Minutes: Apologies for absence were received from Cllrs A Jones and C Walsh. Officer James Chappelle, Capital and Financial Planning Accountant
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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.
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Minutes & Actions Log PDF 126 KB I. To authorise the Chair to sign the minutes of the meeting held on the 18th December 2023 as a true record.
II. To review the Actions Log. Minutes: The minutes of the 18th December 2023 were agreed by Panel members present, as a true and accurate reflection of the meeting and ratified accordingly by the Chair.
Action Log. Outstanding items on the action log:-
o Head of Service to review with Member concerned comments in relation to funding returned to Welsh Government. o Head of Service to discuss with Member concerned comments in relation to PTHB uplifts and contracts. o Chair, Vice Chair and Head of Service to review TOR.
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Cabinet Responses to Recommendations from 31.01.2024 PDF 157 KB To receive the Cabinet's response to the Panel’s Recommendations. Minutes: For information purposes only and noted by Panel Members. Scrutiny recommendations had been presented to Cabinet on the 13th February and Full Council on the 22nd February 2024.
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Quarter 3 Financial Revenue Report as at 31st December 2023 To receive and consider the Quarter 3 Financial Revenue Report as at 31st December 2023. Additional documents: Minutes: Background
The S151 Officer gave a brief update on the report as follows:
o Report presented was at the end of December 2023 but also the forecast report to the end of the financial year 31st March 2024. o At Q2 reporting a projected surplus of £2.9m, with the projected position stabilised at approx. a surplus of £3m. o The Risk Budget was being drawn upon, however not to the extent that had been anticipated at budget setting in February 2023. o There was still a significant level of risk left in this budget as forecast, as cost reduction of around £3m were yet to be delivered. Within the documents the Heads of Services commentary assured these reductions would be met. o Cost reductions table reported about 7% (£1.2m) that was not expected to be achieved by the close of the financial year. Some of this will be achieved within 2024/25. o Information held on expected amounts to be drawn from reserves 2023/24. Also shown following requests from Finance Panel and the Learning and Skills Scrutiny Committee, the Schools Reserves, supporting their budget plans for the current year. o Section on virements and grants, if agreed by Cabinet, as per the Financial Regulations, would reduce (by £900k) the surplus that was currently projected at year end. o Reported within Section 5 are additional grants that have been received, in small amounts, and mainly slight adjustments.
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Quarter 3 Capital Programme Report as at 31st December 2023 To receive and consider the Quarter 3 Capital Programme Report as at 31st December 2023. Additional documents: Minutes: Background
Brief introduction given by the Portfolio Holder for Finance and Corporate Transformation
o The report provides an update on the financial position of the Council’s Capital programme o Following the successful award of additional grants and the reprofiling of budgets between the financial years. The revised programme is budgeted at £80.45m o At the end of Q3 Actual spend stood at £38.7m (48%) of total budget, an increase of £15.62m since position reported at Q2. o £29.34m (36%) of the capital expenditure budgeted to be financed by borrowing, the interest costs are charged to the revenue account. o Section 3 details the grants that have been received in the Capital programme. o Section 4 sets out re-profiling of budgets between financial years, which had been approved at Full Council last week. o £1.86m of capital receipts has been received so far, this financial year, with further sales agreed of £0.53m and £0.28m for the HRA. o It was expected sales of £2.57m could be achieved this this financial year, any delays in the selling process may see some receipts being received in the next financial year.
The S151 Officer stated that there had been some delays in the capital programme this year – an example being where costs were considered too high following the procurement process – slippage has been removed from the corporate budget to support the pay award and this relieved some of the pressure in 2024/25. There was a need to limit the Councils borrowing to maintain affordability and the strategy agreed at Council last week considered this.
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Forward Work Programme PDF 108 KB To note that the schedule of meetings is as follows: Minutes: CiPFA training or similar to be considered by the Director of Corporate Services for both Finance Panel and Governance and Audit Committee Members if not all Members. |