Venue: Remotely Via Microsoft Teams
Contact: Scrutiny Officer - 07980757686
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Disclosure of Personal and Prejudicial Interests Minutes: In accordance with the Code of Conduct adopted by the City
and County of Swansea, no interests were declared. |
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Prohibition of Whipped Votes and Declaration of Party Whips Minutes: In accordance with the Local Government (Wales) Measure 2011, no declarations of Whipped Votes or Party Whips were declared. |
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Minutes of Previous Meeting(s) PDF 324 KB To receive the minutes of the previous meeting(s) and agree as an accurate record. Minutes: The minutes of the Service Improvement and Finance Scrutiny Performance Panel meeting, held on 20 September 2021, were agreed as an accurate record. |
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Public Questions Questions must be submitted in writing, no later than noon on the working day prior to the meeting. Questions must relate to items on the agenda. Questions will be dealt with in a 10-minute period. Minutes: There were no public questions |
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Q1 2021/22 Performance Monitoring Report PDF 300 KB Invited to attend: Cllr Andrew Stevens – Cabinet Member for Business, Improvement and Performance Richard Rowlands – Strategic Delivery & Performance Manager Additional documents:
Minutes: The Panel received an update from Richard Rowlands, Strategic Delivery
and Performance Manager, regarding the Quarter 1 2021/22 Performance Monitoring
Report. Adam Hill, Deputy Chief Executive / Director of Resources, also
attended to aid discussions.
Discussions focused on:
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Overview: Understanding Financial Reporting (Reserves) Invited to attend: Ben Smith – Chief Finance Officer / S.151 Officer Minutes: ·
The Panel received an overview explanation about
Revenue Reserves, highlighting the main aspects and characteristics of
reporting. ·
Members queried whether funds from disposal of,
for example property, would be constrained within the capital budget or moved
into reserves. Officers explained it would result in a capital receipt on
disposal, leading to capital receipts unapplied and therefore earmarked
reserves until then applied to fund future capital. ·
Capital Equalisation Reserve (CER) – monies are not fully spent on capital projects at present time.
Members commented that the CER is large; how is it funded
so well presently? Officers explained that CER funding arises from savings on
capital financing of the debt, itself a revenue item. It was
explained that there have been significant savings on capital financing
elements over recent years due to deferral of externalising the debt. Major
update due to Council in November on the treasury management strategy. |
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Review of Revenue Reserves PDF 1 MB Invited to attend: Ben Smith – Chief Finance Officer / S.151 Officer Additional documents: Minutes: The Panel received the report regarding Revenue Reserves, presented by
Ben Smith, Chief Finance Officer. Discussions focused on: ·
Table 3.11 – review of current earmarked
reserves: members queried the amount of money in freely available to use cash
backed reserves as over £50M. Members recognised some were long-term
commitments and had restrictions on spending even where cash backed. ·
Officers confirmed this was correct, and
substantial inroads (i.e. draws from reserves) were to be
expected into contingency, schools and recovery reserves especially. ·
It was reported that,
following the extremely favourable 2020/21 outturn result, a new reserve was
created called the Recovery Fund; £20m has been set aside to aid the economic
recovery from COVID-19. ·
Officers highlighted that Swansea City Council
(SCC) will have higher reserves than many other authorities in Wales. Schools, in particular, held higher reserves, in
total than any other authority in Wales. ·
Members acknowledged that the uplift from Welsh
Government is unknown as yet. ·
The Panel agreed this was the highest figure
ever reported in Swansea City Council. ·
Officers outlined the uncertain outlook ahead,
and the need to hold reserves to protect the Authority’s position, pending
settlement figures. The Chair thanked all for their attendance and input at the meeting. |
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Additional documents: |
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Minutes: The Panel noted the Work Plan |
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