Agenda and minutes

www.swansea.gov.uk/disclosuresofinterests

No disclosures of interest were made.

No declarations were made.

Link to Cabinet Papers for 20 February 2020, which contain the budget proposals (papers should be available online from 13 February 2020).

Councillor Robert Francis-Davies, Cabinet Member for Investment, Regeneration and Tourism, Jeff Dong, Deputy Chief Finance Officer and Huw Mowbray, Property Development Manager went through the proposed budget proposals in relation to Development and Regeneration highlighting the main issues and answering questions.

The Panel is asked to discuss and agree its views and recommendations on the budget proposals in relation to Development and Regeneration, which it would like to make to Cabinet.

The conveners of each of the performance panels will feed in the views of their panel to the Service Improvement and Finance Performance Panel, which meets on 19 February and has been convened to specifically look at the draft budget.  Chris Holley, Convener of the Service Improvement and Finance Performance Panel will then attend Cabinet on the 20 February to feed in the collective views of the scrutiny performance panels.

The Panel agreed the following views and recommendations on the budget proposals in relation to Development and Regeneration it would like to make to Cabinet:

•              Panel had concerns about the overall borrowing requirement, as it was not clear how much we are going to borrow.  The Panel needs clarity on (i) how much we are going to borrow, (ii) what the costs will be of this borrowing and (iii) how we will fund the additional cost of the borrowing.

•              The Panel felt there was no certainty about how much money the Council will be getting in or how much it will have to pay out.

•              Panel expressed concern regarding the 15-year draw down of money from the City Deal.  The amount of money we will receive from this is very small and does not even cover the interest payments. 

•              The panel would like clarity in terms of the £200k costs for our contribution to regional City Deal arrangements.  What is this for and over what timescale?

•              Panel expressed concern about future pressures resulting from capital finance charges and also use of MRP and capital equalisation reserve to pay for these charges.

•              The panel would like more clarity in what is reported to the panel on how Development and Regeneration schemes are costed out and what they entail.

Following on from this meeting:

 The convener will feed in the views of this Panel, along with the conveners of the other panels to the Service Improvement and Finance Panel which meets on 19 February.  The convener of the Service Improvement and Finance panel will then attend Cabinet on 20 February to feed in the collective views of the scrutiny performance panels and write a letter to the Cabinet member.