Agenda and minutes

www.swansea.gov.uk/disclosuresofinterests

There were no disclosures of Personal and Prejudicial Interests.

None.

To receive the minutes of the previous meeting(s) and agree as an accurate record.

Minutes of the previous meeting were agreed.

Questions can be submitted in writing to Scrutiny scrutiny@swansea.gov.uk up until noon on the working day prior to the meeting. Written questions take precedence. Public may attend and ask questions in person if time allows. Questions must relate to items on the open part of the agenda and will be dealt with in a 10 minute period.

No public questions were received.

Cllr Rob Stewart -  Cabinet Member for Economy, Finance and Strategy

Ben Smith – Chief Finance Officer / S.151 Officer

     Cllr Rob Stewart and Ben Smith presented the report.

·       The officer highlighted approximately £40m worth of slippage which although sizeable was not dissimilar to previous years and will roll over into the following year. Reasons for the slippages were known and there are plans to regularly review the capital profiling of all major projects.

·       Council funding of borrowing has been a combination of internal and external lending but predominantly short term excess cash loaned back to the Debt Management Office (HM Treasury) and banks. Internal lending helps to delay the need for further borrowing and all lending is fully compliant with the treasury management prudential borrowing code.

·       There is no deposit guarantee protection on our bank lending however this is the same for every council and is protected by treasury policy on investments which limits who the Council may deal with.

Cllr Rob Stewart -  Cabinet Member for Economy, Finance and Strategy

Ben Smith – Chief Finance Officer / S.151 Officer

Cllr Rob Stewart and Ben Smith presented the report.

·      It was highlighted that 2023/24 had been an unusual year with elevated rates of inflation however less was drawn from earmarked reserves than planned at budget and additions to several earmarked reserves were made at year end. Additionally, it was an exceptional year for treasury management performance.

·     The report demonstrated a short term positive outlook, with challenges longer term, particularly for adult social care with pressures also on homelessness, waste and children's services.

·     A draw was made from schools reserves however schools reserves remain comparatively high.

·     Allocations of additional funds were highlighted, including social care, skate parks, highways, the Community Investment Fund, increased free bus rides and additional equipment to deal with overgrowth around the active travel network.

·     The £7m IT schools reserve which has now been given to schools will need to be replenished over the forthcoming years. There was confidence this would be fully replenished by the time it is needed and will be spent on schools ICT infrastructure.

·     More information on the social housing and commuted sums reserves was requested by the Panel.

·     Concern was expressed regarding late budget changes making it harder to scrutinise.

Cllr Rob Stewart -  Cabinet Member for Economy, Finance and Strategy

Ben Smith – Chief Finance Officer / S.151 Officer

The Panel agreed Cllr Peter Black as temporary chair for the remainder of the meeting.

Cllr Rob Stewart and Ben Smith presented the report.

·     There has been significant underspend on the HRA which Cabinet have agreed to add to reserves. These reserves are held to protect against future risk.

Cllr Rob Stewart – Cabinet Member for Economy, Finance & Strategy

Cllr Robert Francis-Davies – Cabinet Member for Investment, Regeneration, Events & Tourism

Paul Relf – Strategic Economic Regeneration Manager

Lisa Wells – City Centre Manager

Cllrs Robert Francis-Davies and Stewart attended alongside Phil Holmes, Paul Relf and Lisa Wells. Russell Greenslade also attended and provided an update.

·       The Panel received an update on several developments within the city centre since their last update in November 2022.

·       A Placemaking Plan for the city centre is in development and due for completion at the end of the year, the Panel have asked to see this once complete.

·       Russell Greenslade spoke positively about city centre development with an increase in new businesses and investments in workforce although increased costs are a hinderance. Safety and cleanliness are priorities, and a review of spending habits is planned.

·       Announcements are due soon on confirmed tenants for 71/72 The Kingsway and the old Debenhams building.

·       The Panel asked questions about Y Storfa, Swansea Market, Alexandra House, Picton Arcade, Parc Tawe bridge, Castle Gardens, the Dragon Hotel green living wall, the biophilic Haser development, 71/72 The Kingsway, Swansea Arena and the proposed new hotel and Oystermouth Road bed and breakfasts.

The work plan was noted.