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There is no summary of this meeting yet. Summaries are written once the council publishes the minutes, which are its official record of what a meeting decided. They usually appear a few weeks after the meeting.
There were no disclosures of Personal and Prejudicial Interests.
None.
There were no public questions received.
The Leader and Ben Smith attended to give an overview of the item. · The Review of Revenue Reserves is dependent on the statement of accounts being approved and audited which is likely to be signed off towards the end of the year. · Cabinet approved at outturn to add £2m to general reserves and £6m to HRA (Housing Revenue Account) reserves. Earmarked capital reserves are also in a good position with draws from those reserves planned in the coming years. · This Authority has one of the highest levels of earmarked reserves and one of the lowest levels of general fund reserves. Whilst this is the other way round to most other Authorities, it is deemed the most suitable arrangement for this Authority with reserves in a strong and robust position. · This year the settlement from Welsh Government will be for one year, a multi year settlement will hopefully be provided the following year. · The Panel asked several questions on this report and suggested a general service breakdown of earmarked reserves would be useful in future annual reports.
Cllr Robert Francis-Davies and Phil Holmes presented a summary update on development and regeneration across Swansea. Discussion and Panel’s questions centred around the following sites. · Copr Bay Phase One is working towards estimated overall completion in quarter two of 2025. Additionally, negotiations are progressing with the preferred hotel developer. The Block B Public Sector Hub has an estimated commencement of works in quarter three of 2025. This will create a mix of new and relocated jobs. This site then creates the opportunity to pass the Civic Centre onto Urban Splash for redevelopment. · Castle Square has an estimated commencement of works in quarter two of 2025. · 71-72 The Kingsway is close to completion with 75% of the office space is under offer. · A Placemaking Plan is currently being drafted; this plans out the vision for the City Centre. · Tawe Riverside Strategy is moving forward with works commencing on the laboratory building in November and planning applications live on the engine houses. · Discussions are progressing with potential tenants for the old Debenhams site. The current target for opening is October 2026 although it is hoped this will be brought sooner. · Y Storfa is estimated for practical completion at the end of 2025. Archive accreditation will be signed off towards end of the project and consideration has been given to the children’s library section regarding location and safety. · An update on Felindre will be added to the next rotation of the summary report.
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