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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 or Prejudicial Interest.
None.
Minutes of the previous meeting were agreed.
There were no public questions received.
Cllr Stewart and Ben Smith attended. The following points were discussed. Revenue and Capital Budget Monitoring 3rd Quarter 2024/25 · There have been no material changes from 2nd Quarter however concerns remain regarding service overspends in Social Services and Place. · This year capital financing will again result in a significant underspend. · The subsequent outturn report due later in the year will report an overall underspend but service overspends will persist. Medium Term Financial Planning 2026/27-2028/29 (MTFP) · The MTFP is an overarching strategy which makes several assumptions and provides a broad outline for this three year period. · Medium term service and financial planning continues to be difficult given the increasing service pressures, cost of living and uncertain inflation levels. · The UK June 2025 Comprehensive Spending Review is awaited for a UK wide public spending reset/refresh. · There is intention to draw down on the capital financing underspend temporarily and then add this back in subsequent years. Revenue Budget 2025/26 · It was noted that the Welsh Government is expected to release the final Local Government Finance Settlement on the afternoon of 20 February, which may result in unavoidable changes to the budget. · Overall, services are receiving a £50m net increase compared to the previous year. This includes all key services receiving an above inflation rise. · Compensation for the increase in employers national insurance contributions remains unknown. The officer was satisfied that sufficient provisions and contingencies have been included, barring additional cost pressures. This increase will also put pressure on external providers, particularly affecting social services. · There will be a limited draw from the Capital Equalisation Reserve this year to support the revenue budget. Capital Budget and Programme 2024/25-2029/30 · The total general capital budgeted expenditure totals £544m. This includes some pending items in the schools programme that are not yet fully approved or funded. · There remains plans to defer borrowing an additional £75m for the capital programme until interest rates lower. · There is commercial sensitivity around several items. Regarding the £8m allocated to the Skyline scheme over the next two years, it was confirmed that based on the current business plan, there are no plans to subsidise the scheme over its lifetime. Housing Revenue Account (HRA) – Revenue Budget 2025/26 · As a result of Welsh Government legislation, housing rents are capped however inflationary and service pressures and operational risks put increased pressure on the HRA. · The HRA reserves have been increased by £5.3m based on S151 Officer advice. Housing Revenue Account Capital Budget and Programme 2024/25-2028/29 · The Panel requested further information on why the general environmental scheme is being reduced from £700,000 to £70,000 in 2025/26.
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