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To approve as a correct record the Minutes of the meeting held on 9 July, 2018, copy attached as an appendix.
That the minutes of the meeting held on 9 July, 2018, be approved as a correct record.
To consider the attached report.
Note: Sally Reynolds (CEO, Silverstone Heritage) and Stuart Pringle (Sporting Director, Silverstone Circuits) will be attending the meeting to update Members and to answer questions.
Contact Officer: Andrew Small (01296) 585507
On 14 September, 2016, Council agreed unanimously to provide loan funding of £2 million as part of a total £8 million package of loan support provided by the 4 county and district authorities and 2 LEPS which cover the Silverstone circuit in order to enable the Silverstone Heritage Experience to be constructed. The combined facility of £8 million was required to secure Heritage Lottery Funding of £9.1 million. It was intended that the loan support would only be required in full or in part if the anticipated private sector funding could not be attracted.
Sally Reynolds, CEO of Silverstone Heritage and Stuart Pringle, Sporting Director of Silverstone Circuits attended the meeting to update Members on scheme progress, including the progress on attracting sponsorship, the planned opening date and the construction budget. An update was also provided in relation to the future of F1 at Silverstone.
The Committee received a presentation on the Silverstone Heritage Experience. It had originally been planned to open in October 2018 on the 70th anniversary of the first Grand Prix being held at Silverstone, however due to legal and other issues this would now occur in early 2019. The vision was to bring to life the extensive heritage of Silverstone and British motor racing life through the creation of a dynamic, interactive and educational visitor experience including:
· A permanent exhibition, at the entrance to the Circuit that would take visitors on an exciting two hour journey through motor racing at Silverstone set against the wider context of the sport and, in particular, the part that the Circuit, the British Racing Drivers’ Club (BRDC) and the region’s motor sport industry have played in its development worldwide.
· A Collections and Research Centre, offering museum and archive-accredited storage for the unique BRDC archive and other important motor sport collections.
· An extensive education programme focused on STEM learning which aimed to address the region’s shortage of engineers by inspiring the engineers of the future through its interactive teaching sessions, engineering teaching bursaries and awards programmes. This would help to ensure the region continued to be a focus of high performance engineering with a readily available qualified workforce.
The Silverstone Heritage Experience wouldserve as a catalyst, stimulating further development at Silverstone, for example, a new 197 room hotel and a Family Entertainment Centre. Its marketing budget would also ensure that the attraction was promoted to a very large and diverse audience helping to strengthen Silverstone’s and the region’s standing nationally and internationally.
The scheme was supported by robust feasibility studies and a five year business plan which showed that the Silverstone Heritage Experience would deliver anticipated visitor numbers of 436,500 in its first full year of operation (2019). Once open, it would be self-funding, generating a healthy annual surplus so it could service the loan of £8million paid back over a ten year period. Nearly £11.5m Gross Visit Impact to the local and regional economy was projected for 2019 with an additional 87,000 bed nights generated in the region. The ... view the full minutes text for item 2.
To consider the attached report.
Contact Officer: Nuala Donnelly (01296) 585164
The Committee received the Quarterly Financial Digest for the period from 1 April to 30 June 2018, which represented financial information on the Council based on the actual income and expenditure for the first three of the 2018/19 financial year.
As at the end of June 2018, an overspend against budgets was reported of £120,532, along with forecast overspend of £321,604, before the use of reserves, fur the full year to the end of March 2019.
The Medium Term Financial Plan (MTFP) agreed by full Council in February 2018 had assumed a contribution to balances of £240,000 for 2018/19. Based on the forecast financial position, there was now an assumed use of balances of £134,000. General working balances were held by the Council as insurance against unexpected financial events.
The forecast level of balances for the financial year was reported as £1.843m, marginally below the minimum assessed level of balances of £2.0m. The forecast position did not currently assume any use of reserves to support emerging overspends. Earmarked reserves were held for legitimate reasons and the balances represented a fair assessment of the budgetary pressures that they were held against. Any use of reserves was an essential part of sound financial planning. The use of reserves would be assessed in year with any use of them resulting in a reduction of the forecast overspend and lessening the call on balances.
The first quarter position and forecast outturn had highlighted a number of emerging financial risks that would allow considered corrective actions to be taken. Members were given an assurance that budget holders, managers and finance business partners were working to mitigate issues and to address the year to date financial position.
The main reason for the overspend to date had been for the use of agency staff to support vacancies and some activity pressures. The use of agency staff incurred a premium and an adverse variance to agreed budgets. Members were informed that the dependency on high cost agency staff was being targeted to reduce the risk of further in–year overspends. For all of the areas identified as using agency staff, plans were being developed to address spend and mitigating actions were being taken. Some vacancies were being filled and proposals are being put forward for most effective delivery models
For the 3 months to date, agency staff had been employed in a number of key operational areas to support project work and service delivery. These included:
· People and Payroll department where agency costs had been incurred to support both vacancies and prolonged periods of sickness absences. This continued to be a concern but support arrangements were in place to support delivery and reduce dependency on agency staff.
· The Connected Knowledge and GDPR programme: These were work programmes for which funding had been allocated.
· IT: to cover key vacant posts. Recruitment in this area had historically been difficult but it was anticipated that the position would improve in October as appointments had been made.
· The Depot to employ loaders and ... view the full minutes text for item 3.
To consider the future work programme. Meetings are scheduled as follows:-
17 December 2018
Budget Planning 2019-20
Quarterly Finance Digest: April – September 2018
14 January 2019
Budget Planning 2019-20
Capital Programme Review
Public Sector Equality Duty
Treasury Management Strategy
8 April 2019
No items as yet
The Committee considered their work programme for the period until April 2019.
The agenda items for future meetings would be:-
(i) 17 December 2018 – Budget Planning 2019-20, Quarterly Finance Digest (half year position), Connected Knowledge Update, and on Debt Management.
(ii) 14 January 2019 – Budget Planning 2019-20, Capital Programme Review, Public Sector Equality Duty and the Treasury Management Strategy.
(iii) 8 April 2019 – No items as yet.
That the work programme be agreed, as discussed at the meeting.