Agenda item - Finance, Performance and Risk Report January 2024

Report of Assistant Director Finance and Assistant Director Customer Focus

Purpose of report

To update Executive on how well the council is performing in delivering its priorities, managing potential risks, and balancing its finances for the month of January 2024.

Recommendations

The Executive resolves:

1.1 To consider and note the contents of the Council’s Performance, Risk and Financial report for the month of January 2024.

1.2 To approve a change in the frequency of reporting from the new financial year onwards from monthly to quarterly.

1.3 To approve the reserve requests in Appendix 5.

1.4 To note the approval of £0.011m S106 monies for the refurbishment works to Steeple Aston Village Hall under S151 delegation powers.

Resolved

(1) That, having given due consideration, the Council’s Performance, Risk and Financial report for the month of January 2024 be noted.

(2) That a change in the frequency of reporting from the new financial year onwards from monthly to quarterly be approved.

(3) That the following reserve requests set out at appendix 5 of the report be approved.

(4) That the approval of £0.011m S106 monies for the refurbishment works to Steeple Aston Village Hall under S151 delegation powers be noted.

The Assistant Director Finance and Assistant Director Customer Focus submitted a report to update Executive on how well the council was performing in delivering its priorities, managing potential risks, and balancing its finances for the month of January 2024.

Resolved

(1) That, having given due consideration, the Council’s Performance, Risk and Financial report for the month of January 2024 be noted.

(2) That a change in the frequency of reporting from the new financial year onwards from monthly to quarterly be approved.

(3) That the following reserve requests of the report be approved.

Directorate	Type	Description	Reason	Amount £m
Resources	Earmarked	Market Risk Reserve	Treasury over-recovery of income to Market risk reserve.	(0.072)
Chief Executive	Earmarked	Projects Reserve	Return unspent funding allocated to ‘work in default’ on properties to make them safe.	(0.021)
Chief Executive	Earmarked	Cherwell Lottery Reserve	Income from the sale of Cherwell Lottery tickets to be then paid out to successful bidders of community organisations	(0.006)
Chief Executive	Earmarked	Projects Reserve	Return unspent allocation of awards given to community groups to celebrate the King's coronation.	(0.015)
Resources	Earmarked	Dilapidations, Garage Project & Canalside Reserve	Transfer £95K of unspent back to reserve to be released in 24/25.	(0.095)
Communities	Earmarked	Development Management Casework Reserve	Return unspent reserve monies due to delays in recruitment therefore not required.	(0.050)
Communities	Earmarked	Local Plan Charges Reserve	This budget will need to be released in 24/25 as the Local Plan gets underway to cover related legal costs that may arise.	(0.100)
Communities	Earmarked	Licensing	The surplus of licensing budget must be ringfenced for future fee setting.	(0.032)
			Total Earmarked Reserves	(0.391)

Chief Executives	Ringfenced Grant		Return unspent SPARK grant to reserves.	(0.010)
Chief Executives	Ringfenced Grant		Return unspent COMF to reserve for release in 24/25	(0.071)
Communities	Ringfenced Grant		move unspent Bicester Garden Town to reserve for utilisation in 24/25	(0.221)
Resources	Ringfenced Grant		Match funding received from OCC, ringfenced for spend on Discretionary Housing Payments only. Will be allocated in 2024-25	(0.187)
			Ringfenced Grants	(0.489)

(4) That the approval of £0.011m S106 monies for the refurbishment works to Steeple Aston Village Hall under S151 delegation powers be noted.

Reasons

This report provides an update on progress made during January 2024, to deliver the council’s priorities, manage potential risks and remain within the agreed budget.

Alternative options

There is no alternative option to consider as this is an update report on the council’s performance, risk, and financial positions up to the end of January 2024. However, members may wish to request further information from officers for inclusion.