Agenda, decisions and minutes

Members are asked to declare any interest and the nature of that interest which they may have in any of the items under consideration at this meeting.

There were no declarations of interest.

To confirm as a correct record the minutes of the meeting held on 6 December 2022.

The Minutes of the meeting held on 6 December 2022 were agreed as a correct record and signed by the Chairman.

To receive communications from the Chairman.

There were no Chairman’s announcements.

The Chairman to advise whether they have agreed to any item of urgent business being admitted to the agenda.

There were no items of urgent business.

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To consider the draft Capital and Investment Strategy for 2023-24.

Recommendations

The meeting is recommended to:

1.1      To recommend the draft strategy for 2023-24 to Executive.

Resolved

(1)      That the draft Capital and Investment Strategy for 2023-24 be recommended to Executive.

The Assistant Director of Finance and Section 151 Officer submitted a report for the Committee to consider the draft Capital and Investment Strategy for 2023/24.

The Strategic Finance Business Partner advised the Committee that following queries raised after publication of the agenda, revisions had been proposed to section B8 (Investment Indicators) of the Investment Strategy to provide clarity.

Resolved

(1)      That the draft Capital and Investment Strategy for 2023-24 be recommended to Executive to endorse and recommend to Council for adoption.

Report of Assistant Director of Finance (Section 151 Officer)

Purpose of report

To update Budget Planning Committee (BPC) on the Review of Reserves that has taken place in preparation of the budget for 2023/24 and the Medium-Term Financial Strategy (MTFS) 2023/24 – 2027/28.

Recommendations

The meeting is recommended:

1.1      To note the outcome of the review of reserves and the forecast over the MTFS period.

1.2      To provide the Executive with feedback on whether the Committee supports the draft reserve allocations.

Resolved

(1)      That the outcome of the review of reserves and the forecast over the MTFS period be noted

(2)      That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.

The Committee considered a report from the Assistant Director of Finance and Section 151 Officer that gave an update on the Review of Reserves that had taken place in preparation of the budget for 2023/24 and the Medium-Term Financial Strategy (MTFS) 2023/24 – 2027/28.

The Strategic Finance Business Partner advised the Committee that the table detailing the overview of reserves in the covering report would be amended prior to submission to Executive, as the Revenue Grants figures relating to cashflow had been double counted in the summary table.

Following questions from the Committee regarding the use of money received from Section 106 agreements for planning applications and flexibility of timescales for the work, the Assistant Director of Finance advised that he was not aware of any Section 106 funding being handed back to a developer because it had not been used in time.

In response to Members’ questions regarding revenue grants listed for Bicester Garden Town and Bicester Village roundabout, the Assistant Director of Finance advised that a specific funding grant had been received for Bicester Garden Town. The Assistant Director of Finance undertook to circulate further information to the Committee on the reserve listed for Bicester Village Roundabout.

Resolved

(1)      That the outcome of the review of reserves and the forecast over the Medium Term Financial Strategy period be noted

(2)      That, having given due consideration, Executive be advised that the Budget Planning Committee supports the draft reserve allocations.

To review the Committee Work Plan.

Resolved

(1)      That the verbal update on the Committee Work Plan be noted.

The Assistant Director of Finance gave a verbal update on the Budget Planning Committee Work Plan.

The Assistant Director of Finance advised that at the next Committee meeting, the Council’s Quarter 3 finance monitoring report would be the substantive item on the agenda.

Resolved

(1)      That the verbal update on the Committee Work Plan be noted.