Agenda item

Report of Assistant Director of Finance and Assistant Director – Customer Focus

Purpose of report

To give Executive an update on how well the council is performing in delivering its priorities, managing potential risks, and balancing its finances for 2023/24 up to the end of Quarter 3 2023.

Recommendations

The meeting is recommended:

1.1         To note the Council’s Performance, Risk and Financial report for the current financial year up to the end of Quarter 3 2023 and its contents.

1.2         To approve the reserve requests in Appendix 5.

1.3         To approve the use of Policy Contingency of £1.476m to mitigate the lower than budgeted in-year income of S31 grant.

1.4         To note the repurposing of £0.030m from the Fairway Flats Refurbishment project for the works at Cope Road Banbury approved by S151 under delegation powers.

Resolved

(1)          That the Council’s Performance, Risk and Financial report for the current financial year up to the end of Quarter 3 2023 be noted.

(2)          That the following reserve requests be approved.

Directorate: Resources

Type: Earmarked

Description: Market Risk Reserve

Reason: Over-recovery of Treasury Income

Amount £m: (0.170)

Directorate: Resources

Type: Earmarked

Description: Transformation Implementation

Reason: Underspend withing Policy Contingency

Amount £m: (0.500)

Total Earmarked Reserves £m:  (0.670)

(3)          That the use of Policy Contingency of £1.476m to mitigate the lower than budgeted in-year income of S31 grant be approved.

(4)          That the repurposing of £0.030m from the Fairway Flats Refurbishment project for the works at Cope Road Banbury approved by S151 under delegation powers be noted.

The Assistant Director of Finance and Assistant Director – Customer Focus submitted a report to give Executive an update on how well the council was performing in delivering its priorities, managing potential risks, and balancing its finances for 2023/24 up to the end of Quarter 3 2023.

Resolved

(1)          That the Council’s Performance, Risk and Financial report for the current financial year up to the end of Quarter 3 2023 be noted.

(2)          That the following reserve requests be approved.

Directorate: Resources

Type: Earmarked

Description: Market Risk Reserve

Reason: Over-recovery of Treasury Income

Amount £m: (0.170)

Directorate: Resources

Type: Earmarked

Description: Transformation Implementation

Reason: Underspend withing Policy Contingency

Amount £m: (0.500)

Total Earmarked Reserves £m:  (0.670)

(3)          That the use of Policy Contingency of £1.476m to mitigate the lower than budgeted in-year income of S31 grant be approved.

(4)          That the repurposing of £0.030m from the Fairway Flats Refurbishment project for the works at Cope Road Banbury approved by S151 under delegation powers be noted.

Reasons

This report provides an update on progress made during Quarter 3, to deliver the council’s priorities, manage potential risks and remain within the agreed budget.

Alternative options

This report summarises the council’s performance, risk, and financial positions up to the end of Quarter 3, therefore there are no alternative options to consider. However, Members may wish to request further information from officers for inclusion.