Agenda item

Report of Assistant Director of Finance (S151 Officer) and Assistant Director – Customer Focus

Purpose of report

To report to Executive the council’s performance, risk, and financial positions at the end of Quarter 1 2024-25.

Recommendations

The Executive resolves:

1.1        To consider and note the contents of the council’s performance, risk and finance Quarter 1 report.

1.2        To approve the use of reserve requests held within Appendix 5.

1.3        To approve the reprofiling of capital projects beyond 2024/25 held within Appendix 1 and the subsequent update to the programme budget for this financial year.

1.4        To note the virement of between capital schemes agreed under officer delegation: £0.045m from ‘Banbury Health Centre’ to ‘Community Centre – Works’.

1.5        To approve the use of S106 funding amounting to £0.560m to deliver more self-contained units of temporary accommodation within Cherwell in partnership with South Oxfordshire Housing Association.

Resolved

(1)          That the council’s performance, risk and finance 2024-2025 Quarter 1 report be noted.

(2)          That the use of reserve requests set out at Appendix 5 of the report be agreed.

(3)          That the reprofiling of capital projects beyond 2024/25 set out at Appendix 1 and the subsequent update to the programme budget for this financial year be approved.

(4)          That the virement between capital schemes agreed under officer delegation of £0.045m from ‘Banbury Health Centre’ to ‘Community Centre – Works’ be noted.

(5)          That the use of S106 funding amounting to £0.560m to deliver more self-contained units of temporary accommodation within Cherwell in partnership with South Oxfordshire Housing Association be approved.

The Assistant Director of Finance (S151 Officer) and Assistant Director – Customer Focus submitted a report to update Executive on the council’s performance, risk, and financial positions at the end of Quarter 1 2024-25.

Resolved

(1)          That the council’s performance, risk and finance 2024-2025 Quarter 1 report be noted.

(2)          That the use of reserve requests set out at the annex to the Minutes (as set out in the Minute Book) of the report be agreed.

(3)          That the reprofiling of capital projects beyond 2024/25 set out at the annex to the Minutes (as set out in the Minute Book) and the subsequent update to the programme budget for this financial year be approved.

(4)          That the virement between capital schemes agreed under officer delegation of £0.045m from ‘Banbury Health Centre’ to ‘Community Centre – Works’ be noted.

(5)          That the use of S106 funding amounting to £0.560m to deliver more self-contained units of temporary accommodation within Cherwell in partnership with South Oxfordshire Housing Association be approved.

Reasons

The council actively and regularly monitors its performance, risk, and financial positions to ensure it can deliver its corporate priorities and respond effectively to emerging issues.

This monitoring takes place at least monthly for the finance element and quarterly for performance and risk, so the council can identify potential issues at the earliest opportunity and put measures in place to mitigate them.

These updates are consolidated into a single report given the implications and interdependencies between them, and this is the summary for the end of Quarter 1 2024-25.

Alternative options

Option 1: This report summarises the council’s financial position up to the end of Quarter 1 2024-2025, therefore there are no alternative options to consider. Regarding the recommendations to approve changes in use of reserves, reprofiling of capital projects and use of S106 funding, members could choose not to reject these requests, however, the requests are in accordance with the councils’ policies and within existing budgets. If members chose not to approve the changes, resource would need to be found for these projects separately.