Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2022/159

Contact: Kathy Wilcox, Head of Financial Strategy, kathy.wilcox@oxfordshire.gov.uk

Report by Director of Finance (CA9).

Financial Report on capital spending against budget allocations, including any necessary capital programme approvals.

OCC Capital Programme

a)              Approve the latest capital monitoring position for 2022/23 (Annex 1) and the associated updated capital programme at Annex 2, incorporating the changes set out in this report

b)              To note the approval of the Leader of the Council, in accordance with the Council’s Financial Regulations for the revised budget provision of £5.4m for the Ploughley Road/A41 Junction Improvement scheme in Bicester (paragraph 21)

Re-profiling

c)              Agree the in-year re-profiling as identified in the report and (Annex 1 and 2)

Recommendations approved.

Cabinet had before it a report setting out the monitoring position based on activity to the end of January 2023 - the fourth update for 2022/23.  It also included an update to the Capital Programme approved by Council in February 2023 taking into account additional funding and new and/or changes to schemes.

Councillor Calum Miller, Cabinet Member for Finance, introduced the report.  He highlighted reduced forecast expenditure of £14.9m on the capital programme for 2022/23 due to projects starting later than expected.  He stated that it was hoped to have a new format for these reports going forward to make it easier for Members to track progress and see that allocations advance the Council’s priorities.

Councillor Miller proposed the recommendations, Councillor Enright seconded and they were agreed.

RESOLVED to:

OCC Capital Programme

a)              Approve the latest capital monitoring position for 2022/23 (Annex 1) and the associated updated capital programme at Annex 2, incorporating the changes set out in this report

b)              To note the approval of the Leader of the Council, in accordance with the Council’s Financial Regulations for the revised budget provision of £5.4m for the Ploughley Road/A41 Junction Improvement scheme in Bicester (paragraph 21)

Re-profiling

c)              Agree the in-year re-profiling as identified in the report and (Annex 1 and 2)