Issue - meetings

Cabinet Member: Finance

Forward Plan Ref: 2024/061

Contact: Kathy Wilcox. Head of Financial Strategy

Kathy.wilcox@oxfordshire.gov.uk

Report by Executive Director of Resources & Section 151 Officer (CA13)

The Cabinet is RECOMMENDED to

a.     To note the annual Performance Report for 2023/24.

b.     To note the summary of the provisional year - end financial position for 2023/24 along with the year-end position on general balances and earmarked reserves as explained in Annex B.

c.      To agree that the £1.6m surplus on the On-Street Parking Account at the end of the 2023/24 financial year, that has not yet been applied to fund eligible expenditure in accordance with Section 55(4) of the Road Traffic Regulation Act 1984, can be carried forward to the 2024/25 financial year as set out inAnnex B-3c.

d.     To approve the creation of a new reserve to support the council’s Commercial Strategy and initial contribution of £2.0m.

e.     To approve the addition of £2.8m to the IFRS9 Reserve.

f.      To approve the addition of £1.0m to the Budget Priorities Reserve.

g.     To note the Digital Inclusion Action Plan progress update for 2023/24 – Annex C.

h.     To note the Voluntary and Community progress update for 2023/24 – Annex D

Recommendations approved.

Cabinet considered a report presenting the council’s annual performance report and provisional year- end finance position for 2023/24. The annual report reflected the end of year position against the corporate priorities,

and budget documents supporting the Council’s ambitions and priorities. The Strategic Plan agreed by Council in February 2022 set out the Council’s ambitions for 2023/24.

Councillors Dan Levy, Cabinet Member for Finance, presented the report.  He referred to the considerable achievements of the Council against its strategic objectives but recognised that there were some areas in which improvement was needed. There had been significant improvement in the financial position in Children’s and Adults services and he thanked all those who had contributed to the performance results detailed in the report. He also thanked the Executive Director of Resources and her staff for their advice and ongoing  hard work in monitoring the Council’s financial performance throughout the year.

During discussion, members referred to ongoing concerns regarding the deficit in the High Needs Direct Support Grant budget and the need for any future Government to consider ways to support the increasing costs of the education service.

The Chair emphasised the Council’s achievements detailed in the report including 20 awards which had been received during the year and congratulated all the officers involved.

Councillor Levy moved and Councillor Sudbury seconded the recommendations, and they were approved.

RESOLVED to:-

a)    note the annual Performance Report for 2023/24.

b)    note the summary of the provisional year - end financial position for 2023/24 along with the year-end position on general balances and earmarked reserves as explained in Annex B.

c)    agree that the £1.6m surplus on the On-Street Parking Account at the end of the 2023/24 financial year, that has not yet been applied to fund eligible expenditure in accordance with Section 55(4) of the Road Traffic Regulation Act 1984, can be carried forward to the 2024/25 financial year as set out in Annex B-3c

d)    approve the creation of a new reserve to support the council’s Commercial Strategy and initial contribution of £2.0m.

e)    approve the addition of £2.8m to the IFRS9 Reserve.

f)      approve the addition of £1.0m to the Budget Priorities Reserve.

g)    To note the Digital Inclusion Action Plan progress update for 2023/24 – Annex C.

h)    To note the Voluntary and Community progress update for 2023/24 – Annex D.