Issue - meetings
Financial Monitoring Report
Meeting: 14/05/2024 - Cabinet (Item 72)
PDF 383 KBCabinet Member: Finance
Forward Plan Ref: 2024/060
Contact: Kathy Wilcox, Head of Financial Strategy
Kathy/wilcox@oxfordshire.gov.uk
Report by Executive Director of Resources and Section 151 Officer (CA11).
The Cabinet is RECOMMENDED to
a) agree the virements in Annex 1a and note the virements in Annex 1b.
b) note the anticipated reduction in business rates funding of £0.7m in 2024/25 compared to the assumptions in the budget, and the proposed use of additional business rates income notified in late 2023/24 to replace this.
Additional documents:
Decision:
Recommendations approved.
Minutes:
Cabinet had before it a report which set out updates to funding notified since the 2024/24 budget was agreed as well as updates and risks which would need to be managed in 2024/25 and the arrangements for monitoring progress with investments and the achievement of savings.
Councillor Dan Miller, Cabinet Member for Finance, presented the report.
Councillor Levy moved and Councillor Sudbury seconded the recommendations, and they were approved.
RESOLVED to
a) agree the virements in Annex 1a and note the virements in Annex 1b.
b) note the anticipated reduction in business rates funding of £0.7m in 2024/25 compared to the assumptions in the budget, and the proposed use of additional business rates income notified in late 2023/24 to replace this.