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