Issue - meetings

Cabinet Member: Finance, Property and Transformation

Forward Plan Ref: 2025/270

Contact: Kathy Wilcox, Head of Corporate Finance

Kathy.wilcox@oxfordshire.gov.uk

Report by the Deputy Chief Executive (Section 151 Officer) (CA13)

Cabinet is RECOMMENDED to

a)    Note the report and annexes.

b)    Note that £1.2m funding for investments relating to Rail and Flood planning agreed as part of the budget in February 2025 will be transferred to the Budget Priorities reserve for use in 2026/27 (paragraph 22).

c)    Note anticipated supplementary estimate requests to be funded from General Balances relating to:

1.    c£0.5m Bicester Motion (paragraph 14)

2.    c£2.2m Woodeaton School deficit balance write off due to transfer to academy status (paragraph 34)

d)    Approve the write off of 16 Adult Social Care contribution debts totalling £0.477m as detailed in paragraph 31.

e)    Note the Dedicated Schools Grant (DSG) High Needs Block 2025/26 forecast and accumulated deficit position (paragraphs 35 - 39).

f)     Approve the creation of a new Budget Reserve and the addition of £5.5m forecast additional interest on balances in 2025/26 (paragraph 40).

g)    Note Local Government Re-organisation and Devolution update (paragraph 41 -42)

Recommendations approved.

The budget for 2025/26 and Medium-Term Financial Strategy (MTFS) to 2027/28 was agreed by Council on 11 February 2025.  £53.6m new funding to meet inflationary and demand pressures in 2025/26 was included as part of the budget along with £6.9m investments and £30.3m savings. 

Cabinet had before it a report setting out the current revenue forecast as at end of November 2025 and expected outlook for the financial year and included updates on:

·       financial risks which are being managed in 2025/26;

·       savings and investment position; and

·       funding notified since the budget was agreed in February 2025.

Councillor Dan Levy, Cabinet Member for Place, Environment and Climate Action, presented the report.

Councillor Levy reported a £2 million underspend for 2025–26, with pressures in adult social care, children's placements, and fire and rescue, offset by central budget underspends and higher interest income. The Dedicated Schools Grant High Needs Deficit remained a significant concern.

Councillor Levy moved and Councillor Lefman seconded the recommendations and they were approved.

RESOLVED to:-

a)    Note the report and annexes.

b)    Note that £1.2m funding for investments relating to Rail and Flood planning agreed as part of the budget in February 2025 will be transferred to the Budget Priorities reserve for use in 2026/27 (paragraph 22).

c)    Note anticipated supplementary estimate requests to be funded from General Balances relating to:

1.    c£0.5m Bicester Motion (paragraph 14)

2.    c£2.2m Woodeaton School deficit balance write off due to transfer to academy status (paragraph 34

d)    Approve the write off of 16 Adult Social Care contribution debts totalling £0.477m as detailed in paragraph 31.

e)    Note the Dedicated Schools Grant (DSG) High Needs Block 2025/26 forecast and accumulated deficit position (paragraphs 35 - 39).

f)     Approve the creation of a new Budget Reserve and the addition of £5.5m forecast additional interest on balances in 2025/26 (paragraph 40).

g)    Note Local Government Re-organisation and Devolution update (paragraph 41 -42)