The Head of Financial Services and Head of Business Improvement have submitted a report to update Cabinet on Finance, Risk and Corporate Performance matters as at 31December 2019.

Recommendation: That Cabinet resolves to:

Note the projected financial outturn as well as the current position on risk and performance as at 31 December 2019.

The Head of Financial Services and Head of Business Improvement had submitted a report to update Cabinet on Finance, Risk and Corporate Performance matters as at 31December 2019.

Councillor Ed Turner, Cabinet Member for Finance & Asset Management, said the overall position was positive and robust with a favourable variance in the General Fund and a budgeted surplus in the Housing Revenue Account. There were still issues about the late delivery of parts of the capital programme. Some elements of the programme provided useful learning for the future; the unanticipated length of lead in times for the delivery of electric vehicles for example. Delays in progress with some of the Council’s Housing Company’s schemes was regrettable. This was, perhaps, not surprising given its ambition to be a significant housing provider but one which was starting from scratch. The recent appointment of Non-Executive Directors to the company and appointment of a permanent Managing Director would all be helpful.  The Chair noted that the Shareholder would wish to explore the relationship between the  company and Oxford Direct Services at its meeting the following week.

Cabinet resolved to:

Note the projected financial outturn as well as the current position on risk and performance as at 31 December 2019.