The Head of Financial Services and Head of Business Improvement submitted a report to Cabinet on 15 September on Finance, Risk and Corporate Performance matters as at 30 June 2021.

The Cabinet decisions are set out in the minutes of that meeting (included in this agenda).

Paragraph 12 asks Cabinet and Council to establish a capital budget to enable payment of the monies set out in the agreement with Thomas White Oxford (TWO) to deliver infrastructure works to Northern Gateway funded by Housing Infrastructure Funds (HIF) from Homes England. Agreement has been made to commence payment of the funds £2.7 million in 2021/22 and £7.3 million in 2022/23 and this report seeks the approval to do so in accordance with the Constitution, under which a resolution and recommendation to Council must be made by Cabinet.

Cllr Turner, the Cabinet Member, will present the report and propose Cabinet’s recommendations.

Recommendations:

Cabinet recommends that Council resolves to agree the addition of £10 million into the Capital programme as set out in paragraph 12 of the report and above.

Council considered the report of the Head of Financial Services and Head of Business Improvement submitted to Cabinet on 15 September on Finance, Risk and Corporate Performance matters as at 30 June 2021.

Cllr Turner, the Cabinet Member, introduced the report and answered questions on details of the financial forecasts. He proposed the recommendations for Council,

The recommendation was agreed on being seconded and put to the vote.

Council resolved to:

agree the addition of £10 million into the Capital programme as set out in paragraph 12 of the report (to establish a capital budget to enable payment of the monies set out in the agreement with Thomas White Oxford (TWO) to deliver infrastructure works to Northern Gateway funded by Housing Infrastructure Funds (HIF) from Homes England in accordance with the Constitution, under a resolution by Council).

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 30^th June 2021.

Cabinet is recommended to:

1.    Note the projected financial outturn as well as the current position on risk and performance as at 30 June 2021; and

2.    Recommend to Council the addition of £10.0 million into the Capital programme as per paragraph 12.

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 30^th June 2021.

Cllr Ed Turner, Cabinet Member for Finance and Asset Management, introduced the report which rehearsed some well worn themes.  He noted that the Council had had to draw on just over £11m of reserves earlier in the year to balance the budget over the medium term. There were some underlying concerns such as the loss of car park income, reduced commercial rents and uncertainty about a dividend from Oxford Direct Services attributable to difficulties with OL implementation. The Housing Revenue Account on the other hand was still predicting a significant underspend. An updated position in relation to anticipated capital spend would be given in the next report.

Cabinet resolved to:

1.    Note the projected financial outturn as well as the current position on risk and performance as at 30 June 2021;and

2.    Recommend to Council the addition of £10.0 million into the Capital programme as per paragraph 12.