The Head of Financial Strategy has submitted a report to update the Cabinet on Finance, Risk and Corporate Performance matters as at 30 June 2024.

Cabinet is recommended to:

1.        Notethe projected financial outturn as well as the current position on risk and performance as at 30 June 2024.

The Head of Financial Services had submitted a report to update the Cabinet on Finance, Risk and Corporate Performance matters as at 30 June 2024.

Councillor Ed Turner, Cabinet Member for Finance and Asset Management, drew attention to key points arising from the report.  These included a forecast adverse variance of £2.132m on the General Fund, largely driven by the pressure associated with temporary accommodation.  Whilst officers were working hard to mitigate the impact of these costs, it was highlighted that this budget would need to be considered carefully in the forthcoming budget setting process to ensure that it was realistic. 

Other significant variances included insurance valuations and business improvement, although much of the latter was considered to be due to one-off costs.

Progress had been made in capital programme forecasting and anticipating slippage, and it was hoped that improvement in this area would continue to be made.

The HRA showed some areas of overspend, which would need to continue to be monitored. 

It was noted that many of the areas of adverse variance, such as temporary accommodation costs and the inability of the Council to claim housing benefit subsidy in respect of residents living in supported accommodation provided by non-registered provider organisations, were not unique to Oxford, but were instead shared by many local authorities nationwide.

Cabinet resolved to:

1.        Notethe projected financial outturn as well as the current position on risk and performance as at 30 June 2024.