The Head of Financial Services has submitted a report to update Members on the financial outturn for the year ending 31^st March 2021.

Cabinet is recommended to:

1.Note the financial outturn and performance of the Council for the year 2020/21 and also the position on risks outstanding as at 31st March 2021;

2.Agree the transfer from the COVID emergency reserve of £2.043 million detailed in paragraph 2a;

3.Agree the carry forward requests in respect of the HRA of £1.881 million as shown in appendix D;

4.Agree the transfer to the HRA Contributions to HRA Reserves to fund future years capital works of £6.476 million detailed in paragraph 2c; and

Recommend to Council

5.       That it approves a revision to the general fund capital budget in 2021/22 of £4,984,000, for the grant payment in relation to Oxfordshire Housing and Growth Deal (OGD) schemes. In addition to give a further approval for a capital budget for 2025/26 of £33,000 to fund the remaining grant balance payable for the schemes all of which will be funded by capital grant income from Oxfordshire Housing and Growth Deal (OGD) detailed in paragraph 26 and in doing so:

a.       Give project approval to accept and distribute grant; enter into funding agreements; and any other necessary agreements or contracts, for the purpose of delivering more affordable housing in Oxford, through the Oxfordshire Housing and Growth Deal programme;

b.       Delegate authority to the Director of Housing, in consultation with the Cabinet Member for Planning and Housing Delivery; the Head of Financial Services/Section 151 Officer; and the Council’s Monitoring Officer, to enter into funding and other necessary agreements for the purpose of delivery affordable housing through the Oxfordshire Housing and Growth Deal programme, within the identified budget; and

c.        Delegate authority to the Chief Executive, in consultation with the Cabinet Members for Finance and Asset Management, and Planning and Housing Delivery, to approve any agreements over £500,000 for affordable housing, within this project approval and budget envelope.

The Head of Financial Services had submitted a report to update Members on the financial outturn for the year ending 31^st March 2021.

Councillor Ed Turner, Cabinet Member for Finance & Asset Management, introduced the report. It was very pleasing to note the ability to bring forward proposals for about 200 units of housing as a result of the Growth Deal, something which would make a real contribution to addressing the City’s housing need. The report also dealt with the financial outturn of an exceptionally challenging year and a deficit on the general fund of just over £2m. Greater losses had been mitigated to some extent by Government grant but this was not, by and large, expected to continue. The longer term consequences of Covid would affect the Council’s income streams for some time to come, such as those for commercial property and car parking. All of this emphasised the need for a fair funding settlement for local government. Despite the challenges, it was also pleasing to note that the Council’s savings and efficiency targets had been met. Overall there had been no surprises and the outturn had been much as expected following such a challenging year.

It was confirmed that the Go Ultra Low On Street Charging project was being re-scoped, Phase 1 of the project having been completed, Phase 2 was currently paused. The current focus of the EV team was on the Go Ultra Low Taxi project which was going well.

It was noted that a number of projects had been put on hold as a result of Covid.  Bringing them back on stream would have resource implications, not least because of the need, in some cases, to spend grant funding by  deadlines, some  of which may be soon and  close to one another.

Cabinet resolved to:

1.Note the financial outturn and performance of the Council for the year 2020/21 and also the position on risks outstanding as at 31st March 2021;

2.Agree the transfer from the COVID emergency reserve of £2.043 million detailed in paragraph 2a;

3.Agree the carry forward requests in respect of the HRA of £1.881 million as shown in appendix D;

4.Agree the transfer to the HRA Contributions to HRA Reserves to fund future years capital works of £6.476 million detailed in paragraph 2c; and

Recommend to Council:

5.       That it approves a revision to the general fund capital budget in 2021/22 of £4,984,000, for the grant payment in relation to Oxfordshire Housing and Growth Deal (OGD) schemes. In addition to give a further approval for a capital budget for 2025/26 of £33,000 to fund the remaining grant balance payable for the schemes all of which will be funded by capital grant income from Oxfordshire Housing and Growth Deal (OGD) detailed in paragraph 26 and in doing so:

a.       Give project approval to accept and distribute grant; enter into funding agreements; and any other necessary agreements or contracts, for the purpose of delivering more affordable housing in Oxford, through the Oxfordshire Housing and Growth Deal programme;

b.       Delegates authority to the Director of Housing, in consultation with the Cabinet Member for Planning and Housing Delivery; the Head of Financial Services/Section 151 Officer; and the Council’s Monitoring Officer, to enter into funding and other necessary agreements for the purpose of delivery affordable housing through the Oxfordshire Housing and Growth Deal programme, within the identified budget; and

c.        Delegates authority to the Chief Executive, in consultation with the Cabinet Members for Finance and Asset Management, and Planning and Housing Delivery, to approve any agreements over £500,000 for affordable housing, within this project approval and budget envelope.