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Decision details

Financial Performance Report 2024-25 Quarter Three

Decision Maker: Executive

Decision status: Recommendations Approved (subject to call-in)

Is Key decision?: No

Is subject to call in?: Yes

Decisions:

Councillor Aleric Smith, Executive Member for Finance, introduced the item, the purpose of which was to detail the Council’s financial performance for Quarter Three 2024-2025. Councillor Smith summarised the report highlighting the following items:

 

  • There was an overall overspend of £34,344, an improvement from quarter two where the position was £96,821 overspent.
  • Green waste was currently £64,000 below budget.
  • A new contract for Dry Mixed Recycling started on 1 October 2024. In the first four months of the contract the average monthly cost has dropped by £23,000. The budget for 2025/26 included a saving of £300,000 for the processing of recycling.
  • Development Management was difficult to forecast with no discernible pattern. At the end of quarter three the income sat at £240,000 below target. Although the income position had improved, the Council would only reach its target if it received a major application. The year end forecast was £145,000 behind target. The situation had been reflected in the budget for the next year.
  • Bank and credit charges were reported as overspent for the previous two financial years. A new contract for processing had brought cost back within original budget for 2024/25. The forecast for quarter four was an underspend of £70,000.
  • With regards to investment property, Councillor Smith advised that Between Towns Road in Cowley remained empty and was overspent as the Council was liable for Business Rates and Security costs. Officers were undertaking an asset review to consider alternative use for the site.
  • Talisman Business centre showed a forecast underspend of £80,000 in quarter four.
  • The income contingency of £200,00 put against the large Leisure Contract did not appear like it will be needed. 
  • The Council had identified risks in the Budget for 2025/26 relating to the Leisure Contract and Business Rates reset. It was recommended that any surplus in revenue outrun be transferred to budget deficit reserve to mitigate these risks.
  • It was recommended that an earmarked reserve be set up to cover the extensive costs of exploring and scoping the optimal unitary solution.
  • Councillor Smith noted that the agile working programme had been completed at Elmfield. There were some urgent works required to Woodgreen. The Solar PV replacement at Elmfield had also been completed. An Investment Grade Proposal for the decarbonisation of Windrush Leisure Centre in Witney was expected and the business case would go forward to the Executive in June 2025.
  • Four new waste vehicles had been delivered.
  • Councillor Smith concluded that the revenue outturn position was forecast to be £58,762 underspent. However, this position included elements which would not be known until year end. Therefore, although the position at the end of quarter three remained encouraging, there were still risks.

 

Councillor Alaric Smith, Executive Member for Finance. proposed accepting the recommendations as detailed in the report.

 

Councillor Andy Graham, Leader of the Council, seconded the recommendations.

 

RESOLVED:

 

That the Executive:

 

1.       Note the Council’s Financial Performance for Quarter Three 2024-2025

2.       Delegate authority to the Director of Finance, in consultation with the Executive Member for Finance, to review earmarked reserves to mitigate against the financial risks identified in this report.

Report author: Madhu Richards

Publication date: 13/03/2025

Date of decision: 12/03/2025

Decided at meeting: 12/03/2025 - Executive

Date comes into force if not called in: 21/03/2025

Call-in deadline date: 20/03/2025

Current call-in Count: 0

Accompanying Documents:

 

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