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Issue - meetings

2024/25 Quarterly Finance Review Q4

 

 

Meeting: 16/07/2025 - Council (Item 21)

21 2024/25 Quarterly Finance Review Q4 pdf icon PDF 454 KB

Purpose

To report the financial performance of the Council in 2024/25

 

Recommendations     

Subject to the resolutions of the Executive on 9 July, Council is recommended to resolve to:

1.    Agree to carry forward the capital budget of £4,951,242.

2.    Approve the transfers to and between Earmarked Reserves as detailed in the report.

 

Additional documents:

Minutes:

The purpose of the item was to report the financial performance of the Council in 2024/25. Councillor Alaric Smith, Executive Member for Finance, introduced the report. The Executive member stated that;

  • The Council had achieved a small surplus of £6,345, slightly above the budgeted contribution of £5,107 to general fund reserves.
  • Key financial pressures included:
    • Temporary emergency accommodation: overspend of £489,887 due to increased demand (average of 80 households, up from 60 in 2022/23).
    • Limited Council-owned temporary accommodation[AB1]  (22 units), with the remainder housed in B&Bs or hotels.
  • Positive variances included:
    • Treasury management income: £625,000 above budget due to higher interest rates.
    • Trade waste income: £110,600 underspend due to improved contract enforcement and billing.
  • A £1.3 million transfer was made to a new reserve to mitigate potential future business rates income loss from the fairer funding review proposals.

Members discussed the report and raised the following questions of clarity,

  • How many of the 60 temporary housing accommodation places would the Council be providing. The Executive Member for Housing and Social Care explained that the Council’s target was to provide 30 of these, 8 in North Leigh.
  • Details about the property in North Leigh were requested, it was stated by the Director of Finance that this could not be publicly discussed as the sale was ongoing but that they would email the member who asked the question.
  • Details about Carterton Unit 3 were requested, but the Chair explained it was outside of the scope of this item.

 

In debate, a member of the alliance stated that the Council had turned around earlier forecasts of overspend, and that the capital programme was being used effectively to deliver social rent housing and other priorities. However, they also made reference to the projected loss of income from the fairer funding review.

 

The Leader seconded the item and commended Cllr Smith for their work. The recommendations were put to a vote and agreed.

 

Council resolved to:

1.    Agree to carry forward the capital budget of £4,951,242.

2.    Approve the transfers to and between Earmarked Reserves as detailed in the report.

 

Voting record – For 42, Against 0, abstain 0, did not vote 1

 

 [AB1]Temporary accommodation?

Meeting: 09/07/2025 - Executive (Item 363)

363 2024/25 Quarterly Finance Review Q4 pdf icon PDF 454 KB

Purpose:

To report the financial performance of the Council in 2024/25

 

Recommendation(s):

That the Executive resolves to:

1.         Note the 2024/25 financial performance.

2.         Recommend to Council to carry forward the capital budget of £4,951,242.

3.         Recommend to Council to approve the transfers to and between Earmarked Reserves as detailed in the report.

 

Additional documents:

Minutes:

Councillor Alaric Smith, Executive Member for Finance, presented the item, the purpose of which was to report the financial performance of the Council in 2024/25.

 

Councillor Smith advised that:

 

·         The original budget provided for a contribution to general fund reserve of £5,107. During the year the Council had been consistently forecasting a cost of service overspend, mitigated by an overachievement of interest on Treasury Management activities.

·         At year end overspend on services had amounted to £247,274. The main adverse variances were expenditure on temporary emergency accommodation and the loss of Housing Benefit Subsidy.

·         The number of people in emergency accommodation was a situation that the Council did not want to persist. Therefore, £3m had been included in the Capital Programme to purchase high quality temporary housing in the district to mitigate this.

·         Costs had been incurred in respect of the Elmfield refurbishment, and unlet units at Marriotts Walk. However, both assets remained good investments.

·         The £200k contingency on the leisure contract had proved to be unnecessary.

·         Treasury management investment income was higher than budgeted due to high interest rates.

·         Performance on trade waste was positive, and this had resulted in an underspend in this area. This was driven by Officers’ work to ensure that correct charging was applied and customers moved to direct debit payments.

·         At the end of the year the Council was able to make a contribution to general fund of £6,345.

·          In relation to capital spend, the first phase of the waste vehicle fleet replacement was now incorporated into a county wide waste transformation programme.

·         The decarbonisation of Witney Leisure Centre was the subject of a separate report which had been brought to this meeting of the Executive.

 

Councillor Smith proposed accepting the recommendations of the report.

 

Councillor Enright seconded the recommendations

 

This was voted on and approved unanimously.

 

RESOLVED:

That the Executive:

1. Noted the 2024/25 financial performance.

2. Recommend to Council to carry forward the capital budget of £4,951,242.

3. Recommend to Council to approve the transfers to and between Earmarked

Reserves as detailed in the report.

Meeting: 02/07/2025 - Overview and Scrutiny Committee (Item 28)

28 2024/25 Quarterly Finance Review Q4 pdf icon PDF 454 KB

Purpose

Pre-decision scrutiny of an Executive report detailing the financial performance of the Council in 2024/25.

 

Recommendation

That the Overview and Scrutiny Committee resolves to:

1.    Note the report and agree any recommendations it wishes to submit to the Executive.

 

Additional documents:

Minutes:

Councillor Alaric Smith, Executive Member for Finance, introduced the item. Councillor Smith highlighted the following key points;

  • The original budget forecasted a contribution of £5,107 to the general fund.
  • An overspend of £247,000 occurred, primarily due to:
  • Increased costs of temporary emergency accommodation.
  • Loss of housing benefit subsidy (approx. £490,000).
  • Treasury management investment income was higher than budgeted, due to sustained higher interest rates.
  • Despite pressures, the Council ended the year with a £6,345 contribution to the general fund.
  • The Council was actively acquiring property to reduce reliance on temporary accommodation, supported by a £50 million capital programme.
  • Overspends also resulted from delays in refurbishing and re-letting Council-owned properties (Elmfield and Marriotts).
  • Marriotts still delivered a net contribution to the Council of £465,000.
  • Elmfield was expected to yield a return on investment exceeding 20%.
  • A £200,000 leisure contract contingency was not required due to recovery in memberships and attendance.
  • Proposed transfers to the budget deficit reserve:

o    £426,000 from a refund.

o    £852,000 from Section 31 grant, in anticipation of future business rates changes.

  • Capital projects delayed due to tendering and scheduling:

o    Waste Vehicle Fleet Replacement Programme to be incorporated into a county-wide transformation.

o    Investment property repairs and Witney Leisure Centre decarbonisation scheme deferred.

  • A total of £4.9 million was proposed to be carried forward to the capital programme budget for 2025–26.

 

In discussion, members raised the following points;

  • The rising costs and demand for temporary accommodation, with 82 households currently supported. The Executive Member stated that the Council was actively acquiring properties, including family-suitable housing, to reduce reliance on temporary solutions.
  • The importance of supporting families, not just individuals, through housing provision.
  • The £35,000 cost for dog warden services. Officers clarified thayt this was an outsourced statutory service, with costs mainly for kennelling and transport.
  • The transfer of funds to the budget deficit reserve. Officers confirmed £426,000 from a refund and £852,000 from the Section 31 grant were allocated to address a projected funding gap of £6–6.5 million.
  • Raised concerns about the opportunity cost of internal borrowing for the Marriotts acquisition. Officers acknowledged the loss of interest income but noted the regeneration benefits and rental income outweighed the foregone interest.
  • Welcomed the inclusion of CCTV within budget and confirmed it was progressing.

 

Resolved: That the Committee note the report.

 

 

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