Agenda item

To receive the report of the Responsible Financial Officer (RFO).

The Committee received and considered the report of the Responsible Financial Officer (RFO),advising that budget setting would take place in the next cycle of meetings.  Members were invited to consider any projects that they may wish to be funded in 2024/25.

Members received a detailed verbal update which expanded and provided examples on each of the six points in the report such as how the council had benefited in the reduction of energy prices immediately prior to the renegotiation of the contact prices.

The Committee was minded to note that many projects were committed to over the next year or two such as the Leys Masterplan, the relocation of the works depot and the West Witney Clubhouse refurbishment and therefore general and earmarked reserves would reduce significantly. The implications were that funds for additional projects would be limited during this period.

The Town Clerk encouraged members to ensure that they do not leave the submission of projects too late.  It was usual for  the council to be notified by West Oxfordshire District Council the projected tax base in mid-November in order to be able to finalise the budget. In terms of timetable, legally the precept must be submitted to the District Council by March 2024. The town council’s calendar of meetings included a special council meeting for budget purposes on 11 December 2023 but it may be necessary to facilitate this in January 2024.

Members discussed the support that they would like to provide over the winter period to residents, they encouraged each other to be aware of the various schemes and help that existed so that they may pass that information to residents. Councillor J Aitman agreed to provide via email a list of schemes to assist members.

Resolved:

1.      That, the report and verbal updates be noted and,

2.      That, Councillor Aitman circulate details of support schemes for members to support their constituents.