Agenda item

To receive and consider the report of the Responsible Financial Officer concerning the financial position of items under the remit of this Committee in 2024/25.

The Committee received and considered the report of the Responsible Financial Officer (RFO) detailing income and expenditure for budgets which were the responsibility of the committee.

Members heard that although the accounts presented were to the 31 January, that with it being the last day of the financial year, the RFO did not expect any major changes to the revised 2024/25 budget projections.

The RFO provided a verbal update on the Council’s insurance premium which had been renewed in the last year of a fixed agreement. In particular, officers had undertaken a review of motor insurance policy prices to ensure due diligence with regard to best value.

A Member raised a question as to the columns used in the reports that were provided, the RFO explained that after the budget setting period in December of each year the report columns did change however, he would review and consider how they are provided in the future.

The Committee were pleased to see good returns of interest, however it was explained that this was partly due to the capital sums for projects had been held longer than projected.

Members considered the continued membership of the Co-Operative Councils Innovation Network (CCIN); it was felt that it was a small membership fee for the potential opportunity of use for future grant funding. It was unanimously agreed that membership should continue for 2025/26.

The report also provided an update on the Witney Music Festival and their governance which had been discussed at previous meetings,

Resolved:

1. That, the report be noted and,
2. That, the management accounts of the Committee’s services to 31 January 2025 be approved and,
3. That, the investments report to the period of 28 February 2025 be approved and,
4. That, the Council continue it’s membership of CCIN for a further year.