Agenda item

To receive and consider the report of the Responsible Financial Officer.

The Committee received the report of the Responsible Financial Officer (RFO) along with a verbal explanation in relation to the financial funding and project timetable of the West Witney Sports & Social Club redevelopment and new Works Depot.

Members heard the reasoning for the loan was to facilitate the works and how it would be structured to ensure that the burden is borne by future users of the facilities as well as current users as this was the prudent and proper way for the Council to act.

The Committee welcomed the period of consultation which was timetabled to take place in May and for its design and delivery to be delegated to the Town Clerk/CEO. They also welcomed that the outline consideration of the loan application be discussed at the 9th June meeting of the Committee ahead of its submission. Members were unanimous in agreement of both these decisions and asked officers to consider communications as early as possible.

In response to a Members question regarding rising costs and if the cost should exceed the projections made. The RFO confirmed that although Value Engineering could be utilised it would be possible for the Council to discuss an increase to the loan amount, though this would hopefully not be necessary as Officers would strive to work to remain within the budget.

The RFO further confirmed that despite rising interest rates the projected interest payments that were budgeted for in the setting of the 2025/26 budget were still within the expected range.

Resolved:

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

2.     That, the West Witney project timetable be approved and,

3.     That, the design and delivery of the consultation be delegated to the Town Clerk/CEO.