The Audit & Governance Committee of Oxfordshire County Council met on Wednesday 15 July 2026 to review the council's financial performance and governance arrangements for the 2025/26 financial year. Key discussions were scheduled to include the Treasury Management Outturn Report, the Statement of Accounts, and the Counter Fraud Plan. The committee was also set to receive updates on Risk Management, the Local Government and Social Care Ombudsman's Annual Review, and an assessment of the council's overall financial management and controls. Additionally, reports on Health and Safety, Fire and Community Safety, and the Scale of Election Fees for 2026/27 were on the agenda.

Treasury Management - Outturn Report 2025/26

The committee was scheduled to review the council's treasury management activities and outcomes for the 2025/26 financial year. This report, the fourth and final for the year, was to detail the financial position as of 31 March 2026. Treasury management is defined as The management of the organisation's borrowing, investments and cash flows, including its banking, money market and capital market transactions, the effective control of the risks associated with those activities, and the pursuit of optimum performance consistent with those risks. The Chartered Institute of Public Finance and Accountancy (CIPFA) 'Code of Practice on Treasury Management 2021' requires regular monitoring reports on these activities. The committee was recommended to note the council's treasury management activity and outcomes for 2025/26.

Statement of Accounts 2025/26

The committee was scheduled to consider and approve the draft Statement of Accounts for 2025/26. In line with revised deadlines set by the Ministry of Housing, Communities and Local Government, Oxfordshire County Council published its draft accounts by 30 June 2026, a measure intended to address the national local audit backlog. These accounts provide a comprehensive overview of the council's financial position as of 31 March 2026, including key statements and detailed disclosures. The public inspection period for these accounts ran from 1 July to 12 August 2026, allowing residents to exercise their rights under the Local Audit and Accountability Act 2014.

Counter Fraud Plan and Update

This report was set to present an overview of counter fraud activity for 2025/26 and the Counter Fraud Plan for the upcoming year, 2026/27. The plan aims to support the Council's Anti-Fraud and Corruption Strategy by ensuring proportionate and effective resources and controls are in place to prevent, detect, and investigate fraud. The committee was recommended to note the annual summary of counter fraud activity for 2025/26 and approve the Counter Fraud Plan for 2026/27.

Risk Management Update

The committee was scheduled to receive an update on risk and opportunity management, including an overview of the latest strategic risk register. This register identifies the council's most significant risks and is proactively managed by the senior leadership team, with reports feeding into the Resources Directorate Meeting. The report was to contain performance, risk, and finance progress updates against the delivery of the current strategic plan priorities. The committee was recommended to note the risk management update.

Local Government and Social Care Ombudsman's Annual Review Report

This report was to update the committee on the Local Government and Social Care Ombudsman's (LGSCO) Annual Review Report for Oxfordshire County Council for the year 2025/26. This report reflects on complaints made to the LGSCO about the council in the previous financial year and the work undertaken by the council regarding its handling of complaints. The committee was recommended to receive and comment on this review.

Assessment of Council's Financial Management, Controls and Governance

This report was to assess the council's financial management, controls, and governance. It was to note that while Oxfordshire County Council demonstrates strong financial control and resilience, risks remain, particularly concerning the deficit on the High Needs Dedicated Schools Grant funding and the impact of future funding reforms. The report was to highlight the importance of reserves for financial sustainability and outline the current position and controls in place to mitigate risks. The committee was recommended to note the report.

Ernst and Young - Verbal Update

The committee was scheduled to receive a verbal update from Ernst and Young, the council's external auditors.

Health and Safety Annual Report

This report was to provide a summary of performance and assurance regarding the council's health and safety arrangements. It was to detail the work of the Health and Safety (H&S) functions, the council's performance over the year, and plans for the coming year. The committee was recommended to note and accept the contents of the Health and Safety (H&S) Annual Report.

Fire and Community Safety Annual Report 2025/26

The committee was scheduled to consider and approve the Fire and Community Safety Annual Report for 2025/26 for publication. This report provides information on the performance of Oxfordshire Fire and Rescue, Trading Standards, Road Safety, and Joint Oxfordshire Resilience activities across their strategic priorities of protection, prevention, response, and people. The report was noted as procedural and not recommending any policy decisions or major changes.

Scale of Election Fees 2026-27

This report was to inform the committee about a change to the Scale of Election Expenses for the financial year 2026/27. Following updated guidance from His Majesty's Revenue and Customs (HMRC) on travel, mileage, and fuel rates, the eligible payment for travelling expenses per mile was to be updated from £0.45 to £0.55. This change was agreed by the Returning Officer and brought to the committee for transparency in election governance. The committee was recommended to note this change.

Audit and Governance Committee Work Programme

The committee was scheduled to receive and comment on the Audit and Governance Committee Work Programme for 2026-27. This would outline the planned topics and discussions for the upcoming year.