Meeting Agenda:
Finance and Governance
| Meeting Date: | Monday 21 Mar 2022 |
|---|---|
| Time: | 19:30 |
| Councillors | Jon Aldridge, Angela Baker, Sarah Compton, Alan Damodaran, Michael Gemmell Smith, Alan Layland, Nick Lloyd Chairman, Stuart McGregor, Stephen Sumner Vice-Chairman, Bob Todd. |
| Committee: | Finance and Governance |
| Venue: | Rickards Hall. 72a High Street Edenbridge, TN8 5AR Kent |
| Notes: | |
| Summary: |
Agenda
Minutes
The disclosure must include the nature of the interest. If an interest becomes apparent to a member during the course of a meeting that has not been disclosed under this item, the member must immediately disclose it.
To approve the Financial Income and Expenditure Statements as of ...
Do Members ratify the above report?
| Paid Expenditure Transactions.pdf |
Do Members approve the above payment?
| Expenditure Transactions approval list.pdf |
Do Members/ the Committee accept the above report?
| Paid Expenditure over 500.pdf |
Do Members receive the above report?
| Received Income Transactions.pdf |
Do Members receive the above reports?
| Financial Budget Comparison.pdf |
Do Members confirm the above report?
| Consolidated Balance Sheet.pdf |
Do Members confirm the above report?
| Financial Summary - Cashbook.pdf |
Do Members confirm and accept the above reports?
| Bank and Investment Accounts.pdf |
Do Members approve and accept the attached report?
| Bank Account Transfers.pdf |
Nothing to report.
The year-end income and expenditure is predicted to be within budget; a report is attached with the papers. A verbal summary will be given at the meeting.
As presented to the Council on 17 January it was resolved to increase the earmarked reserves to £308,652. The budgeted outcome for income and expenditure was for a deficit of £75,558 which would reduce the General Reserve to £127,493. Total reserves, excluding CIL Funds were expected to be reduced to just over £436,000 by the end of this Financial Year.
For information, the total CIL funds are currently 558,226.68 less any allocated funds that may be paid before end of March.
As noted at the last Finance Committee (24th January) there were a number of accruals from past years that were no longer considered necessary. These totalled £51,147 and have been released to the General Reserve.
The proposals in item 6.2 would increased earmarked reserves by £48,757. There remains a small improvement against budgeted income and expenditure which would increase the General Reserve by £18,523. With eleven months of actual income and expenditure this is the current best estimate of the final outcome.
Reflecting these the forecast year-end reserves would increase to £554,572 as shown below.
| ETC - Reserves Forecast | Opening | Expected Mvmts | Expected Closing | Accrual Release | Forecast I&E | Forecast Closing |
| Neighbourhood Plan | 15,000 | 15,000 | 15,000 | |||
| Election | 7,500 | 4,000 | 11,500 | 11,500 | ||
| Depreciation Equipment & tools | 1,000 | 1,000 | 1,000 | |||
| 10/30 Year Building Plan | 58,796 | 4,212 | 63,008 | 19,000 | 82,008 | |
| 10/30 Open Spaces Plan | 214,264 | (1,891) | 212,373 | 10,800 | 223,173 | |
| Cemetery | 1,000 | 1,000 | 1,000 | |||
| Community Warden | 3,771 | 3,771 | 3,771 | |||
| Staff | 1,000 | 1,000 | 11,000 | 12,000 | ||
| Projects carried over | - | 7,957 | 7,957 | |||
| 302,331 | 6,321 | 308,652 | - | 48,757 | 357,409 | |
| General Reserve | 203,051 | (75,558) | 127,493 | 51,147 | 18,523 | 197,163 |
| 505,382 | (69,237) | 436,145 | 51,147 | 67,280 | 554,572 |
Do Members agree the predicted year end 2021/22estimates?
Some projects where unable to be completed by year-end but are either in the process of completion or will occur later in the year. The allocation of funds needs to be moved into the earmarked reserves to cover the expenditure.
Code 1010 Contingency
£2,317.00 Depot Alarms
£2,565.00 Alarms for 3 buildings at Doggett’s
£3,075.00 2 new Laptops for homeworking
£7,957.00 Reserves 2021/22 Carry Over
Code 2060 Buildings (£39k budget)
£5,500.00 Doggett’s Redecoration
£1,500.00 Church House brickwork pointing/repairs
£12,000.00 Projects form 2020/21 c/o – Doggetts/Rickards Buildings
£19,000.00 Reserves Buildings
Jubilee left over into a reserve
We received a grant from Great Stonebridge Trust for £4,250 towards the Jubilee Beacon and celebrations. Of which, £2,000 has been spent on the Beacon. The remainder of £2,250 as of the end of the year will be moved into Grant Reserves.
Code 3140 10 Maintenance OS
£10,800.00 Marsh Green Playground Fencing
£10,800.00 Reserve for OS Maintenance
The Personnel Committee noted for 2021/22 there was a forecasted budget saving of £11k which could be moved to staffing reserve rather than general reserve.
Do members support the movement of 2021/22 budgeted expenditure in the Earmarked Reserves 2022/23:
Reserves projects c/o (new code)
£7,957 Reserves staffing c/o underspend for 2022/23 £11,000 (est) – was £1,000 increase to £12,000 (est)
Reserves Maintenance 10&30 Plans to add £19,000 - was £61,117 increase to £80,117
Reserves Opens Spaces 10&30 year add £10,800 – was £214,264 increase to £225,064