Meeting Minutes:
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
Apologies were received, noted and accepted from Cllrs Baker, Compton, Layland and Todd.
Resolved: that the minutes of the Finance and Governance Committee meeting held on 24 January 2022 be duly signed by the Chairman as a true and accurate record of the meeting; pages 9668 -9670.
Ratified: the expenditure to the 28 February 2022.
Members Resolved: the list of expenditure payments.
Members, Ratified: the Expenditure over £500 up to 28 February 2022.
Members, Resolved: the income to the 28 February 2022.
Members received and, Resolved: the financial Income and Expenditure comparisons budget up to the 28 February 2022.
Members received and, Resolved: the Consolidated Balance Sheet to the 28 February 2022
Members received and, Resolved: the Financial Summary Report Cashbook to the 28 February 2022.
Cllr Lloyd confirmed he had seen the reconciliations.
Members Ratified: the Bank Reconciliation statements and Procurement Card statements for January and February 2022.
Cllr Lloyd presented the reserves report followed by the predicted year-end for 2021/22. At the January full Council meeting the reserves for 2022/23 were resolved to increase the earmarked reserves to £308,652 (from £302,331). This excluded CIL reserves; total CIL funds were currently £558,226.68 (allocated and unallocated funds), less any allocated payments to be made before year-end. The proposal to increase the reserves, to allow for budgeted expenditure which had not completed by yearend 2021/22, will enable projects to be completed, thus increasing the earmarked reserves by £48,757. Members noted that that the ear-marked reserves had not allowed for grant income; and agreed to create a new code for this.
The 2021/22 budgeted outcome for income and expenditure was for a deficit of £73,237.35 but with eleven months of actuals the forecasted year-end showed an underspend on budget and therefore, not drawing from General Reserves. Actuals up to 28 February: income £707,418.07 (included £47,670 CIL); expenditure £591,225.42 (included CIL £25,633.53). With a number of year-end quarter invoices March will have higher than typical spend but the final year-end outcome will be an improvement on budget. As noted at the last Finance Committee (24th January) there were several accruals from past years that were no longer considered necessary. These totalled £51,147 and had been released to the General Reserve. The 10/30-year Building Plans continued to be monitored. There would be a full review before setting the 2023/24 budget. The Pavilion Windows replacement remained outstanding but could be considered for CIL funding.
There was a suggestion to have a 10-year rolling budget to help predict potential future budgeting issues, for example staffing and retirements which the RFO and the Town Clerk will consider. Members noted Kent County Council Covid-19 Contain Outbreak Management Fund had awarded a grant of £7,274 towards the additional expenditure costs incurred by the Council during the two years of the pandemic (this had not been included in the accounts presented as was received 21 March).
Members Ratified: the predicted year end, which showed an improvement against budgeted income and expenditure which would increase the General Reserve. With eleven months of actual income and expenditure this is the current best estimate of the final outcome.
| EARMARKED RESERVES | Budget 2021/22 | Spend 2021/22 | Budget 2022/23 Approved | 2022/23 with C/O from 21/222 underspend |
| Neighbourhood Plan | £15,000 | 0 | £15,000 | £15,000 |
| Elections | £7,500 | £0 | £11,500 | £11,500 |
| Depreciatio | £1,000 | £0 | £1,000 | £1,000 |
| 10/ 30 year | £58,796 | £0 | £61,117 | £80,117 |
| Open Spac | £214,264 | £0 | £214,264 | £225,064 |
| Cemetery | £1,000 | £0 | £1,000 | £1,000 |
| Community Warden reserves | £3,771 | £0 | £3,771 | £3,771 |
| Staff | £1,000 | £0 | £1,000 | £12,000 |
| Projects carried over | £0 | £7,957 | ||
| Grants (received) | £0 | £0 | £0 | £0 |
| Sub-total Expenditure | £302,331 | £0 | £308,652 | £357,409 |
Members unanimously, Resolved: to support the movement as recommended and the ear marked reserves for 2022/23: