Meeting of the Finance Committee 5.7.21
Finance Committee Meeting
5th July 2021 7pm
Caythorpe Village Hall
Present: Cllr Budden (Chair), Cllr Roberts, Cllr Lee, Cllr Linforth, Cllr Crawley
Clerk: Mrs D Manderfield
Apologies for Absence: Cllr Sandy
Cllr Budden welcomed the Committee and thanked them for their attendance.
Cllr Budden explained that the budget was originally formulated over zoom between himself and the clerk. There had been a vote at a previous meeting of the full council to maintain the current Precept at £30039, and that the reserves were to be maintained between 50% and 125% of this figure. (ie £15019 and £37549). The current figures show that the finances are healthy and there is scope for additional funds to be spent.
There were 3 variances to the budget:
1 Ward Grant: This is a grant from SKDC that is administered by Cllr Milnes. There has been a reduction to this grant across the Ward to £500. The original budget was set at £400 (£200 from the previous year that had not been claimed +a further £200 for this year). this has now been reduced to £100 and is due to be discussed at the full PC meeting on 14th July.
2 Neighbourhood Plan: This is completely cost neutral to the PC ie £7669 income and expenditure.
3 Mole Control: This is an annual expense of £325. However, due to the invoice for the previous year being late, 2 payments will fall in the current year and so the budget has been amended to read £650
Cllr Budden went on to explain and summarise the Management Accounts Spreadsheet as thus:
Income = £43,810 after reforecast £51179 (variance £7369 (7669-300))
Expenditure = £34,448 after reforecast £42442 (variance £7994 (7669+325)
Surplus for the year = £9,362 after reforecast £8737 (variance 625)
When added to b/f Reserves of £29,353, this means budgeted end of year reserves = £38,715, and after reforecast £38090.95
Decision:
That the current finances are healthy, and that the PC is in a good position for any additional funds to be spent, if so agreed by the full PC at subsequent meetings.