FRM(23)05.02
TO CONSIDER UPDATES TO THE 2023/24 BUDGET
The budget for 2023/24 projects an in-year deficit of £7,924.24. Since being formally adopted by Full Council in January the following points need to be considered:
Internal Audit cost has risen to £375. £350 had been allocated in the budget for 2023/24.
Greenspace Management – a new quote has been provided for 2023/24 as the current agreement runs out in April 2023. £5,000 has been allocated (increase of £500 from 2022/23) but the quote is for £5,622. Some savings could be made as in previous years not all 22 cuts have been required.
Pavilion Electricity – the fixed term contract expires in March and renewal quotes are being sought. £600 is currently allocated in the budget but depending on the renewal quote and usage this may need to be amended.
Bank and Building Society Interest should be significantly more than budgeted. Currently earning £50 a month on Lloyds savings account and £658.20 received on the Suffolk Building Society account in 2022/23. However this will depend on the CIL income and expenditure this financial year.
Pavilion Income – if lettings continue as they are the income could be higher than the predicted £6k. Running costs could be lower than the budgeted £7,250 as we are having to pay for less cleaning time than estimated. There is currently a daily clean of the toilet/hall which could be reduced if necessary.
Recommendations
That members receive and comment on this report
Pip Alder
Clerk and Executive Officer to the Council
February 2023
