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MPC(22)67.01 Finance Report

Agendas & PapersFull Council Uploaded on June 9, 2022

MPC(22)67.01

MANAGEMENT ACCOUNTS – FINANCIAL REPORT – 1 APRIL 2022 to 31 MAY 2022

Contained within papers MPC(22)67.01(a-e), Councillors can see the following reports:

  • Balance Sheet as at 31st May 2022
  • Reserves Balance – showing Earmarked Reserves
  • Bank Accounts – as at 31st May 2022
  • Transactions (payments and receipts) – 01/04/2022 to 31/05/2022

These reports have all been produced in Scribe, the new accounting system we are now using.

The first instalment of the precept, £52,268, was received in April 2022. In addition, we received £8,713.81 of Community Infrastructure Levy. To date £78,071.64 (gross)/£72,212.82 (net) has been received this year.

Expenditure to date totals £87,922.84 (gross)/£77,079.35 (net). This includes the first Pavilion payment to Mixbrow and the first of two PWLB repayments this year. Of this £26,757.88 (net) has been paid from the General Reserve/Precept and £50,321.47 (net) has been paid out of Earmarked Reserves. The budget report papers in item MPC(22)67.02 show a more detailed breakdown.

In terms of cash resources as at 31 May 2022, cash in the Council’s bank accounts totalled £574,328.64 made up as follows:

  • Barclays Bank Current Account £173,090.03
  • Barclays Bank Deposit Account            £261,626.33
  • Ipswich Building Society Deposit Account             £101,368.97
  • Lloyds Bank Treasurer’s Account               £  33,115.34
  • Ipswich Building Society Rent Deposit Account £    5,126.97
  • Lloyds Instant Savings Account £           1.00

After adding as assets £10,219.44 (VAT due) and deducting £5,126.97 (rent deposit) as liabilities the total liquid assets amounted to £579,421.41. Of that sum, £475,318.50 relates to the balance of CIL and grant monies held as Earmarked Reserves:

Fete EMR £1,074.02

CIL reserves £120,974

EMR Melton Rd crossings project £35,755

EMR Landscaping & parking improvements £52,765

EMR Pavilion project £225,514.48

EMR Bins £2,000

EMR Divested land sinking fund £19,778

Hall Farm Road/SWT Events £3,063 (grants received from Deben Community Partnership and Cllr Smith-Lyte)

Budget Risk EMR £5,000

Hall Farm Road £6,395 (grant received from the Playpot)

Signage £3,000 (agreed as part of 2022/23 budget and allocated from CIL Reserve)

Therefore, the General Reserve at 31 May 2022 is £96,866.91. We are currently running a budget with a £12k deficit, although some of these expenses could be paid through EMRs. Should this not be the case the predicted General Reserve at the end of the year is around £49k. There is further information about the budget in agenda item MPC(22)67.02.

Recommendations

That members of Full Council NOTE AND COMMENT on this report

 

Pip Alder

Clerk, Melton Parish Council

June 2022