MANAGEMENT ACCOUNTS – FINANCIAL AND BUDGET REPORT – 1 APRIL 2022 to 31st OCTOBER 2022
This report should be read in conjunction with the reports MPC(22)96.01a-f:
- Transactions (payments and receipts) – 01/04/2022 to 31/10/2022
- Bank Reconciliation Report – as at 31st October 2022
- Precept/General Reserve Summary Report
- EMR Summary Report
- Budget Report
£148,967.81 has been received this year to date. This includes all the Precept and an additional CIL payment of £9,383.82 in October. Expenditure to date is £351,985.96. This includes seven payments to Mixbrow for the Pavilion totalling £259,257.13 and the first of two PWLB repayments this year. Of this £70,114.92 has been paid from the General Reserve/Precept and £281,871.04 has been paid out of Earmarked Reserves. The budget reports give a detailed breakdown of the receipts and payments.
The Budget Working Group reviewed the budget for 2022/23 now that the annual pay rise has been approved. The revised budget figures for General Reserve/Precept show receipts of £126,355 (previously £126,347) and payments of £143,415.82 (previously £138,915).
In terms of cash resources as at 31st October 2022, cash in the Council’s bank accounts totalled £380,572.53 made up as follows:
- Barclays Bank Current Account £ 78,835.53
- Barclays Bank Deposit Account £ 59,716.15
- Ipswich Building Society Deposit Account £ 101,368.97
- Lloyds Bank Treasurer’s Account £ 33,866.49
- Ipswich Building Society Rent Deposit Account £ 5,126.97
- Lloyds Instant Savings Account £ 101,658.42
After adding as assets £5,832.93 (VAT due) and deducting £5,126.97 (rent deposit) as liabilities the total liquid assets amounted to £381,278.49. Of that sum, £282,990.81 relates to the balance of CIL and grant monies held as Earmarked Reserves:
Fete EMR £874.34
(£700 seed fund agreed by FERM in July 2022. Refund for board has been received)
CIL reserves £111,928.73
(£9,383.82 received in October 2022)
EMR Melton Rd crossings project £35,755
EMR Landscaping & parking improvements £56,077.47
EMR Pavilion project £47,263.38
EMR Bins £2,000
EMR Divested land sinking fund £18,998
Hall Farm Road/SWT Events £690
(grants received from Deben Community Partnership and Cllr Smith-Lyte)
Budget Risk EMR £5,000
Pavilion Kit Out £63.89
Therefore, the General Reserve at 30th September 2022 is £98,287.68. We are now running a budget with a £17k deficit. This includes the additional costs from the annual pay rise (flat rate pay rise of £1,925 on all scale points). Although some costs could be paid through EMRs and savings are being made where possible, the current financial climate plus a degree of uncertainty about how much the Pavilion will cost to run and how much income it will generate, means the budget continues to be challenging. If predicted income and expenditure is as budgeted with no further adjustments, then the predicted General Reserve at year end would be £44k.
That members of Full Council NOTE AND COMMENT on this report and agree to the proposed budget adjustments for 2022/23.
Clerk, Melton Parish Council