Management Accounts – Financial and Budget Report – 1 April 2022 to 28th February 2023
This report should be read in conjunction with the reports MPC(23)22.01a-g:
- Payment Transactions – 01/04/2022 to 28/02/2023
- Receipt Transactions – 01/04/2022 to 28/02/2023
- Bank Reconciliation Report – as at 28th February 2023
- EMR Summary Report
- Precept/General Reserve Summary Report
- Detailed Budget Summary Report
- Balance Sheet
Using the figures found in MPC(23)22.01f, £160,456.39 (net) has been received this year to date. This includes £2,460.05 for the hire of the Pavilion. Expenditure to date is £492,627.77 (net) and of this £118,523.86 has been paid from the General Reserve/Precept which equates to 82% of expected spend with one month of the year remaining. £ 374,103.91 (net) has been paid out of Earmarked Reserves. The two summary reports (MPC(23)22.01d and e) give a detailed breakdown of the receipts and payments against the agreed budget. The only outstanding significant expenditure for this year is for the recent tree safety works which will be paid in March 2023. A grant of £1k has been received from the District Councillor towards the cost of a defib for the Pavilion. This has been ordered and the balance will be met from the Bequest the Council received last year.
In terms of cash resources as at 28th February 2023, cash in the Council’s bank accounts totalled £257,112.86 made up as follows:
- Lloyds Instant Savings Account £ 143,559.02
- Ipswich Building Society Deposit Account £ 102,027.17
- Ipswich Building Society Rent Deposit Account £ 5,153.64
- Lloyds Bank Treasurer’s Account £ 6,373.03
The Barclays Bank accounts have now been closed.
After adding as assets £130.37 (VAT due) the total liquid assets amounted to £257,243.23. Of that sum, £182,011.58 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:
Fete EMR £849.34
CIL reserves £93,902.56
EMR Melton Rd crossings project £35,755
EMR Landscaping & parking improvements £3,717.03
EMR Pavilion project £12,663.66
EMR Bins £1,822.88
EMR Divested land sinking fund £18,822.17
Hall Farm Road/SWT Events £590 (grants received from Deben Community Partnership and Cllr Smith-Lyte)
Budget Risk EMR £5,000
Pavilion Kit Out £5.30
Deposits EMR £100
1st Floor Rent Deposit £5,153.64
There are sufficient funds remaining in the Pavilion build EMR to cover the retainer. Blinds have been installed and sound absorption boards have been purchased and are being installed this week.
Therefore the General Reserve is currently £75,231.65. The budget for 2022/23 shows an in-year deficit of £17k, however income is likely to be higher than predicted due to Pavilion income (£2.5k) and expenditure will be lower. It is likely that the following savings will be made on items including the Neighbourhood Plan (£2k), Pavilion running costs (£4k) and Greenspace additional works (£4k). The end of year position, including adjustments, will be presented to Full Council in April 2023. The General Reserve position at year end 21/22 was £61,484.64.
- That members NOTE AND COMMENT on this report.
Clerk, Melton Parish Council