Management Accounts – Financial and Budget Report – 1st April to 31st May 2023
This report should be read in conjunction with the reports MPC(23)72.01a-g:
a. Payment Transactions – 01/04/2023 to 31/05/2023
b. Receipt Transactions – 01/04/2023 to 31/05/2023
c. Bank Reconciliation Report
d. EMR Summary Report
e. Precept/General Reserve Summary Report
f. Reserves Balance
g. Balance Sheet
Income so far this financial year is £69,994.66, which includes the first Precept instalment of £58,630.50 and a CIL receipt of £6,458.07. The remaining income was a mix of rent, fete donations and Pavilion income. Expenditure as at the 31st May 2023 totalled £30,362.92 which includes the first of the two annual repayments of the PWLB loan (£9,819.62) and of this £2,674.38 has been paid out of Earmarked Reserves. The two summary reports (MPC(23)72.01d and e) give a detailed breakdown of the receipts and payments against the agreed budget.
In terms of cash resources as at 31st May 2023, cash in the Council’s bank accounts totalled £280,572.87 made up as follows:
- Lloyds Instant Savings Account £ 164,461.80
- Ipswich Building Society Deposit Account £ 102,027.17
- Ipswich Building Society Rent Deposit Account £ 5,153.64
- Lloyds Bank Treasurer’s Account £ 8,930.26
After adding as assets £16.89 (VAT due) the total liquid assets amounted to £280,589.76. Of that sum, £170,475.30 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:
CIL reserves £99,073.16
Melton Rd crossings project CIL EMR £19,755
Landscaping & parking improvements CIL EMR £3,717.03
Pavilion project CIL EMR £11,103.67
Bins CIL EMR £1,576.59
Divested land sinking fund CIL EMR £16,280.17
Signage CIL EMR £1,130
Hall Farm Road/SWT Events £590 (grants received from Deben Community Partnership and Cllr Smith-Lyte)
Fete EMR £1,028.34
Budget Risk EMR £10,000
Pavilion Kit Out £5.30
Deposits EMR £100
1st Floor Rent Deposit £5,153.64
The General Reserve position as at 31st May 2023 was £110,114.46, a reduction from £126,012.34 on 30th April 2023.
At this point in time it is not felt that any further budget adjustments are required, but the office continues to monitor the budgets closely.
- That members NOTE AND COMMENT on this report.
Clerk, Melton Parish Council