MPC(23)72.01 Finance Report

MPC(23)72.01

Management Accounts – Financial and Budget Report – 1^st April to 31^st 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

Overview

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 31^st 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 31^st 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

Bequest                                                                                                            £962.40

Pavilion Kit Out                                                                                           £5.30

Deposits EMR                                                                      £100

1^st Floor Rent Deposit                                                         £5,153.64

General Reserve

The General Reserve position as at 31^st May 2023 was £110,114.46, a reduction from £126,012.34 on 30^th April 2023.

Budget

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.

Recommendations

• That members NOTE AND COMMENT on this report.

Pip Alder

Clerk, Melton Parish Council

June 2023