MPC(23)85.01 Finance Report

MPC(23)85.01

Management Accounts – Financial and Budget Report – 1^st April to 30^th June 2023

This report should be read in conjunction with the reports MPC(23)85.01a-g:

a. Payment Transactions – 01/04/2023 to 30/06/2023

b.Receipt Transactions – 01/04/2023 to 30/06/2023

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 £76,838.84, which includes the first Precept instalment of £58,630.50 and a CIL receipt of £6,458.07. The remaining income is a mix of rent, fete donations and Pavilion income (£2,527.89). Expenditure as at the 30^th June 2023 totalled £41,681.09 which includes the first of the two annual repayments of the PWLB loan (£9,819.62) and of this £3,738.26 has been paid out of Earmarked Reserves. The two summary reports (MPC(23)85.01d and e) give a detailed breakdown of the receipts and payments against the agreed budget.

In terms of cash resources as at 30^th June 2023, cash in the Council’s bank accounts totalled £276,917.26 made up as follows:

• Lloyds Instant Savings Account £ 164,569.23
• Ipswich Building Society Deposit Account £ 102,027.17
• Ipswich Building Society Rent Deposit Account £     5,153.64
• Lloyds Bank Treasurer’s Account    £     5,167.22

After adding as assets £364.79 (VAT owed) the total liquid assets amounted to £276,552.47. Of that sum, £170,111.42 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:

CIL reserves                                                                                                  £98,857.73

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                                                                                                       £950.65

Budget Risk EMR                                                                                     £10,000

Bequest                                                                                                            £741.64

Pavilion Kit Out                                                                                           £5.30

Deposits EMR                                                                      £250

1^st Floor Rent Deposit                                                         £5,153.64

General Reserve

The General Reserve position as at 30^th June 2023 was £106,441.05, a reduction from £110,114.46 on 31^st May 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

July 2023