Documents

MPC(24) 135.01 Finance Report

Agendas & PapersFull Council Uploaded on October 21, 2024

Management Accounts – Financial and Budget Report – 1st April to 30th Sept 2024

This report should be read in conjunction with the following papers:

  1. Payment Transactions – 01/04/2024 to 31/09/2024
  2. Receipt Transactions – 01/04/2024 to 31/09/2024
  3. Bank Reconciliation Report
  4. Summary Report
  5. Precept/General Reserve Summary Report
  6. Reserves Balance
  7. Balance Sheet

Overview

Income as at the 30th September 2024 was £185,788.98, which includes the whole Precept of £123,687.00, Neighbourhood Plan Grant of £9,900.00, a VAT refund of £15,002.23 and a CIL receipt of £1,703.98. The remaining income was a mix of Bank Interest, Rent, Fete donations and takings and Pavilion income.

Expenditure as at the 30th September 2024 was £204,579.50 and of this £108,072.52 has been paid out of Earmarked Reserves – £79,500 of that was for the Beresford Drive play park and £16,211.90 for the Wilford Bridge Speed reduction. The two summary reports (d and e) give a detailed breakdown of the receipts and payments against the agreed budget.

In terms of cash resources as of 30th September 2024, cash in the Council’s bank accounts totalled £236,159.66 made up as follows:

Lloyds Instant Savings Account £ 80,380.09
Suffolk Building Society Deposit Account £ 79728.68
Suffolk Building Society Rent Deposit Account £ 5,271.32
Lloyds Bank Treasurer’s Account £ 3,672.15
CCLA £ 67,107.45

A transfer of £30,000 was made to CCLA on 26th September 2024, to ensure there was under £85,000 held with Lloyds at any one time.

After adding VAT owed to us (£3,493.98) the total liquid assets amounted to £239,653.64. Of that sum, £108,497.38 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:

Reserve Amount
CIL reserves £27,270.40
Fete EMR £959.71
Melton Road Crossings Project CIL EMR £24032.73
Bins CIL EMR £1,037.09
Divested Land Sinking Fund CIL EMR £11,000.17
Hall Farm Road/SWT Events EMR £303.00
Budget Risk EMR £15,000.00
Signage CIL EMR £1,130.00
Bequest EMR £517.04
1st Floor Rent Deposit £5,271.32
Yarmouth Road Signage EMR £226.57
Councillor Grants £144.05
Beresford Drive Play Area EMR £1,000.00
Tree Safety Works £9,000.00
Play Park EMR £2,055.30
Neighbourhood Plan EMR £9,550.00
Total £108,497.38

 General Reserve
After accounting for year-end adjustments (-£1,320.74) the General Reserve position as of 30th September 2024 was £129,835.52 this is an increase from £81,020.64 as of 31st August 2024.

The budgets look to be largely on track for this point, at halfway through the year. However, I would like to bring the following to your attention:

  • 75% of the Legal and Professional Costs budget has been spent, mainly on Savills fees. This may go over budget by the end of the year
  • Rent from the 1st Floor Office is currently healthy against the budget, yet the tenancy remains uncertain.
  • Office Utility costs are higher than anticipated and will be over budget by the end of the year.
  • Pavilion income is down on predicted, by approximately £1,000. We lost a regular user last month and two other users have reduced their hours due to lower attendance at their classes
  • At the current rate, the hire of the Tennis Courts will bring in more income than anticipated.

Recommendations

Councillors are asked to:

  • NOTE AND COMMENT on this report.

Judi Hallett

Clerk, Melton Parish Council

10th October 2024