MPC(24)105.01
Management Accounts – Financial and Budget Report – 1st April to 30th June 2024
This report should be read in conjunction with the following papers:
a. Payment Transactions – 01/04/2024 to 30/06/2024
b. Receipt Transactions – 01/04/2024 to 30/06/2024
c. Bank Reconciliation Report
d. Summary Report
e. Precept/General Reserve Summary Report
f. Reserves Balance
g. Balance Sheet
Overview
Income as at the 30th June 2024 income was £85,469.36, which includes the first Precept instalment of £61,843.50 and a CIL receipt of £1,703.98. The remaining income was a mix of rent, fete donations and takings and Pavilion income. Expenditure was £121,161.55 and of this £82,976.32 has been paid out of Earmarked Reserves – £79,500 of that was for the Beresford Drive play park. The two summary reports (MPC(24)105.01d and e) give a detailed breakdown of the receipts and payments against the agreed budget. In terms of cash resources as at 30th June 2024, cash in the Council’s bank accounts totalled £203,792.49 made up as follows:
- Lloyds Instant Savings Account £ 78,844.34
- Suffolk Building Society Deposit Account £ 79,728.68
- Suffolk Building Society Rent Deposit Account £ 5,271.32
- Lloyds Bank Treasurer’s Account £ 2,840.70
- CCLA £ 37,107.45
After adding VAT owed (£15,002.23) the total liquid assets amounted to £218,794.72. Of that sum, £122,523.63 relates to the balance of deposits, CIL and grant monies held as Earmarked Reserves:
CIL reserves £43,547.83
Fete EMR £ 4,429.98
Melton Road Crossings Project CIL EMR £ 23,755.00
Landscaping and Parking Improvements CIL EMR £ 3,717.03
Pavilion Project CIL EMR £ 210.54
Bins CIL EMR £ 1,037.09
Divested Land Sinking Fund CIL EMR £ 13,800.17
Hall Farm Road/SWT Events EMR £ 303.00
Budget Risk EMR £ 15,000.00
Signage CIL EMR £ 1,130.00
Bequest EMR £ 517.04
Pavilion Kit Out £ 5.30
1st Floor Rent Deposit £ 5,271.32
Yarmouth Road Signage EMR £ 226.57
Dock Lane Planter £ 4.35
20’s Plenty EMR £ 20.00
Pump Track EMR £ 550.00
Beresford Drive Play Area EMR £ 0.00
Tree Safety Works £ 9,000.00
General Reserve
After accounting for year-end adjustments (-£1,320.74) the General Reserve position as at 30th June 2024 was £94,948.86.
Budget
The following adjustments have been made to the budget:
Bank Interest increased by £1,100 to £2,000
Recruitment Costs increased from zero to £1,000
Legal and Professional Costs increased by £1,000 to £2,000
Accounts Software reduced by £27 to £540
Income from Football pitch hire increase by £460 to £1,900
Income from Tennis court hire reduced by £250 to £2,000
The budget now has a predicted deficit of £3,233 (previously £2,570).
Recommendations
Councillors are asked to:
- NOTE AND COMMENT on this report.
Pip Alder
Clerk, Melton Parish Council
July 2024
