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Decision details
Foreshore Trust 2019/20 Budget and Finance Report
Decision Maker: Charity Committee
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decisions:
The Chief Accountant presented a report, submitted by the Assistant Director, Financial Services and Revenues, to advise members of the Committee on the current year's financial position (2018/19) and to determine the budget for 2019/20.
The budget agreed in March 2018 identified budgeted income at £1,400,000 and expenditure at £1,020,000. The budgeted surplus for the year being £380,000 after direct governance costs, but before distribution of grants, capital charges and before use of Reserves.
Income is currently projected to exceed the budget by a small amount. The amount of rental income anticipated is now £12,000 more than budgeted for due to new lets at better terms. Investment income and car parking income remain on budget.
Expenditure is expected to be £28,000 above budget. This is due to an anticipated overspend of £49,000 on charitable activities, offset by £9,000 lower than budgeted governance costs in respect of legal and professional fees and reduced maintenance expenditure as the £12,000 put aside for maintaining and operating a water play feature for the White Rock Fountain is unlikely to be incurred this financial year.
The Committee thanked Officers for their work.
Councillor Rogers proposed a motion to approve the recommendations in the report, seconded by Councillor Batsford.
RESOLVED (unanimously):
1. To agree the current financial position for 2018/19.
2. The allocation of general grants for 2019/20 be set at £60,000 and event grants £37,000.
3. Approve the proposed expenditure funded from Reserve – albeit further approval to proceed is required for a few schemes.
4. Approve the budget for 2019/20.
5. Financial monitoring reports continue to be presented to each meeting of the Charity Committee.
6. Approve the car parking charges for 2019/20 (Appendix 4).
Reasons for recommendation:The Council has the responsibility for the proper management of the financial affairs of the Trust. In doing so it complies with Accounting Codes of Practice and the high standards required for the accounting of Public money.
A surplus slightly above budget expectations is anticipated for 2018/19 in respect of operating income and expenses. Once grant and project costs are taken into account a surplus of £110,000 is anticipated against a budgeted deficit of £99,000.
Publication date: 10/04/2019
Date of decision: 18/03/2019
Decided at meeting: 18/03/2019 - Charity Committee
Accompanying Documents:
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