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Decision details
Foreshore Trust Draft Finance Report
Decision Maker: Charity Committee
Decision status: Recommendations Approved
Is Key decision?: Yes
Is subject to call in?: No
Purpose:
To advise members of the Committee on the current year’s financial position.
Decisions:
The Assistant Director, Financial Services and Revenues presented a report to advise the Committee on the current year’s financial position.
The Foreshore Trust derives its income mainly from car parking and property leases/licences, the former income stream being quite variable.
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 £9,000 more than budgeted for due to new lets at better terms.
The Chief Accountant made the Committee aware that the deficit figure referenced in the recommendations of the report on page 19 should be £62,000 not £49,000.
Councillor Rogers proposed a motion to approve the recommendations in the report, subject to the change in the deficit figure. Councillor Batsford seconded the motion.
RESOLVED (unanimously):
To agree the current financial position for 2018/19.
Reasons for the 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 reduced deficit of £62,000 is anticipated against a budgeted deficit of £99,000.
Report author: Karen Williams
Publication date: 11/04/2019
Date of decision: 10/12/2018
Decided at meeting: 10/12/2018 - Charity Committee
Accompanying Documents:
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