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Issue - meetings
Foreshore Trust - Finance Report (Including 2019/2020 Budget)
Meeting: 16/03/2020 - Charity Committee (Item 66)
66 Foreshore Trust - Finance Report (Including 2019/2020 Budget) PDF 95 KB
Minutes:
The budget agreed in March 2019 identified budgeted income at £1,477,000 and expenditure at £1,296,000. The budgeted surplus for the year being £181,000 after direct governance costs, but before distribution of grants, capital charges and before use of Reserves.
Income is currently projected to be less than budget. The amount of car parking income anticipated is now £68,000 less than budgeted which is indicative of fewer visitors to the area as a result of the adverse weather and concerns over the potential impact of coronavirus. Rental income and Investment income remain on budget.
Expenditure is expected to be £51,000 under budget. This is due to lower maintenance expenditure (£12,000) which is now expected to be spent in 2020/21 and an anticipated underspend of £39,000 on charitable activities.
The combination of the expected reduction in income and decrease in expenditure will give rise to a net £17,000 decrease in the anticipated operating surplus at the year end. This is now forecast to be £164,000.
The budget for 2020/21 was attached as Appendix A to the Assistant Director’s report.
The Assistant Director confirmed that the budget projections will need to be amended to reflect the agreed new staff post. The 2020/21 budget was set before the implications of the coronavirus were known. Although the Trust has adequate reserves expenditures may have to be looked at. A revised set of proposals may be brought back to the Committee to reflect this.
Councillor Batsford proposed approval of the recommendation, seconded by Councillor Rogers.
RESOLVED (unanimously):
1. To agree the current financial position for 2019/20.
2. The allocation of general grants for 2020/21 be set at £60,000 and event grants at £30,000.
3. Approve the proposed expenditure funded from Reserve – albeit further approval to proceed will be required for a few schemes (marked with an *).
4. Approve the budget for 2020/21.
5. Financial monitoring reports continue to be presented to each meeting of the Charity Committee.
6. No increase in car parking charges for 2020/21
Reasons:
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 deficit slightly above budget expectations is anticipated for 2019/20 in respect of operating income and expenses. Once grant and project costs are taken into account a deficit of £203,000 is anticipated against a budgeted deficit of £197,000.
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