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Issue - meetings
Foreshore Trust Financial Report
Meeting: 12/12/2016 - Charity Committee (Item 73)
73 Foreshore Trust Financial Report PDF 52 KB
Additional documents:
- Appendix 1 - Financial Monitoring Report, item 73 PDF 6 KB
- Appendix 2 - Business Plan - Financial Summary, item 73 PDF 8 KB
- Appendix 3 - Indicative Forward Plan, item 73 PDF 6 KB
Minutes:
The Assistant Director (Financial Services and Revenues) presented a report which updated the Charity Committee on the current year’s financial position since the budget was set in March 2016.
The report stated that income was currently above budget due to parking income being higher than anticipated and rental increases. While there had been a slight increase in expenditure, the surplus was above the original projection for the year and reserves remained above the suitable level identified in the Trust’s policy.
The report also set out the current programme of works approved by the Trust.
The Assistant Director (Financial Services and Revenues), advised that there had been a revision in the time scale for the Stade Open Space Landscaping, Seafront Splash Pad and Kiosk and Marina litter project which require further Charity Committee Approval before additional spend.
Mr May, The Protector, asked what had contributed to increased footfall and hence the increase in carpark income. The Marketing and Major Projects Manager said there had been a number of major events this year such as the ROOT1066 International Festival and the storytelling programme.
Councillor Forward proposed approval of the recommendations to the Assistant Director (Financial Services and Revenue’s) report, which was seconded by Councillor Cartwright.
RESOLVED (unanimously)
1. To agree the current financial position for 2016/17.
2. To agree the revisions to the Business Plan.
3. To advise on potential additions to the Business Plan.
The reason for this decision was:
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 2016/17 in respect of ongoing operations.
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