Simon Jones, Chief Accountant, presented a Finance Report to
advise the Committee on the current year’s financial
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. A deficit of £197,000 is budgeted for
after these adjustments.
this stage in the year a number of variances have been identified.
The net effect leading to a (£35,000) reduction in the
forecast deficit to £162,000.
The Chief Accountant highlighted two variances. Based on the
experience from 2018/19 it is possible that the income budget for
car parking may be overly ambitious by approximately £40,000.
This year it is particularly hard to accurately forecast income as
the Council has moved away from separate seasonal summer/winter
charging to having a fixed charge all year round.
The forecast reduction in income from car parking is however
fully offset by an expected increase in rental income, in
particular from Victoria chalets and the White Rock beach
Since publication of the report the £12,000 underspend for
maintenance of the White Rock water play feature has now been
earmarked for this financial year.
was noted that a member of the Coastal Users Group had asked why
the Foreshore Trust appears to be running its reserves down. The
Chief Accountant said that this was in line with the reserves
policy as previously agreed by the Committee.
The Committee thanked the Chief Accountant for his work and
wished him well in his new job.
Councillor Batsford proposed approval of the recommendation,
seconded by Councillor Forward.
the current financial position for 2019/20.
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.
this stage in the year the budget is forecast to be underspent by
(£35,000) at the year end. A surplus of £193,000 is
anticipated for 2019/20 in respect of operating income and
expenses. Once grant and project costs are taken into account a
deficit of £162,000 is anticipated.