Minutes of the Finance Committee meeting held on Wednesday 8 July 1998 in Milton Community Centre at 7.30pm Present: RT Summerfield (chair) JE Coston PK Oldham J Sandford HM Smith RLE Waters and the clerk. 1. Apologies for absence RJ Farrington 367/98 2. Election of Chairman Proposed JEC seconded JS and unanimously agreed that RTS be elected chairman. 368/98 3. Minutes of the meeting of 8 May 1998 were confirmed and signed as a true record. 3. Matters Arising 369/98 Cornhill Insurance The clerk confirmed that the Cornhill requirements and controls applied to the clerk only. 370/98 4. Bank Reconciliation and Bank Statements The Accounts were reconciled by the chairman. PKO queried whether under the Investment Act 1961 Council could legally invest in a C & G Channel Islands account. The clerk to investigate. 371/98 5. Debtors There were two debtors:- Customs & Excise £745.88 - VAT reclaim 1st quarter Weyman £40 - memorial fee cemetery. 372/98 6. Review of Budget The clerk to clarify April figure for C & G interest. 7. Any Other Business 373/98 War Memorial The clerk would investigate the level of insurance cover for the memorial. 374/98 Financial Arrangements with MCC RLEW reported that it was hoped to have the lease signed by 9 September and that paragraph 4.8 should include the words "the insurance to be reviewed annually" (by the lessors and lessees). It was important therefore to agree as soon as possible the financial arrangements on the recreation grounds. The meeting ended at 8.20pm.