Minutes of the Finance Meeting held on Monday 18 January 1999 at 7:00pm in the Bowls Pavilion Present: RT Summerfield (chair) JE Coston RJ Farrington PK Oldham J Sandford HM Smith RLE Waters and the clerk 1. Apologies for absence - none 18/99 2. Minutes Minutes of the meeting of 19 October 1998 were confirmed and signed as a true record. 3. Matters Arising 19/99 Audit (497/98) Certificate of audit already received (see min 4/99). 20/99 4. Bank Statements All bank statements were reconciled by the chairman. 21/99 5. Debtors There were no debtors. 22/99 6. Review of Insurances Noted that the war memorial was valued at £10,000. As the risk was considered negligible it was proposed JS seconded RLEW and unanimously RESOLVED to self insure the war memorial using reserves. Noted that Public Liability cover was 5 million and Fidelity Guarantee £280,000. Clerk: to find out meaning of 'Officials Indemnity'. RESOLVED to insure cemetery gates against theft in addition to damage; and to insure Queensway bus shelters for replacement and installation but to self insure brick bus shelters. Play committee to review insurances for play equipment. The issue of a fireproof box for important documents was discussed. 23/99 6. Review of Budget and year to Date Actuals Noted that 'youth' invoices had not been received and that Section 137 Community Care would be over budget by approximately £650 by the end of the year. 24/99 7. 1998/99 Projected Expenditure Projected expenditure amounted to £77,720. 25/99 8. Expenditure Review 1999/2000 Expected income and expenditure for 1999/2000 was reviewed. RESOLVED that the £2595 AWA compensation should be spent on improvements to The Sycamores Recreation Ground (see min 2/99). Noted that the clerk had worked 991 hours during the year - approximately 20 hours per week. It was agreed to put an extra £1000 into the budget for clerk's salary. New projects included cemetery seat, bins (in 1998/99) and community transport. JEC proposed that money be set aside for a new photocopier. Noted that Free Resource amounted to £11074 (in 1998/99 almost £8000 would be spent on Section 137). Estimated expenditure £76550 Estimated income £13950 Difference £62600 26/99 9. Precept 1999/2000 It was proposed RJF seconded JEC and unanimously RESOLVED to recommend that Council precept for £62000. The meeting ended at 8.30pm