Minutes of the Finance Meeting held on Tuesday 20 April 1999 at 7:30pm in the Community Centre Present: RT Summerfield (chair) JE Coston PK Oldham J Sandford RLE Waters RJ Farrington and the clerk. 1. Apologies for absence HM Smith 165/99 2. Minutes of the meeting of 18 January 1999 were confirmed and signed as a true record. 3. Matters Arising 166/99 Insurance Noted that Council had insured against Official's Indemnity (min 56/99) and that Play Committee would review play equipment insurance in readiness for January Finance meeting (min 83/99). 167/99 4. Bank Reconciliation and Bank Statements All bank statements were reconciled by the chairman. 168/99 5. Debtors There were four debtors at 31/03/99 for photocopying and interest accrued on three accounts. 169/99 6. Review of Budget 1998/99 and Year to Date Actuals There were variances of: INCOME approximately £17000 , not budgeted for, as follows: £9600 interest from "Sheltered Housing" land £4427 AWA compensation £1180 Cemetery Fees £2000 interest (the estimate being on the cautious side). -£113 legal fees under "Sale of Assets" to be offset against "Sheltered Housing" money (a further invoice was due); £100 for sale of computer to be included also in "Sale of Assets". EXPENDITURE £11800 overspend as follows: £4500 Professional Fees (further solicitor's invoice still to come). This included solicitor's fees for MCC lease £1504 and war memorial land £1300, Land Agent's fees £1573 offset against AWA income and Valuation Fees £545. £4500 Bins (from "Sheltered Housing" interest) throughout village and recreation grounds £764 Cemetery £1000 Community Care. Noted that there was underspend in other areas; also that the £1000 for Coles Road Rec path (min 10/99) was included under 'Millennium' and that the £1000 Feasibility Study having been agreed in March 1998 (min 127/98) had not been included in the budget (the budget meeting had taken place in January 1998). 170/99 7. Draft Accounts 1998/99 Accounts had been reviewed in item 6 above. RTS was checking the MCC rating situation. 171/99 8. PWLB - Review of Outstanding Loan The total cost of repaying the loan over the full life cycle of the loan (7 years) amounted to £141,000. To continue paying the loan at £18100 per year amounted to £126,700. RTS recommended that Council do not redeem the loan to the PWLB. AGREED. RTS suggested, as an alternative, that Council could consider reducing the precept and taking the £18100 from reserves. 172/99 9. Accounts and Audit Regulations Agreed to include document as circulated with minor amendments in Councillor's Handbook. 173/99 10. Any Other Business Agreed that commuted sums should continue to be shown separately. The meeting ended at 8.25pm.