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.