Minutes of the Finance Committee meeting held on Wednesday 25th April 2000 in Milton Community Centre at 7.30pm Present: RT Summerfield (chair) RJ Farrington (part - apologies for lateness) PK Oldham HM Smith RLE Waters The clerk 197/00 1 Minutes of the meeting of 31 January 2000 were confirmed and signed as a true record. 2 Matters arising 198/00 Bank Reconciliation - Noted that the commuted Fixed Account had been (42/00) reconciled. 199/00 3 Bank Reconciliation and Bank Statements The chairman reconciled the bank statements as at 31/03/00. 200/00 4 Review of Debtors Debtors total £4306.72 at 31/03/00 - Interest accrued - VAT recoverable - Cemetery fee (since received). 201/00 5 Review of Budget and Year to Date Actuals The budget figures and year to date actuals were reviewed. Income - £2500 higher than budget figure received - made up of interest and cemetery fees. Expenditure - Administration £1797 under budget - contingency not used, clerk's salary £400 under budget, only £38 of crime budget used - Capital costs of £32,075 not included in budget - £29,522.35 taken from 'sheltered housing' money - Long term debts - capital expenditure (£9067) is taken off balance sheet, interest (£8553) from Income and Expenditure Account although total of both items is considered when setting budget figure - Millennium - £7245 not yet spent - Youth - the clerk would find out if there were any outstanding bills. Council had overspent on the budget by approximately £26,000 because of the capital expenditure on the courts and play area at The Sycamores Recreation Ground - the £26,000 coming from reserves. 202/00 6 Draft Accounts 1999/2000 Income and Expenditure - comparison with the previous year was made. Income - Approximately £9000 less than in 1998/99 - Council had less money invested and interest rates were lower - AWA receipt in a 1998 was a one-off figure Expenditure - Spending was down - On the cemetery - gates had been repaired in 1998 - On highways - bins had been bought in 1998. A surplus of £10,000 in 1998/99 had become a deficit of £16,000 in 1999/2000. The Flexible Savings and Current no '2' accounts had been closed. £102,000 commuted sum was invested in a Treasury Account - all interest being transferred to the general account The £100,000 'sheltered housing' money was also invested in a Treasury Account. This was set aside for - Land purchase - £80,000 - Youth - £20,000 After setting aside the money for millennium and play/lighting expenditure at The Sycamores Council had approximately £25,000 in general reserve. The meeting ended at 7.55pm.