Minutes of the Finance Committee meeting
       held on Monday 21 January 2002 in Milton Community Centre at 7.30pm

Present:   RT Summerfield (chair)   PK Oldham   TJ Siggs   HM Smith   RLE Waters
           The clerk

       1   Apologies for absence JE Coston RJ Farrington

31/02  2   Minutes of the meeting of 15 October 2001 were confirmed and signed
           as a true record.

32/02  3   Matters arising

(531/01)   Fidelity Guarantee - RTS to talk to MCC Finance Committee.

(533/01)   Youth Account - an account had not been set up as HMS was running a
           petty cash account and paying a cheque quarterly to Council.

(534/01)   Treasurers Account - Treasurers Account had been opened.

33/02  4   Bank Reconciliation and Bank Statements

           The chairman reconciled the bank statements as at 31/12/01.

34/02  5   Review of Debtors

           There were no debtors at 31/12/01.

35/02  6   Review of Insurances

           AGREED to keep level of Fidelity Guarantee at £240,000. Insurance
           to be renewed subject to youth building insurance being reviewed
           at time of transfer of building to MCC (see below).

36/02  7   Review of Budget and Year to Date Actuals

           The budget figures and year to date actuals were reviewed.

37/02  8   2001/02 Projected Expenditure

           Forecast expenditure to 31 March 02 amounted to approximately

38/02  9   New Projects

           Council would be expected to pay approximately £1500 towards the
           skateboard ramp as part of the condition of a grant from Wren.

39/02 10   Free Resource

           Council were well within the limit (S 137 1972 Local Government Act)
           for the year. Noted that the limit was likely to be increased from
           £3.50 to £5 per elector.

40/02 11   Expenditure Review 2002/03

           It was agreed to allow £100 for professional training - possible
           increase in 2003.

           It was expected that the Village View would ask for £500 towards
           Millennium Book photographic expenses (min 451/01 & 616/01 refer).

           The clerk reminded committee of suggestion that Council purchase
           a new computer (min 45/01).

           MCC grant increased to £22,000.

           Noted that the grass cutting contract accounted for increased
           expenditure of approximately £8,000.

           Total expenditure forecast for 2002/03 £87,000

           Total income forecast for 2002/03       £8,200

           Shortfall                              £78,800

           Less youth underspent 2000-02           £5,600


           Less: from commuted          £3,000
                 from reserves          £1,000

           Total required for 2002/03             £69,200

41/02 12   Precept 2002/03

           AGREED to recommend that Council precept for £69,000
           (increase of 3%).

42/02 13   Youth Building

           It was AGREED that the youth building should be transferred to MCC -

           - MCC were exempt from rates.
           - This would comply with the conditions of the MPC/MCC lease.
           - It would improve the chances of a successful lottery application
             for funds towards a permanent building.

           A written document detailing the conditions for transfer of the
           building was agreed. HMS to finalise document - to be discussed
           by MCC Finance Committee on 24 January and Council on 4 February.

           AGREED that:
           - Income should cover all expenses of the building; surplus to be
             restricted to a building fund.
           - MCC could use the building as additional room for hire on a
             temporary/casual basis.

The meeting ended at 8.30pm.