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 £90,000. 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 _______ £73,200 Less: from commuted £3,000 from reserves £1,000 ______ £4,000 _______ 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 - reasons: - 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.