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.