Finance and Governance, 27 March 2023
Meeting: Finance and Governance – 27 March 2023
Committee: Finance and Governance
Date: Monday, 27 March 2023 at 7:30 PM
Previous Meeting
Following Meeting
Papers:
Venue
Rickards Hall
72a High Street
Edenbridge, TN8 5AR
Kent
Agenda
2 Declaration of Interests or Predetermination
The disclosure must include the nature of the interest. If an interest becomes apparent to a member during the course of a meeting that has not been disclosed under this item, the member must immediately disclose it.
5 Financial Statement and Analysis of Receipts and Payments (financial Report Pack)
To approve the Financial Income and Expenditure Statements as of …
5.1 To ratify the expenditure up to 28 February 2023
Do Members ratify the above report?
5.3 To review Expenditure over £500 up to 28 February 2023
Do Members/ the Committee accept the above report?
5.4 To receive the income up to 28 February 2023
Do Members receive the above reports?
5.5 To review the Financial I&E Budget Comparisons report up to the 28 February 2023
Do Members receive the above reports?
5.6 To Review the I&E Accounts up to the 28 February 2023
Do Members receive the above report?
5.7 To review the Consolidated Balance Sheet up to 28 February 2023
Do Members confirm the above report?
5.8 To receive the Financial Summary Cashbook up to 28 February 2023
Do Members confirm the above report?
5.9 To confirm the Bank Reconciliation statements and Procurement Card for January and February 2023
Do Members confirm and accept the above reports?
5.10 To approve and accept the transfers into, out of and between bank accounts
Do Members approve and accept the attached report?
5.11 To note and advise on invoices outstanding over 3 months
Nothing to report.
6.1 To receive quotes with regards to Street Lighting Increases.
NPower, who is our current supplier has come back and confirmed the new contract prices will be 33.8p/KWh and 0.00775£/KWh for CCL.
Her Utility are a new supplier quote with different rates for each type of usage.
Both quotes reflect the new LED streetlights the calculations at present are:
NPOWER Quote
| Plan | Profile | Usage (KWH/year) | Unit Price/KWh | CCL* |
| MPAN 653 | Continuous | 2209 | ||
| MPAN 675 | Dusk to Dawn | 22253 | ||
| MPAN 684 | Half Night and Pre Dawn | 18685.7 | ||
| 0.338 | 0/00775 | |||
| Anticipated Annual Units | 43147 | £14,583.92 | £334.39 | |
| Expected Annual Total | £14,918,32 + VAT |
HER Utility Quote
| Plan | Profile | Usage (KWH/year) | Unit Price/KWh | CCL | Monthly Charge | x12 |
| MPAN 653 | Continuous | 2209 | 0.33659 | 0.00831 | £5.42 | £65.04 |
| MPAN 675 | Dusk to Dawn | 22253 | 0.3833 | 0.00831 | £4.30 | £51.60 |
| MPAN 684 | Half Night and Pre Dawn | 18685.7 | 0.32672 | 0.00831 | £4.30 | £51.60 |
| 43147.7 | £15,736.61 | £168.24 | ||||
| Expected Annual Total | £15,904.89 + VAT |
This is considerable increase on our current contract, but we have allowed in the budget £18,000. Cllr Aldridge has looked at the quotes and figures with me.
Do members confirm to go with the NPower as the lower quote?
7.1 To receive the predicted year-end
The Budget Comparison and Consolidated Balance Sheet are up to 28 February 2023. The predicted year-end looks at the expected position up to 31 March. See budget comparison report – predicted year end column.
Whilst there is an underspend on the budget comparison report, this does not include the projects recommended to move funds into ear-marked reserves, total £63,682 – see agenda item 7.2 table 2.
The budgeted expenditure when including the above (£63,682), would result against budget:
| Budgeted | Projected year end | |
| Total Expenditure | £719,365 | £735,960 |
| Total Income | £729,582 | £750,490 |
| Result/movement | £10,217 | £14,530 |
Do Members agree with the predicted year-end?
7.2 To note any budgeted projects and expenditure which did not take place this current year and to carry over in to 2023/24 Reserves
Some projects were unable to be completed by year-end but are either in the process of completion or will occur later in the year. The allocation of funds needs to be moved into the earmarked reserves to cover the expenditure. These include approved projects (codes 1010 and 1011), 10-and- 30-year planned maintenance.
Below is an update on last year’s movements, and proposal of movement from 2022-23 budget in to ear marked reserves.
Table 1: 2021-22 movements into earmarked reserves
| From code | Project | Budgeted Amount | Actual Spend | Movement back into General Reserves |
|---|---|---|---|---|
| 1010 Contingency | Depot Alarms | £2,317.00 | £1,187.50 | |
| Alarms for 3 buildings at Doggetts' | £2,565.00 | £1,555.00 | ||
| 2 new laptops for homeworking | £3,075.00 | £2,297.50 | ||
| £7,957.00 | £5,040.00 | £2,197.00 | ||
| 2062 Buildings (£39K budget) | Doggetts' Redecoration | £5,500.00 | ||
| Church House Brickwork pointing/repairs | £1,500.00 | |||
| 2020/21 c/0 – Doggetts/Rickards buildings | £12,000.00 | |||
| £19,000.00 | ||||
| 3140 10Y Maintenance OS | Marsh Green Playground Fencing | £10,800.00 | ||
| Other Reserve movements | ||||
| Staff | Increased by £11K | £12,000.00 | £12,000.00 | Pay Award |
| Grants | Jubilee grant remainder | £772.00 | £772,00 | £- |
Table 2
| Proposal | ||
| 2022-23 movement in to Ear Marked reseves | ||
| 1010 Contingency | Infestation treatment works | £4,250.00 |
| Budget £10,200 rtn GR £3.1k | Logo | £6 50.00 |
| Website | £2,000.00 | |
| £6,900.00 | ||
| 1011 Projects | Assets review | £3,000.00 |
| Budget £13,000 Rtn to GR £3K | IT/Sharepoint project | £7,000.00 |
| £10,000.00 | ||
| 1160 Elections | Elections / buildup | £4,000.00 |
| Budget £4,000 | ||
| 2060 Buildings 10yr | Church House part redecoration/repair | £2,400.00 |
| Budget £6,500 return to GR £1.2K | Metal exterior repaint | £1,280.00 |
| £3,680.00 | ||
| 2062 Buldings 30 (£39K budget) | Rickards needs repoint & damp issue | £9,000.00 |
| Budget £9,000 | ||
| 3145 Maintenance 30-rs OS | Streetlight underspend – Res Nob to move | £2,832.00 |
| Budget £55,000 | Playground cont budget was £5K) | £1000.00 |
| Spent £19,304 | MYCP Boundary Wall repairs | £17,740.00 |
| Back to GR £5,594 | Churchyard Walls x 3 | £8,530.00 |
| £30,102.00 | ||
| Total movement to ER | £63,682.00 | |
Do members confirm the recommended movements from budget to reserves to allow for projects to continue?
7.3 To confirm the Reserves
Staff reserves: Due to the pay award which cost £25,244.28, the contingency in reserves of £12,000 (2021-22 underspend of £11K) was used to offset the budget. However, this means that there is no future cushion for staff recruitment, training or under budgeted pay awards.
Do Members want to consider a movement from General Reserves to build-up a staff reserve (ensuring future proofing), and if so how much?
Table 3 showing reserves (as per consolidated balance 5.7) and proposed/planned movements.
| ETC – Reserves Forecast | 31/03/22 Opening |
Accrual Release | Planned Movements | Year end I&E | 31/3/23 Closing | 31/3/24 Closing |
| Earmarked Reserves | ||||||
| Neighbourhood Plan | £15,000 | £15,000 | ||||
| Election | £11,500 | £4,0000 | £15,500 | £4,000 | ||
| Depreciation Equipment & Tools | £1,000 | £1,000 | £1,000 | |||
| 10/30 Year Building Plan | £80,117 | £12,680 | £92,797 | £92,797 | ||
| 10/30 Open Spaces Plan | £225,064 | £30,102 | £225,166 | £225,166 | ||
| Cemetry / Community Warden | £4,771 | £4,771 | £4,771 | |||
| Staff | £12,000 | (£12,000) | – | – | ||
| Grants | £772 | (£772) | – | – | ||
| Projects Carried Over | £7,957 | (£7,957) | £16,900 | £16,900 | £16,900 | |
| Totals | £358,181 | (£20,729) | £63,682 | £401,134 | £389,634 | |
| General Reserve | £250,813 | (£13,000) | £240,729 | £240,729 | ||
| £608,993 | (£20,729) | £63,682 | (£13,000) | £641,863 | £630,363 | |
| CIL | £472,795 | £299,870 | £299,870 | |||
| Reserve Totals | £1,081,788 | £941,732 | £930,232 |
Do Members confirm the ear-marked reserves as listed?
Are there any other adjustments to consider (see below comment)?
For example: Vehicles replacement (separate code or include under Depreciation); cemetery to allow for pathway replacement and of course a potential 5th cemetery as we are now moving into cemetery four. Should a minimal amount be transferred from general reserves to start building up for future?
8 Finance Correspondence
Nothing to Report
9 Date of Next Meeting
22 May 2023