1. finance

MPC
BUDGET
FINANCIAL YEAR
2015 – 2016
Finance Committee Recommendation
Three Year Comparison – Income in Categories
Three Year Comparison – Expenditure in Categories
Notes on Income and Expenditure
Notes on Legal Basis for Expenditure
Expected Balance Sheet as at End of this Financial Year
FINAL
BUDGET PROPOSALS FOR NEXT FINANCIAL YEAR
2015 – 2016
THE RECOMMENDATION OF THE FINANCE COMMITTEE
Minchinhampton Parish Council’s Finance Committee recommends that the
sum of £48,235 (£50,000 required less Local Council Tax Support of £1,765)
be precepted for in the year 2015 – 2016.
The above figure has been obtained by consideration of the projected income, from rent, sales, joint
projects and interest, amounting to an estimated £10,905 as detailed in the accompanying sheets. The
projected expenditure, again detailed, is £76,870.
It is the wish of the Finance Committee that the Precept requested remains the same this year, and the
shortfall of £15,965 can be funded from reserves. Sufficient would remain in the reserves to cover
contingencies.
BUDGET PROPOSALS FOR NEXT FINANCIAL YEAR
2015 – 2016
NOTES ON INCOME IN CATEGORIES:
It was the wish of the Finance Committee that in future:
Rents from the Vestry Room and Vestry Cottage be itemised separately.
Interest from the ringfenced Vosper legacy should in future be added to the legacy and kept separate
from other interest/income of the council in order to grow the Vosper fund.
.
NOTES ON EXPENDITURE IN CATEGORIES
Wages spending during 2014-15 had decreased only due to a period without an assistant to the clerk.
Training is intended in future for councillors as well as for staff members.
General maintenance covers both the Trap House (external painting and possible internal
redecoration) and Vestry building
Legal costs and contingencies are expected to cover the Vestry Cottage lease renewal
Improving the environment is to cover dog and litter bins which are always a concern to the public
Community opportunities includes the possible Vosper Field wall repairs and a potential new
allotments’ project, the traffic and parking working group initiatives.
NOTES ON LEGAL BASIS FOR EXPENDITURE
Wages, Tax & N.I.
Administration:
L.G. Act 1972 s 112
Postage, stationery & sundries
L.G. Act 1972 s 111
Insurance, audit & subscriptions
Accounts & Audit Regulations 2003
Newsletter
L.G. Act 1972 s 142
Chairman's allowance
Accounts & Audit Regulations 2003
Training needs
L.G. Act 1972 s 111
Loan Repayments
L.G. Act 2003 s 1
Buildings:
Trap House (Running costs)
L.G. Act 1972 ss 111 & 133
Vestry Building (Running costs)
L.G. Act 1972 s 133
General Maintenance Fund
Dependent upon use (see above)
Legal Costs & Contingencies
Dependent upon use (see above)
Environment
Allotments/Seats/Paths
Highways Act 1980, L.G. Act 1972, P.C. Act 1957
Grants for Churchyard Maintenance
LG. Act 1972 s 137
Smallholdings & Allotments Act 1908
Sports and Recreation
Play Areas (Maintenance) & Greens
L.G. (Misc. Prov.) Act 1976 s 19, Open Spaces Act 1906
Grants for Sport & Village Halls
L.G. (Misc. Prov.) Act 1976 s 19, L.G. Act 1972 s 133
Traffic and Parking
Road Safety
L.G. & Rating Act 1997 s 26
Community Safety
Neighbourhood Warden Scheme
L.G. & Rating Act 1997 s 31
Special Projects
Community Opportunities
Dependent upon use (see above) Localism Act (2011)
Lo
EXPECTED BALANCE SHEET AS AT END OF THIS FINANCIAL
YEAR (31st March 2015)
Money in Bank
Balance in Business Account (end December 2014)
Balance in Current Account (end December 2014)
£69,948
£3,753
TOTAL
Outstanding cheques
£73,701
£1,340
BALANCE as at December 31st, 2015
£72,361
ESTIMATED RESERVES AT YEAR END
Balances (above)
£72,361
Less est spending (Jan, Feb, March)
£19,000
-----------£53,361
`
With three months to go the projected expenditure is based on work already underway or in the
advanced planning stage and the amount in reserves represents a “worst case scenario”. The projected
income to year-end includes repayment of V.A.T.
The figures above do not include the Eric Vosper Legacy. This is ring-fenced in the reserves, to be
used for a specific project or projects in his memory. It has been supplemented by the money from the
filming of “The Casual Vacancy”. It will not be used in any other category by the Parish Council.