Issue - meetings

To note the budget outturn position for 2022/23.

Matt Filmer, Responsible Financial Officer presented a report on the budget outturn for 2022-23, a copy of which had been circulated to each Member and a copy of which appears as Appendix 'B' to these Minutes in the Minute Book.

The Trust’s total reserves were confirmed to be circa £134k, inclusive of a yearly underspend of £28k. A paper detailing the options for the use of these reserves, and suggested amendments to the council tax precept, would be forthcoming at the next meeting. It was confirmed that figures in the report were rounded.

Trustees considered the report, and sought clarity on the figures outlined, with specific reference to the cost of the mayor-making in 2022, returned monies from the Broadstone remembrance parade, the recharge of salaries, vehicle costs, and the discrepancy between the forecast investment income figure vs. the actual investment income figure.

In response, the Responsible Financial Officer advised that much of the expenditure by the Charter Trustees had been through the use of credit cards, and it was therefore difficult to identify spend with specificity. Total figures were confirmed as correct, but were not itemised. It was expected that reporting would improve following the introduction of the Council’s new financial system. Credit cards were now being linked to the new system, with expenditure being recorded per category.

Regarding mayor-making in 2022, the officer advised that spend on this event had been minimal. Underspend on the Broadstone event and subsequent returned monies was detailed within the ‘miscellaneous income’ line. Recharge of salaries was contractually fixed at budget setting, while vehicle costs was amortised across the life of vehicle. Fuel costs were paid via credit card by the Council, and then it was incumbent on the Council to re-charge to the Trust.

Regarding the discrepancy between the investment income figure and the original forecast, this was confirmed to be due to the rise in reserves, compounded by the manner in which reserves were pooled under the BCP treasury, and therefore subject to higher rates of return.

Some Trustees suggested that reserves be used to support community projects through community grants. Other Trustees suggested holding a meeting to discuss the use of reserves. It was agreed that a meeting of the Working Group be scheduled, in a workshop format, with all Trustees to be invited.

The Budget Outturn Report 2022-23 was submitted for approval and put to a vote, with results as follows:

For: 4

Against: 0

Abstained: 14

RESOLVED: 

1. That the Budget Outturn Report 2022-23 be approved; and

That a meeting of the Working Group be convened to consider use of reserves.