Agenda item

Charter Trustees considered a report of the Treasurer that provided information on the actual expenditure compared to the profiled budget for the period ending 30 September 2019 and the forecast of expenditure to 31 March 2020 in comparison to the 2019/20 original budget (for copy see file of minutes).

The Finance Manager reported that at 30 September 2019 actual net expenditure was £45,468, an underspend of £7,127 against the profiled budget of £52,595.

It was anticipated that actual expenditure at 31 March 2020 would be lower than the original budget, therefore the sum required to be drawn from reserves to balance the budget would be expected to reduce from £13,543 to £6,294.

The Finance Manager added that the Charter Trustees bank account had now changed to Lloyds Bank in line with the Local Authority and advised that previous bank charges had been recovered corporately. He was in the process of checking if the bank required a formal declaration from Trustees to open up the bank account, if so, this would be reported to the meeting in December.

A report detailing a number of precept options and the impact they would have on reserves would be reported to the meeting on the 4 December 2019 for Trustees to consider.

Councillor Hopgood recalled that the precept was set at £1.90 at a previous meeting for the full 4 year term and felt it was not necessary to consider further options at this time when the precept up to 2021/22 had already been agreed.

Resolved:

i)    That the outturn position for the period ended 30 September 2019 be noted.

ii)    That the forecast outturn to 31 March 2020 be noted.