Responsible Financial Officer's Report 1st April 2017 - 31st March 2018
Responsible Financial Officer's Report 1st April 2017 - 31st March 2018
The Council started the year with £15011.27 in the Bank.
This is £3707.06 of Council Funds and £11304.71 ‘ring fenced’ Play Area Funds.
After Play Area Income and Expenditure the ‘ring fenced’ Play Area Funds are £2051.88 at the end of the year.
The Council received £2500.00 Precept from NKDC and other Income of £149.17. A total Income of £2649.17
The Council’s Expenditure for the year (which includes employing our underpaid Clerk, paying her expenses and things like Repairs & Renewals, Auditor, Insurance and Training costs) was £2054.15, so we ended up with £595.02 more than we started with, finishing the year with £4358.20 in the Bank. The Mathematicians among you will note that the figures don’t balance until a £56.12 carry over of VAT to be reclaimed is taken into account.
The fact that we consistently spend less than we earn and have built up a ‘kitty’ of over £4300 in the Council’s account is much to do with the Council’s wish to get the best value for money for the village. We are ‘tight’ !
Unfortunately, we are obliged by Governmental Regulations to Budget certain sums for such things as Council Elections (which could cost up to £1000) and ‘Reserves and Contingencies’.
It should be noted that as Responsible Financial Officer, I proposed a budget for the 2018/2019 year which involved reducing the ‘precept’ (which is what NKDC pays the Council – some of which comes from your Council Tax). However, my proposal was outvoted by the rest of the Council and the precept will remain the same (as the last 5 or 6 years) at £2500. Although this remains the same to the Council, it actually shows on your Council Tax Bill as a 30 pence increase (Band D). This is due to Central Government decreasing their grant towards Council Tax to NKDC. Please feel free to blame Brexit, Donald Trump or the Council members who voted me down………..
The considerations for keeping the precept the same involved more village improvements and help (if further grants are not forthcoming) with the Play Area’s Phase 4 plans.
Please note the Council's full Income and Expenditure accounts (unaudited at date of writing) can be viewed on the Council's website : http://www.swaton.org.uk/