PEASEDOWN ST JOHN PARISH COUNCIL

Minutes of a Finance Committee meeting held on Monday 3rd November 2003 at 7 p.m. in the Cricket Clubhouse

Present: Cllr. Mrs. F M Butt (Chairman)

Cllrs. Mrs. M A Button, J W Graham, Mrs. E V Latchem, J P Rich and Mrs. K M Thomas.

Also present the Internal Auditor, Mr. P Provest.

Public Session

There were no questions or comments.

  1. Minutes of the Finance Committee meeting held on 1st September 2003

    2. These minutes, which had been previously circulated, were taken as read agreed a true record and signed by the Chairman. There was one matter arising - Clerk reported that he had successfully re-invested the money in the Halifax Guaranteed Reserve for a period of 12 months from 16th November and in a letter received today Halifax has promised an interest rate of 4.2% compared with 3.79% if invested as usual for 6 months. Members were pleased that the change had proved a good idea.

  2. Accounts Summary, Cash Flow Statements and Bank reconciliation

    3. Clerk had previously circulated the paper for 30th September and the position was noted. The paper for 31st October was tabled but could only be partially completed as all the information required was not to hand due to the postal strike; the Clerk had not yet received bank statements for the end of October. He was able however to supply a cash flow statement that was studied and the Clerk answered questions to members' satisfaction. The Clerk agreed to send the other paper as soon as statements were received.

  3. Precept 2004/2005

    4. Chairman explained that this Committee is now charged with giving the Council a figure for the level of precept, which can be used as a guide by spending committee Chairman when setting requirements.

    She reported that the Council was at present spending a very high level of its precept on administration and staff costs and she felt that, unless a rise in spending on good capital projects was agreed, the Council could be seen to be doing nothing for the village. She would also like to see efficient servicing of those projects as residents had witnessed this year.

    She felt that a stand still budget just to cover inflation would be swallowed up by the extra money being spent on higher administration, contractors and staff costs due to the cost of servicing last year's projects.

    She added that the committee could keep to a percentage rise, which would mirror the inflation rate or it could take into account the fairly good level of interest received annually by the Council. Some of that interest money could be taken out of balances thus keeping the amount to be precepted at a lower level.

    Members agreed with her suggestion and figures were discussed concerning the balance between the two sources.

    It was finally agreed that this year's precept should be raised by only 2.5% (bringing in an extra £1625) and that £3000 from balances be added to increase available spending money. This would make the sum of £69,625 available to spending committees - a true rise of approximately 7%. The Clerk would make sure that all Chairman were made aware of this figure as the Council starts its round of estimates for 2004/2005.

  4. Letters of thanks from Grant recipients

Clerk reported further letters from grateful clubs and societies.

Meeting closed at 7.45 p.m.