The Town Councils Finance & Policy Committee met on 3rd January; here’s the gist of what was recorded
The budget highlighted that if the Town Council’s share of council tax was to be maintained at the same level as 2018/2019 then £51,114 would need to be found from the council’s reserves if all the projects proposed in the 2019/20 budget were to be funded.
The Clerk and Chairman of the Finance and Policy Committee had been asked to review the council’s reserves and make a proposal as to how these projects could be funded.
The Clerk and Chairman presented the table similar to the below
|Film Project||Match funding for purchase of projector|
|Stage||Match funding for purchase of a stage|
at Saxon Hall
|Sports Wall||Match funding for the purchase of a|
sports wall at Amos Lawrence
|Skate Park||Redevelopment of the skate park (part|
|St Peter’s Church,|
|Redevelopment of steps and paths,|
|Project to increase footfall in the town|
and encourage shoppers
|Storage||To provide a storage solution for the|
|To carry out a range of initiative to make|
Raunds go green e.g. sustainable
packaging, shopping bags, Raunds
environmental app and so on.
The shortfall of £51,114 will be funded by:
|Film Project||Saxon Hall Reserve||£7,000|
|Stage||Saxon Hall Reserve||£7,000|
|Sports Wall||Open Spaces Reserve||£6,000|
|Skate Park||Youth Services Reserves / Underspend||£5,000|
|Church Steps||Vired from devolved services||£25,000|
The Chairman noted that the remaining £1,114 represented a de-minimis amount.
Committee members noted that the Council maintained a strong position with adequate reserves to meet long term projects.
In terms of what will be left in the reserves, in summary this means that:
- The film project and Stage project would remove £14,000 from the Saxon Hall reserve, leaving it with a projected £14,180 still in reserve at the end of the year
- The new Sports Wall would almost wipe the Open Spaces Reserve leaving £132 at the end of the year
- The Skate Park Project would wipe out the Youth Services Reserve entirely
- The Church Steps Project would be funded by ‘Other Devolved Services’
Following discussion, it was RESOLVED to recommend to the Full Council:
a) that all Capital Projects proposed in the 2019/20 are funded;
b) that £50,000 of expenditure on Capital Projects is met from the Council’s reserves
Members then considered the Council’s precept for 2019/20 and following detailed discussion it was RESOLVED to recommend to the Full Council that the precept be set at £469,069.
This means that through prudent budgeting and forward planning the Town Council are able to maintain Raunds Town Council’s share of the Council Tax at the same level as 2018/19, so no households will see an increase in the amount of council tax they pay to Raunds Town Council.
A summary of the Council’s reserves is shown in the below table.
|Type of Reserve||Opening Balance 01 April 2018||Income||Expenditure YTD 30/09||Expected Balance 01/04/2019||Expenditure on capital projects as detailed in budget||Revised Balance|
|Saxon Hall - refurbishment reserve||R01||28,180||28,180||14,000||14,180|
|RPC Saxon Hall||R19||16,792||16,792||16,792|
|Darsdale (Saxon Hall)||R23||131,000||131,000|
|West End (Saxon Hall and links to Brook Street)||R24||65,000||65,000||65,000|
|IT Reserve (5 year life cycle)||R03||12,926||9,025||3,901||3,901|
|The Hall - electrics||R09||-1,531||-1,531||-1,531|
|The Hall - refurbishment||R10||9,045||8,728||317||317|
|Culverts - risk||R12||20,000||20,000||20,000|
|RPC Open Space||R18||6,780||250||2,183||4,847||4,847|
|Open Spaces *||R29||9,000||2,000||4,868||6,132||6,000||132|
|Churchyard & Cemetery||R30||6,500||6,500||6,500|
|Other Devolved Services ***||40,500||25,000||15,500|
* Open Spaces: Any underspend from the current budget will be transferred to reserves – expected to be £2,000
** Devolved services: Library: Any underspend from the current budget will be transferred to reserves – expected to be £40,000
*** Other devolved services: Any underspend from the current budget will be transferred to reserves – expected to be £40,500
The original copy of the published minutes can be found on the Raunds Town Council website