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REPORT OF THE INTERIM RESPONSIBLE FINANCIAL OFFICER APRIL 2022
At the January Budget meeting the precept was set at £1,258,271 in order to achieve a target general reserves level of £261,000 as at 31st March 2023. The precept increase of 2.5% was calculated on the basis of estimated general reserves being £212,330 as at 31st March 2022 plus £48,671 to reach the targeted reserves of £261,000.
During the preparation and reconciliation of the year end accounts an error in calculating the above general reserves figure has been discovered. The error has occurred due to the incorrect level of earmarked reserves (£105,500) being used to calculate the Councils budgeted end of year position, when the budgeted earmarked reserves as per the January report stated them at £281,500.
Due to underspends in the 2021/22 year end accounts and the adjustments we have made to the 2022/23 budget below, we have been able bring the budgeted general reserves to
£241,029. Without the 2021/22 underspend and changes made, the general reserves would have been just £136,817.
Reserves Statement as of 31/03/22 | £ |
Earmarked | 308,023 |
General | 241,029 |
2022/23 Budget Deficit Funded from Reserves | 54,917 |
Total | 603,969 |
Below is a summary of the changes made to the 2022/23 budget to mitigate the effect on general reserves:
Budget Header | Original Budget | Updated Budget | Movement |
Pensions Contributions | 76,000 | 68,000 | -8,600 |
General & Admin | 20,000 | 18,000 | -2,000 |
Community Grant | 44,000 | 25,000 | -19,000 |
Town Marketing | 29,000 | 20,000 | -9,000 |
ST Thomas Business Rates | 1,700 | 0 | -1,700 |
Lind Street Cleaning | 4,000 | 1,900 | -2,100 |
Skatepark | 20,000 | 15,000 | -5,000 |
ST Johns Wood Maintenance | 15,000 | 0 | -15,000 |
Loan Interest –Lifeguard Station | 3,400 | 0 | -3,400 |
Seed Funding | 50,000 | 25,000 | -25,000 |
Lind Street Phone box | 2,500 | 0 | -2,500 |
Decorative Lighting | 25,000 | 20,000 | -5,000 |
Network Ryde | 191,400 | 190,488 | -912 |
Public Realm | 20,000 | 20,000 | |
Planning Enforcement | 10,000 | 5,000 | -5,000 |
Barclays Rent Income | 0 | -10,400 | 10,400 |
Total Budget Reduction | -93,812 |
Details | Original Value | New Value | Movement |
Elections | 6,000 | 0 | -6,000 |
Capital | 86,000 | 81,979 | -4,021 |
Youth Services | 13,500 | 13,904 | -404 |
Salaries | 12,000 | 12,000 | 0 |
Harbour Reports | 11,000 | 0 | -11,000 |
NWR | 9,000 | 9,000 | 0 |
Public Realm | 5,000 | 0 | -5,000 |
HSAZ | 99,000 | 96,150 | -2,850 |
Appley Tower | 40,000 | 40,000 | 0 |
Pride | 0 | 10,000 | 10,000 |
Sand Clearance | 0 | 45,000 | 45,000 |
Totals | 281,500 | 308,033 | 26,533 |
Final 2022/23 Budget | ||
2021/22 | 2022/23 | |
FINANCE COMMITTEE | Total budget | Revised Budget |
ADMINISTRATION | ||
Salaries | 279,800 | 325,800 |
Employers NI | 19,400 | 31,700 |
Pension contributions | 44,900 | 68,000 |
Payroll Admin | 1,500 | 1,800 |
Mileage Allowances | 1,500 | |
HR Advice | 10,000 | 5,000 |
Kickstart Placements | 2,010 | - |
Salary reserve C/F | 41,135 | - |
kickstart admin | 10,000 | - |
TOTAL | 408,745 | 433,800 |
OVERHEADS | ||
IT Support | 6,000 | 6,500 |
Mayors Honorarium | 100 | 300 |
Newsletter | 8,000 | 3,000 |
Training | 2,000 | 2,500 |
Broadband & Phone | 4,000 | 4,000 |
General Admin & Supplies | 12,000 | 18,000 |
Members Computer Supplies | 200 | 200 |
Official Notices | 2,000 | 2,000 |
Audit | 2,300 | 2,500 |
Subscriptions | 2,000 | 2,000 |
Van | 2,000 | |
Insurance | 4,000 | 4,000 |
Professional Indemnity | 6,100 | 6,100 |
Website | 1,000 | 1,000 |
Room Hire | 500 | 1,200 |
Elections | 10,000 | 5,000 |
TOTAL | 60,200 | 60,300 |
GRANTS & CONTRIBUTIONS | ||
Community Grants | 21,000 | 25,000 |
Marketing Grants | 15,000 | - |
Community Connector | 20,000 | 30,000 |
Ryde Carnival Association | - | 9,000 |
Appley Tower | 40,000 | - |
St Johns Wood | - | 40,000 |
New Carnival Company | 5,500 | 5,500 |
Classic Car | 5,000 | 5,000 |
Ryde Arts Festival | 5,000 | 5,000 |
Wave Beach Soccer | 8,000 | 8,000 |
IW Bus Museum | 10,000 | 5,000 |
Harp on Wight | 2,700 | 2,700 |
Aspire | 15,000 | 15,000 |
Community Rail Partnership | 2,000 | - |
Countryside Sites | 10,000 | 10,000 |
Waterside Community Trust | 20,000 | - |
Waterside Splashpool | 10,000 | - |
Warmer Homes Town Marketing TOTAL
TOTAL COMMITTEE BUDGET
8,000
29,000
226,200
695,145
8,000
20,000
188,200
682,300
FACILITIES & ASSETS COMMITTEE BEACH SERVICES
Appley Steps Beach Safety Lifeguard Station Beach Cleaning
Additional Bin Collection
TOTAL
200
21,500
1,200
40,000
3,000
65,900
200
21,500
-40,000
3,000
64,700
RYDE HARBOUR
Pre purchase reports Year 1 Running
TOTAL
15,000
-
15,000
11,000
8,000
19,000
ST THOMAS CHURCH
Electric Heating Renovations Business Rates Water
Loan repayments Security
TOTAL
1,000
1,000
9,303
1,700
1,000
14,300
28,303
1,000
1,000
-
-1,000
12,200
4,600
19,800
VECTIS HALL
Security Insurance Repairs
Loan Charges
TOTAL
1,000
1,000
15,000
6,600
23,600
200
1,000
-6,600
7,800
LIND STREET
Rent Rates Gas Electricity Water Cleaning
Facilities Management
TOTAL
24,200
4,200
1,500
1,500
500
4,000
5,000
40,900
25,000
4,200
1,500
1,500
500
1,900
5,000
39,600
OPEN SPACES
Allotments 7,200 7,200
Decorative Lighting 25,000 20,000
Environmental Officer 17,300 17,900
Flagpole 200 200
Hanging Baskets/planting 34,100 35,000 Island Games Water Feature 200 -
Memorial Wreath/Plaque 300 300
Park Services 38,300 40,000
Playground Equipment 24,000 24,000
Public Conveniences 72,000 70,000
Ryde in Bloom | 4,500 | 3,500 |
Skatepark | 20,000 | 15,000 |
St Johns Wood Maintenance | - | - |
Loan Costs - Lifeguard Station & Toilets TOTAL | 243,100 | - 233,100 |
Network Ryde | 181,000 | 190,488 | |
TOTAL COMMITTEE BUDGET | 597,803 | 574,488 |
ACQUISITIONS & COMMERCIAL
Seed Funding Deckchairs
Beach Front Storage Ryde Theatre
Lind Street Phonebox Barclays Rental Income
TOTAL COMMITTEE BUDGET
50,000
5,000 -
-36,000
-
-
91,000
25,000
16,000
5,000
-
-10,400
8,600
PLANNING COMMITTEE
Public Realm HSAZ
Planning Enforcement
Public realm Security Greening Ryde
25,000
100,000
18,500
5,000
20,000
26,000
5,000
1,300
5,000
TOTAL COMMITTEE BUDGET 148,500 52,300
TOTAL
1,532,448
1,317,688
OTHER INCOME | ||
Precept | 1,209,600 | 1,258,271 |
PWLB Loan Vectis Hall | 125,000 | |
other income | 2,500 | |
Earmarked Reserves | ||
Bank Interest | 2,000 | 2,000 |
Total | 1,336,600 | 1,262,771 |
Other income | 109,241 | |
Total | 1,445,841 | 1,262,771 |
BALANCES B/F | 493,865 | 603,969 |
Expenditure | 1,532,448 | 1,317,688 |
Income | 1,494,000 | 1,262,771 |
BCF | 455,417 | 549,052 |
Budget Deficit | - 38,448 | - 54,917 |
Earmarked Reserves Details | Value |
Capital Expenditure | 81,979 |
Youth Support - EM Reserves | 13,904 |
HSAZ | 96,141 |
Salaries | 12,000 |
Appley Tower | 40,000 |
Pride | 10,000 |
Sand Clearance | 45,000 |
NWR | 9,000 |
Total | 308,023 |
