HALF YEAR BUDGET MONITOR
RYDE TOWN COUNCIL
1
Committee: | Finance Committee |
Date: | 12th November 2024 |
Report Author: | Tara Bloomfield |
Report Title: | Budget Monitor – Half Year & Budget Re-forecast |
The first six months of this financial year has seen its challenges for the Council with maternity leave, staff changes and time commitments to the Town Board. Despite these challenges, the team have pulled together to protect both the services provided and the finances of the council.
Again, the summer weather was less than ideal and the Councils opportunity to generate revenue from its beachfront operations and marina visitors were affected. The events held on Eastern Garden, and especially the SPLAT painting sessions, were extremely popular, receiving high praise from the public.
In July 2024, the renovation of the former St Thomas’ church was complete and the grand opening for the public and young people was a success. The youth centre is already seeing a big increase in young people (and young person-centred professionals) accessing the building.
July also saw the launch of our Beach Accessibility project with lengths of boardwalk being placed on the Marina Beach, along with free accessible wheelchair hire which included one that can be used in the sea. The council have also provided a changing places provision at Eastern Toilets.
The Council have secured grant funding of £56,737 in the first 6 months of the year which were for the Network Ryde Kit Out Crowdfunder, HAF Project, Beach Accessibility Crowdfunder and Community Cooking Lessons.
Below is a summary of the key financial variances that are forecasted for the financial year ending 31/03/2025:
Administration
This cost centre is estimated to show a £6,522 overspend. This is due to staff sickness, maternity leave and a new employee assistance programme.
Network Ryde
Grant income should exceed budget by approximately £12,685. This is due to a second year of Social Action project money being awarded in October 24.
Expenditure overall is looking to recognise a saving of £7,083, this is mostly attributed to pension savings due to not all members of staff being enrolled in the scheme. It should be noted that as we are in the first 9 months of running the service from the new building it has been difficult to forecast the accurate running costs.
The underspend on insurance counter acts part of the overspend on the van code, this is due to the van insurance now being moved against van expenses.
HALF YEAR BUDGET MONITOR
RYDE TOWN COUNCIL
2
Overall, the cost centre looks to be in line with the budget due to savings made for the Network Ryde Opening Event which we were able to fund with grant monies. The overspend on the Summer Events relates directly to the delay of
having electricity available at Eastern Gardens and the council having to rent generators for the events.
Facilities & Assets
There is expected savings throughout this cost centre of around £14,613, but notably within the allotments and planting/watering codes. This is due to council undertaking a greater level of maintenance jobs in house and saving expenditure on contractors. Also, due to the quieter summer we have seen savings on additional bin collections.
With the opening of the new Youth Centre, the relevant portion of costs have now been attributed to the Network Ryde cost centre.
Ryde Marina
Income – Income is predicted to be £41,432 less than budget. This is mostly driven from low berth holder income. There have been two key issues that have impacted our berth holder numbers this season and that has been the build up of sand and the long delays which were out of our control in getting the electricity connected on the pontoons.
Now that the electricity is fully functional, a large marketing strategy is being planned to maximise our income in future years.
Expenditure – overall, expenditure is estimated to be £13,382 less than budget. The main savings can been seen in staff costs (due to a member of the team leaving and not being replaced until Apr 25), Marketing and Security (patrols have been reduced now there is the security gate and CCTV in place).
Officers are currently working on a new 3-5year commercial plan for the Marina.
General Reserves Expenditure
Currently the unplanned expenditure from General Reserves totals £33,620.56 which is made up of the following:
HALF YEAR BUDGET MONITOR
RYDE TOWN COUNCIL
3
With a prudent approach to spending in the remaining 6 months of this financial year, the council looks to reach its budgeted General reserves of £282,915. It is advised that no further spend should be made from General Reserves unless it is entirely urgent.
as at 30/09/2024
1,519,826
£
1,494,826
25,000
£
£
100 Administration
Actual Year Current Projected Variance To Date Annual Bud 2024/25 To Budget
1076 Precept
1080 Bank Interest
1090 Other Income
1100 Grant Income
1433 Community Guide Income
Administration :- Income
£ 1,494,826 £
£ 13,485 £
£ - £
£ 1,508,311 £
1,494,826
25,000
2,160
1,521,986
£ -
£ -
-£ 2,160
£ -
£ -
-£ 2,160
Salaries Employers NI
Pension Contributions Payroll Admin
HR Services
Administration :- Indirect Expenditure
£
£
£
£
£
£
196,818 £
14,726 £
37,670 £
960 £
1,160 £
251,334 £
410,000
39,000
99,000
2,000
2,000
552,000
-£
£
£
£
-£
-£
17,568
4,274
7,342
80
650
6,522
558,522
£
427,568
34,726
91,658
1,920
2,650
£
£
£
£
£
4000
4010
4020
4060
4080
Other Income Grant Income
YIF Grant Income
Network Ryde :- Income
£
£
£
3,099 £
7,485 £
£
10,584 £
- 10,000
-
10,000
£
£
£
£
4,200
8,485
-
12,685
22,685
£
4,200
18,485
£
£
110 Network Ryde
1090
1100
4341
Salaries Employers NI
Pension Contributions Rent
Utilities
Duke of Edinburgh Cleaning & Waste Removal Insurance
General Administration Uniform
Rates Marketing
IT Support / Equipment Food / Drinks
HAF Project (Grant Funded)
Social Action Project (Grant Funded) Allotment
Training Security
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
64,005
6,630
5,010
3,250
1,759
8,343
3,434
1,351
6,390
- 2,797
- 1,574
799
2,300
93
363
1,060
92
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
131,000
13,000
31,000
4,900
9,040
19,900
5,500
1,200
8,000
1,200
6,000
2,000
3,000
2,500
-
- 800
1,500
£
-£
£
£
£
£
£
-£
-£
£
£
£
-£
-£
-£
-£
£
-£
-£
797
44
10,134
1,650
1,881
3,366
86
151
2,000
200
2,000
- 512
99
2,300
93
437
60
92
Loan Charges
Network Ryde :- Indirect Expenditure
£
£
2,029 £
111,279 £
-
240,540
-£
£
8,117
7,083
233,457
£
8,117
£
130,203
13,044
20,866
3,250
7,159
16,534
5,414
1,351
10,000
1,000
4,000
2,000
3,512
2,599
2,300
93
363
1,560
92
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
4000
4010
4020
4100
4110
4120
4130
4140
4150
4151
4160
4161
4170
4180
4191
4199
4200
4210
4790
4810
111 | Community Development | ||||||
1111 | Community Development Income | £ - | £ 12,200 | £ 12,200 | |||
Network Ryde :- Income £ | - | £ - | £ 12,200 | £ 12,200 | |||
4800 | Community Development Projects £ | 4,237 | £ 10,000 | £ 10,000 | £ - | ||
Network Ryde :- Indirect Expenditure £ | 4,237 | £ 10,000 | £ 10,000 | £ - | |||
200 Overheads | |||||||
4140 Insurance | £ | 1,095 | £ 5,200 | £ 1,095 | £ 4,105 | ||
4150 General Administration | £ | 11,253 | £ 20,000 | £ 18,000 | £ 2,000 | ||
4170 IT Support / Equipment | £ | 5,608 | £ | 11,592 | £ | 11,592 | £ - |
4210 Training | £ | 1,803 | £ | 3,000 | £ | 3,000 | £ - |
4220 Broadband & Phone Services | £ | 2,528 | £ | 4,426 | £ | 4,426 | £ - |
4240 Official Notices | £ | 217 | £ | 1,000 | £ | 1,000 | £ - |
4250 Audit | £ | 2,970 | £ | 3,200 | £ | 3,470 | -£ 270 |
4260 Professional Subscriptions | £ | 3,685 | £ | 4,200 | £ | 4,200 | £ - |
4270 Van | £ | 4,796 | £ | 2,500 | £ | 6,000 | -£ 3,500 |
4290 Website | £ | 537 | £ | 1,000 | £ | 1,000 | £ - |
4300 Meeting Room Hire | £ | 707 | £ | 1,800 | £ | 1,000 | £ 800 |
4310 Elections 4998 Flood Expenses | -£ | 698 | £ £ | 3,000 - | £ | 2,302 | £ 698 £ - |
Overheads :- Indirect Expenditure | £ | 34,501 | £ | 60,918 | £ | 57,085 | £ 3,833 |
210 Annual Grants
New Carnival Company Johns Club
Beach Weekender Armed Forces Day Historic Ryde
Tidal Family Support Oakfield Pantry
Men Only
The Footprint Trust Ryde Carnival Wight Wave
IW Pride
Annual Grants :- Indirect Expenditure
£
£
£
£
£
£
£
£
£
£
£
£
£
4,500 £
1,500 £
10,000 £
1,450 £
500 £
1,500 £
500 £
1,000 £
2,500 £
2,000 £
3,500 £
6,000 £
34,950 £
5,000
2,500
10,000
2,000
1,000
2,000
500
1,000
7,000
4,000
4,000
6,000
45,000
£
£
£
£
£
£
£
£
£
£
£
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
45,000
£
5,000
2,500
10,000
2,000
1,000
2,000
500
1,000
7,000
4,000
4,000
6,000
£
£
£
£
£
£
£
£
£
£
£
£
4330
4331
4332
4334
4335
4336
4337
4338
4380
4390
4430
4450
230 Town Marketing & Events
£
£
805 £
805 £
-
-
£
£
-
-
-
£
-
£
1422 Marketing Income
Town Marketing & Events :- Income
£
£
£
5,560 £
£
£
8,000
300
300
£
£
£
- 100
-
£
£
£
11,032 £
£
£
7,000
5,000
4,000
-£
£
£
4,032
5,000
-
£
16,592 £
24,600
£
1,068
23,532
£
11,032
- 4,000
£
£
£
8,000
200
300
£
£
£
4470 Town Marketing
4480 Mayors Honorarium
4490 Civic Events
4510 Summer Events
4520 Network Ryde opening Event 4530 Merry & Bright
Actual Year To Date
Current Annual Bud
Projected Annual Bud
Variance To Budget
Town Marketing & Events :- Indirect Expenditure
Other Income Allotment Income Town Planting Income
Facilities & Assets :- Income
£
£
£
£
131
11,717 £
325 £
12,173 £
12,200
600
12,800
-£
-£
-£
-£
131
483
275
627
12,173
£
131
11,717
325
£
£
£
240 Facilities & Assets
1090
1240
1421
Uniform Countryside Sites Beach Safety Lifeguard Station Beach Cleaning
Additional Summer Bin Collecti Allotment Expenditure Decorative Lighting Environment Officer
Flagpole
Town Planting & Watering Park Services
Playground Equipment Public Conveniences Skatepark
Eastern Gardens Maintenance St Thomas' Garden Maint Maintenance
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
30 £
10,000 £
23,500 £
1,523 £
34,759 £
240 £
7,238 £
304 £
£
109 £
12,536 £
£
£
52,428 £
1,715 £
498 £
1,620 £
605 £
- 10,000
23,500
2,100
37,000
5,000
20,000
30,000
19,000
200
16,000
43,349
10,000
90,000
5,000
3,000
3,000
2,000
-£
£
£
-£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
30
-
- 387
1,000
3,500
5,000
-
-
- 4,000
-
-
-
- 1,000
500
-
Facilities & Assets :- Indirect Expenditure £
147,105 £
319,149
£
14,613
304,566
£
30
10,000
23,500
2,487
36,000
1,500
15,000
30,000
19,000
200
12,000
43,349
10,000
90,000
5,000
2,000
2,500
2,000
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
£
4151
4540
4560
4570
4580
4590
4600
4610
4620
4630
4640
4650
4660
4670
4680
4690
4691
4710
250 Lind Street Offices
Rent Utilities Insurance Rates Cleaning
Facilities Management
£
£
£
£
£
£
19,253 £
1,338 £
488 £
4,491 £
1,369 £
4,164 £
32,000
5,500
- 4,400
3,000
3,000
£
£
£
-£
£
-£
- 1,962
488
91
791
3,162
Lind Street Offices :- Indirect Expenditure £
31,103 £
47,900
-£
12
48,888
£
32,000
3,538
488
4,491
2,209
6,162
£
£
£
£
£
£
4100
4110
4140
4160
4730
4740
260 St Thomas Church
Utilities Insurance
IT Support/Equipment Maintenance
Security
Loan Charges
£
£
£
£
£
£
458 £
5,024 £
275 £
300 £
144 £
4,059 £
300
8,000
-
- 432
12,200
-£
£
-£
-£
£
£
158
1,000
275
300
288
8,141
St Thomas Church :- Indirect Expenditure £
10,260 £
20,932
£
8,696
12,236
£
458
7,000
275
300
144
4,059
£
£
£
£
£
£
4110
4140
4170
4710
4790
4810
270 Vectis Hall Actual Year | Current | Projected | Variance |
To Date | Annual Bud | Annual Bud | To Budget |
4140 Insurance | £ | 804 | £ 700 | £ 804 | -£ | 104 | ||
4710 Maintenance | £ | 6,745 | £ 50,000 | £ 50,000 | £ | - | ||
4790 Security | £ | 72 | £ 200 | £ 144 | £ | 56 | ||
4810 Loan Charges | £ | 2,861 | £ 5,722 | £ 5,722 | £ | - | ||
Vectis Hall :- Indirect Expenditure | £ | 10,482 | £ | 56,622 | £ | 56,670 | -£ | 48 |
280 Acquisitions & Commercial
Barclays Income £ 8,342 | £ 14,000 | £ 14,467 | £ | 467 |
Acquisitions & Commercial :- Income £ 8,342 | £ 14,000 | £ 14,467 | £ | 467 |
1280
Seed Funding Puckpool storage Ryde Help Centre
Acquisitions & Commercial :- Indirect Expenditure
£
£
£
- £
1,714 £
19,174 £
20,000
2,000
18,374
£
£
-£
- 286
800
£
20,888
£
40,374
-£
514
40,888
£
20,000
1,714
19,174
£
£
£
4820
4830
4850
290 NatWest
1090 Other Income £ | 2,000 |
£ | 2,000 | £ | 2,000 | |||
Natwest :- Income £ | 2,000 | £ | - £ | 2,000 | £ | 2,000 | ||
4110 Utilities £ | 3,735 | £ | 6,135 | -£ | 6,135 | |||
4140 Insurance £ | 692 | £ | 692 | -£ | 692 | |||
4150 General Admin £ | 990 | £ | 1,578 | -£ | 1,578 | |||
4160 Rates £ | - | £ | 12,560 | -£ | 12,560 | |||
4170 IT Support/Equipment £ | 84 | £ | - | £ | - | |||
4710 Maintenance | £ | 147 | £ | 500 | -£ | 500 | ||
4730 Cleaning | £ | 1,148 | £ | 2,048 | -£ | 2,048 | ||
Natwest :- Indirect Expenditure | £ | 6,796 | £ | - | £ | 23,513 | -£ | 23,513 |
300 Planning & regeneration
Public Realm Income | £ - | £ - | ||
Planning & regeneration :- Income £ | - | £ - | £ - | £ - |
1432
Public realm Planning Greening Ryde
Planning & regeneration :- Indirect Expenditure
£
1,812 £
£
£
18,000
20,000
5,000
£
£
£
2,000
4,000
-
£
1,812
£
43,000
£
6,000
37,000
£
16,000
16,000
5,000
£
£
£
4860
4870
4880
400 Ryde Marina
Annual Berth Holders Income Visitors Income
Electricity Income
Beach Hire Equipment Income Sundry Income
Ryde Marina :- Income
£
£
£
£
£
£
49,532 £
6,688 £
390 £
2,676 £
485 £
59,771 £
112,728
11,200
4,000
7,725
200
135,853
-£
-£
-£
-£
£
-£
31,396
3,312
1,960
5,049
285
41,432
94,421
£
81,332
7,888
2,040
2,676
485
£
£
£
£
£
1400
1410
1420
1430
1431
4110
4140
4150
4151
4160
4161
4210
4710
4790
4810
5010
5020
5030
5050
Utilities Insurance
General Administration Uniform
Rates Marketing Training Maintenance Security
Loan Charges Transaction Fees Staff Costs
IT / Till
Beach Hire Equipment
£
£
£
£
£
£
£
£
£
£
£
£
£
£
3,011 £
10,444 £
9,524 £
763 £
3,244 £
865 £
1,956 £
7,206 £
631 £
7,185 £
521 £
49,361 £
547 £
3,312 £
3,900
13,000
6,000
- 3,500
5,000
3,000
12,000
5,600
16,000
1,500
96,000
1,000
6,950
-£
£
-£
-£
£
£
£
£
£
£
£
£
-£
£
3,911
2,556
5,424
1,163
256
4,135
500
294
4,369
1,630
619
6,000
117
3,638
7,811
10,444
11,424
1,163
3,244
865
2,500
11,706
1,231
14,370
881
90,000
1,117
3,312
£
£
£
£
£
£
£
£
£
£
£
£
£
£
Ryde Marina :- Indirect Expenditure £
98,570 £
173,450 £
160,068 £
13,382
500 Town Board
1434 Town Board Income £ 87,220 |
£ 87,220 | |||
Town Board :- Income £ 87,220 | £ | - £ 87,220 | £ | - |
4000 Salaries £ 28,582 | £ 28,582 | |||
4010 Employers NI £ 1,981 | £ 1,981 | |||
4020 Pension Contribution £ 6,006 | £ 6,006 | |||
4150 General Admin £ 49,286 | £ 49,286 | |||
4161 Marketing £ 1,352 | £ 1,352 | |||
Ryde Marina :- Indirect Expenditure £ 87,207 | £ | - £ 87,207 | £ | - |
998 General Reserves Expenditure | ||||
4999 General Reserves Expenditure £ 33,620 | £ 33,620 | -£ | 33,620 | |
General Reserves :- Indirect Expenditure £ 33,620 | £ | - £ 33,620 | -£ | 33,620 |
Actual Year To Date | Current Annual Bud | Projected Annual Bud | Variance To Budget | |||||
Grand Totals:- | ||||||||
Income | £ | 1,689,206 | £ | 1,694,639 | £ | 1,764,992 | £ | 70,353 |
Expenditure | £ | 900,736 | £ | 1,634,485 | £ | 1,732,252 | -£ | 97,767 |
Net Income over Expenditure | £ | 788,470 | £ | 60,154 | £ | 32,740 | -£ | 27,414 |
Reserves BF 01/04/24 | £ | 546,468 | £ | 546,468 | £ | 546,468 | £ | - |
Movement to/(from) Gen Reserve | £ | 788,470 | £ | 60,154 | £ | 32,740 | -£ | 27,414 |
Earmarked Reserves | £ | 294,408 | £ | 323,707 | £ | 294,408 | -£ | 29,299 |
General Reserves Balance | £ | 1,040,530 | £ | 282,915 | £ | 284,800 | £ | 1,885 |
