pump track design

Pump Track Report and Financial Reserves

General Reserve:

  • Local council association recommends stress testing budgets in view of current inflation levels.
  • The staff budget has about 2% built in to allow for this year’s pay agreement. A further 4% of the current pay before any pay increase is set aside in earmarked reserves. The staff budget does not rely on any spend taken from CIL.
  • The general reserve is £32,421 at the start of July 2022
  • Based on the planned budget, the predicted general reserve at the end of the financial year may be approximately £28,250
  • The target general reserve for this year is 6 months expenditure, which is £21,329. This may leave a surplus to be distributed to earmarked reserves of £6,921 at the end of the financial year. Part of this surplus may be required to support a higher target general reserve for 2022-23 depending on the predicted 6 months spend amount for 2022-23.

CIL review:

  • Potential CIL spend to consider could include potential staff costs directly due to development of up to £735 and the village hall window £655 gross.
  • The deadline for spending the CIL is 5th April 2023
  • Gross amount of £655 shown in year-to-date CIL spend for 12th July 2020 finance reports, has yet to be confirmed by council resolution. This invoice amount was for the repair to the village hall window, and could also be attributed to building maintenance.
  • The CIL reserve before any deductions this year is £9,310

Funds raised so far:

  • £39,994 parish council earmarked reserves
  • £7,629 S106 earmarked reserves
  • £550 Ward councillor earmarked reserves
  • Tesco grant of £500 to £1500 is expected depending on the result of voting

Minimum subtotal, including £500 from tesco: £48673

Subtotal if £9,310 CIL added: £57,983

To consider:

  • Shortfall still to fund raise (with CIL added): £60,000 – £57,983 = £2017

Year to date spend report and reserves, with latest virement of £9994 to pump track reserve, and with village hall window repair invoice attributed to building maintenance:

  • Posted: 14th July 2022