Jan 21, 2013 - the best rates available for business bonds listed on the ... RESOLVED: That the £200K remains invested
Minutes of the meeting of Olney Town Council Finance Committee held on Monday 21 January 2013 at 7.30 pm at the Olney Centre Present: Councillors Deirdre Bethune, John Boardman, Ron Bull, Tony Evans, John Sharp and Alan Richardson In attendance: Liam Costello (Town Clerk)
1
To receive apologies for absence Apologies were received from Councillors Stephen Clark, Jeremy Rawlings and Colin Rodden
2
Declarations of interests on items on the agenda None
3
To confirm the minutes of the meeting of the Finance Committee held on 17 December 2012 RESOLVED: That the minutes of the meeting held on 17 December 2012 be approved and signed by the chairman as a correct record, with the exception of item 9 which was missing from the circulated minutes.
4
Consideration of draft budget and precept for 2013/14 The committee considered a draft budget for 2013/14 prepared by the Town Clerk. The draft budget proposed an increase in the precept of 5.84% as a starting point for discussion, and included a narrowing of the budget deficit from £75K in 2012/13 to £20K for 2013/14. Points raised during the discussion were: What was included in the Xmas lights expenditure? The Olney Centre renewals budget Community Funding budget Market waste projected outturn was higher than members expected. Breakdown to be emailed to committee members. Open Space renewals. Need to ensure that we have contingency available if we need to invest in major items such as a tractor.
Finance Committee 21 January 2013
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Dickens budget increase from £3K to £4K Salary budget. It was decided to increase the budgeted figure from £134K to £136K, and reduce the Community Funding budget from £5K to £3K Olympics event. Final cost to the council was £1,008 after receiving a rebate from the organisers. Open spaces projects budget of £10K for projects such as Near Town Gardens and Cemetery Entrance. Breakdown of Town Hospitality budget requested. The committee then discussed what level to set the budget deficit at, and after debate it was agreed to recommend a budget deficit of £20K RESOLVED: To amend the wages budget from £134k to £136K To amend the Community Funding budget from £5K to £3K To recommend the amended budget and precept to Council
5
Fixed Rate Bond Investment The committee was updated about the meeting with Natwest on 02 January 2013. Natwest had closed applications for their bonds, and would not be issuing another until 20 February 2013. The committee were circulated with the best rates available for business bonds listed on the Money.co.uk website. RESOLVED: That the £200K remains invested in the Barclays Active Saver account until further details are available from Natwest, and have discussions with Milton Keynes Council for advice on cash management.
