MINUTES
A
Meeting of the Finance Committee of
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Present: |
M Shellens, |
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1 |
To
Receive Apologies |
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Mrs J
King, Mrs M Wigley, N J Maggs |
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2 |
To
Approve the Minutes of the Meeting held |
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2.1 |
5.4
amend to read: There will be further income for 04/05 from Girobank |
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2.2 |
5.10
amend to read: Accruals will amount to £18k |
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Proposal: |
Approve 1st PM, 2nd TF |
Carried |
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3 |
Matters Arising |
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3.1 |
4 (a) 1: bus shelter in |
TF |
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3.2 |
5 (b) 1: no further information on contract
penalties |
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4 |
To Approve April Payments and Note Receipts –
2005/2006 |
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4.1 |
Total revenue receipts for
April: £1,551.50
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Noted |
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4.2 |
Total revenue payments for
April: £17,459.61 includes:
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£8.9k
for replacement bus shelters
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£874 – chairs Youth Activity
room, to be transferred as a capital item |
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4.3 |
Total capital payments or April:
£86,209, includes certificate 8 (less £10k WREN grant, which will be paid to
builder direct), net certificate 8 £83.2k
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4.4 |
In future report quarterly on
bank and investment balances
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JIC |
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Proposal: |
April payments be approved 1st TF, 2nd PM
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Carried |
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5 |
To Approve March Payments and Note Receipts –
2004/2005 |
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5.1 |
Total revenue receipts for March: £923 |
Noted |
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5.2 |
Total revenue payments for March: £7,195, includes: ·
£318 Annual fire equipment
maintenance for Memorial Centre ·
£495 Quick drop goal post &
nets |
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5.3 |
Total capital payments for March: £113,053,
includes: ·
£93k certificate 7 ·
£2.2k furniture, appliances and
catering equipment ·
£350 drawings and tender for
Clerk’s Office Community Centre |
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Proposal: |
March payments be approved 1st MS, 2nd PM
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Carried |
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6 |
Income & Expenditure to
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MS reported:
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6.1 |
Accruals need to be done for
various items:
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Accountancy & audit fees ·
Jointly Funded Improvement
Scheme ·
Parish Council elections (Parish
Poll Sk8 pk) ·
Coronation Way Street Lighting ·
Contract for cutting CCC verges |
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6.2 |
Insurance: over budget but
include £1.5k for building works, which should be capital
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6.3 |
Contingency/New Equipment:
over budget but includes £11k for disabled WC against budget of £1k, should
be from capital
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6.4 |
Request for Emergency Planning unspent budget of £300 be carried forward to
05/06
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Agreed |
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7 |
Investment |
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7.1 |
Revised valuation: no current
data to report
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7.2 |
Further liquidation: await
invoice for car park & other ground works & check against Bank of
Ireland balance
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8 |
Insurance: to consider comparison quotes |
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Awaiting detailed quote –
chase
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MS/JIC |
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9 |
Grant Requests |
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From Citizen’s Advice Bureau
– further appropriate information required
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MS |
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10 |
VAT reclaim on capital works |
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MS reported:
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10.1 |
Claim for 2004/05 is £100k
due to capital build project
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10.2 |
In a normal year our claim
for VAT on revenue items is £3.5k
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10.3 |
Our claim for quarter 2 is
referred to Public Authorities Unit of Expertise for verification
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10.4 |
We have referred to consultants
to obtain best advice on how to proceed
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10.5 |
Consultants advise we can
either:
a)
Elect to waive exemption, or b)
Opt to Tax |
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10.6 |
a)
does not require us to register for VAT
b)
requires us to register for VAT
and charge output tax to our user groups |
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10.7 |
Option a)
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·
in the year of construction there will be irrecoverable VAT of up to
£20k
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any exempt input tax exceeding
the deminimus limits of £7,500 will result in all the
exempt input tax becoming irrecoverable in the years following construction |
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10.8 |
Option b)
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all VAT on construction is
recoverable ·
once the option is made it is
irrevocable (2 exceptions) ·
VAT will have to be charged on
all supplies made of the buildings and land after the option has been made
(some supplies are not affected and are exempt i.e. lets to a charity for a
charitable purpose) |
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10.9 |
Clarify details in draft
letter with consultants
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MS/JIC |
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These minutes are considered draft until ratified at the
next meeting
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__________________________
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Chairman
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