BUDGET MONITOR & YEAR END FORECAST
RYDE TOWN COUNCIL
1
Committee: | Finance & Community Resources |
Date: | 17th January 2024 |
Report Author: | Tara Bloomfield |
Report Title: | Budget Monitor & Year End Forecast |
£61,949 of grant funding secured broken down as follows:
£46,149 – St Thomas’ Church - Youth Investment Funding
£15,800 – Women’s Art Trail Project – Police & Crime Commissioner
Successful Merry & Bright Event which saw record attendance numbers for the town.
Duke of Edinburgh awards ceremony for 25 young people via Network Ryde.
Bank Interest Received - £20,335 vs £2,000 budget. This is due to the Bank of England interest rates increasing and investment banking undertaken.
Staff Costs – the national pay award has now be issued and the forecast reflects this for the remainder of the year.
Insurance – RTC general insurance policy saw a saving against budget of
£4,887, however, the insurance for Ryde Marina came in at £3,659 over budget due to the increased value of our asset.
Flood Expenses – Ryde Town Council provided support to its residents effected by the extreme flooding faced in October. Skips and staff time were provided to help clear homes within the town at a cost of £4,288.
Classic Car Show – with the change of administration the new organisers have confirmed that they will not be requesting the grant in 2023/24, giving a saving of
£4,981
Allotment Expenditure – it is forecast that the next cost of the allotments will be
£9,879, £2,105 over budget. This overspend includes large maintenance works on boundary lines, tree works, new pathways and an increased amount of fly tipping on site.
Skatepark – A match funding grant of £5,000 as given to a group of volunteers to build temporary concrete provision at the park. This, along with safety inspections after the works were complete have seen the budget line forecasting an overspend of £2,811.
We continue to be faced with delays from third parties on the installation of the electricity on the pontoons, and the revenue for annual berth holders has been directly impacted. In addition to that, an extremely wet summer severely impacted the revenue generated from visitors to the marina and beach.
Unfortunately, the council is again faced with a build up of sand in the entrance to the Marina. An additional £15,000 has been included in the forecast to allow for this to be cleared before the 2024/25 season begins.
BUDGET MONITOR & YEAR END FORECAST
RYDE TOWN COUNCIL
2
Maintenance costs have been much higher than officers had expected for the year, this is mostly due to poor management of the facilities by the previous owners and the costs of materials/labour increasing.
as at 31/12/2023
100 Administration
Actual Year Current Projected Variance Transfer
To Date Annual Bud Annual Bud To Budget to/from EMR
1076 | Precept | £ 1,384,098 | £ 1,384,098 | £ 1,384,098 | £ - | |||
1080 | Bank Interest | £ 20,335 | £ 2,000 | £ 24,325 | £ | 22,325 | ||
1090 | Other Income | £ 1,152 | £ 2,160 | £ 1,200 | -£ | 960 | £ | 100 |
1100 | Grant Income | £ 15,800 | £ - | £ 15,800 | £ | 15,800 | £ | 15,800 |
1433 | Community Guide Income | £ 2,480 | £ - | £ 2,480 | £ | 2,480 | £ | 2,590 |
Administration :- Income | £ 1,423,865 | £ 1,388,258 | £ 1,427,903 | £ | 39,645 | £ | 18,490 | |
4000 | Salaries | £ 272,814 | £ 366,000 | £ 366,000 | £ | - | ||
4010 | Employers NI | £ 23,868 | £ 38,000 | £ 33,000 | £ | 5,000 | ||
4020 | Pension Contributions | £ 59,722 | £ 81,000 | £ 80,000 | £ | 1,000 | ||
4060 | Payroll Admin | £ 1,350 | £ 2,000 | £ 1,800 | £ | 200 | ||
4080 | HR Services | £ 2,210 | £ 2,000 | £ 2,210 | -£ | 210 | ||
4999 | General Reserves Expenditure | £ 30,696 | £ - | £ 40,696 | -£ | 40,696 | -£ | 15,800 |
9342 | EMR Expenditure - Art Trail | £ 4,000 | £ - | £ 4,000 | -£ | 4,000 | £ | 2,003 |
Administration :- Indirect Expenditure | £ 394,660 | £ 489,000 | £ 527,706 | -£ | 38,706 | -£ | 13,797 | |
110 | Network Ryde | |||||||
1090 | Other Income | £ 1,260 | £ - | £ 1,260 | £ | 1,260 | ||
1100 | Grant Income | £ 17,087 | £ 10,000 | £ 18,000 | £ | 8,000 | £ | 355 |
4341 | YIF Grant Income | £ 124,588 | £ - | £ 124,588 | £ | 124,588 | £ | 124,588 |
Network Ryde :- Income | £ 142,935 | £ 10,000 | £ 143,848 | £ | 133,848 | £ | 124,943 | |
4000 | Salaries | £ 100,304 | £ 140,000 | £ 134,000 | £ | 6,000 | ||
4010 | Employers NI | £ 9,206 | £ 11,500 | £ 12,500 | -£ | 1,000 | ||
4020 | Pension Contributions | £ 8,432 | £ 25,000 | £ 11,500 | £ | 13,500 | ||
4100 | Rent | £ 7,313 | £ 9,800 | £ 9,751 | £ | 50 | ||
4110 | Utilities | £ 1,571 | £ 6,800 | £ 2,921 | £ | 3,879 | ||
4120 | Duke of Edinburgh | £ 7,486 | £ 6,000 | £ 8,130 | -£ | 2,130 | ||
4130 | Cleaning & Waste Removal | £ 2,571 | £ 3,000 | £ 3,400 | -£ | 400 | ||
4140 | Insurance | £ 733 | £ 1,300 | £ 733 | £ | 567 | ||
4150 | General Administration | £ 7,646 | £ 11,220 | £ 11,220 | £ | - | £ | 128 |
4160 | Rates | £ 4,541 | £ 5,460 | £ 4,541 | £ | 919 | ||
4170 | IT Support / Equipment | £ 1,439 | £ 2,970 | £ 1,800 | £ | 1,170 | ||
4180 | Food / Drinks | £ 1,394 | £ 1,200 | £ 1,400 | -£ | 200 | ||
4200 | Allotment | £ 302 | £ | 800 | £ 800 | £ - | ||
9341 | EMR Expenditure - YIF | £ 210,442 | £ | - | £ 150,187 | -£ 150,187 £ 150,187 | ||
Network Ryde :- Indirect Expenditure | £ 363,380 | £ 225,050 | £ 352,882 | -£ | 127,832 | £ 150,316 | ||
200 Overheads
4140 | Insurance | £ 4,670 | £ 7,130 | £ 4,670 | £ | 2,460 | |
4150 | General Administration | £ 15,430 | £ 20,700 | £ 18,127 | £ | 2,573 | |
4170 | IT Support / Equipment | £ 3,645 | £ 7,800 | £ 5,000 | £ | 2,800 | |
4210 | Training | £ 1,407 | £ 3,000 | £ 2,000 | £ | 1,000 | |
4220 | Broadband & Phone Services | £ 2,978 | £ 4,800 | £ 3,976 | £ | 824 | |
4240 | Official Notices | £ - | £ 2,200 | £ - | £ | 2,200 | |
4250 | Audit | £ 2,988 | £ 3,000 | £ 2,988 | £ | 12 | |
4260 | Professional Subscriptions | £ 4,465 | £ 4,000 | £ 4,500 | -£ | 500 | |
4270 | Van | £ 1,051 | £ 3,000 | £ 1,500 | £ | 1,500 | |
4290 | Website | £ 832 | £ 1,000 | £ 1,000 | £ | - | |
4300 | Meeting Room Hire | £ 1,159 | £ 1,320 | £ 1,709 | -£ | 389 | |
4310 | Elections | £ 807 | £ 5,000 | £ 5,000 | £ | - | |
4998 | Flood Expenses | £ 3,688 | £ - | £ 4,288 | -£ | 4,288 | |
9325 | EMR Expenditure - Sand Clearan | £ 40,586 | £ - | £ 40,586 | -£ | 40,586 | £ 56,386 |
9335 | EMR Expenditure - Mayors Chari | £ 1,904 | £ - | £ 1,904 | -£ | 1,904 | £ 1,904 |
9339 | EMR Expenditure - Community De | £ 8,570 | £ - | £ 6,950 | -£ | 6,950 | £ 6,950 |
9340 | EMR Expenditure - Supermarket | £ 9,681 | £ - | £ 3,250 | -£ | 3,250 | £ 3,250 |
Overheads :- Indirect Expenditure | £ 103,861 | £ 62,950 | £ 107,448 | -£ | 44,498 | £ 68,490 |
210 Annual Grants
4330 | New Carnival Company | £ 5,000 | £ 6,000 | £ 6,000 | £ | - | |
4370 | IOW Bus Museum | £ 3,000 | £ 3,000 | £ 3,000 | £ | - | |
4380 | The Footprint Trust | £ - | £ 10,000 | £ 10,000 | £ | - | |
4390 | Ryde Carnival | £ 5,000 | £ 5,000 | £ 5,000 | £ | - | |
Annual Grants :- Indirect Expenditure | £ 13,000 | £ 24,000 | £ 24,000 | £ | - £ | - |
£ 100
220 Community & Marketing Grants
1090 Other Income
£ 100 £ -
£ 100
1100 | Grant Income | £ 20,228 | £ - | £ 20,228 | £ 20,228 | £ 19,775 |
Community & Marketing Grants :- Income | £ 20,328 | £ - | £ 20,328 | £ 20,328 | £ 19,775 | |
4410 | Community Grants | £ 968 | £ 4,000 | £ 968 | £ 3,032 | £ 2,015 |
4420 | Classic Car Show | £ 19 | £ 5,000 | £ 19 | £ 4,981 | |
4430 | Wight Wave | £ 8,000 | £ 8,000 | £ 8,000 | £ - | |
4440 | South Island Sevens | £ 7,600 | £ 7,600 | £ 7,600 | £ - | |
4450 | IW Pride | £ 10,000 | £ 10,000 | £ 10,000 | £ - | |
Community & Marketing Grants :- Indirect | £ 26,587 | £ 34,600 | £ 26,587 | £ 8,013 | £ 2,015 | |
Expenditure |
230 Town Marketing & Events
1422 | Marketing Income | £ 4,834 | £ - | £ 4,784 | £ | 4,784 | |
Town Marketing & Events :- Income | £ 4,834 | £ - | £ 4,784 | £ | 4,784 | £ - | |
4460 | Newsletter | £ - | £ 1,500 | £ - | £ | 1,500 | |
4470 | Town Marketing | £ 12,377 | £ 8,000 | £ 14,000 | -£ | 6,000 | £ 260 |
4480 | Mayors Honorarium | £ 40 | £ 300 | £ 100 | £ | 200 | |
4490 | Civic Events | £ 81 | £ 300 | £ 200 | £ | 100 | |
4500 | Ryde in Bloom | £ 100 | £ 3,000 | £ 100 | £ | 2,900 | |
4510 | Summer Events | £ 3,643 | £ 10,000 | £ 3,841 | £ | 6,159 | |
4520 | Network Ryde opening Event | £ - | £ 5,000 | £ - | £ | 5,000 | |
4530 | Merry & Bright | £ 2,476 | £ 3,000 | £ 2,776 | £ | 224 | |
Town Marketing & Events :- Indirect | |||||||
Expenditure | £ 18,717 | £ 31,100 | £ 21,017 | £ | 10,083 | £ 260 | |
Actual Year To Date | Current Annual Bud | Projected Annual Bud | Var To | iance Budget | Transfer to/from EMR | ||
240 | Facilities & Assets | ||||||
1090 | Other Income | £ 342 | £ - | £ 342 | -£ | 342 | |
1240 | Allotment Income | £ 12,121 | £ 11,726 | £ 12,121 | -£ | 395 | |
1421 | Town Planting Income | £ 491 | £ - | £ 491 | -£ | 491 | |
Facilities & Assets :- Income | £ 12,954 | £ 11,726 | £ 12,954 | -£ | 1,228 | ||
£ - | |||||||
4540 | Countryside Sites | £ 10,000 | £ 10,000 | £ 10,000 | £ | - | |
4560 | Beach Safety | £ 23,500 | £ 23,500 | £ 23,500 | £ | - | |
4570 | Lifeguard Station | £ 2,044 | £ 900 | £ 2,044 | -£ | 1,144 | -£ 221 |
4580 | Beach Cleaning | £ 34,926 | £ 40,000 | £ 35,300 | £ | 4,700 | |
4590 | Additional Summer Bin Collecti | £ 210 | £ 5,000 | £ 210 | £ | 4,790 | |
4600 | Allotment Expenditure | £ 20,342 | £ 19,500 | £ 22,000 | -£ | 2,500 | |
4610 | Decorative Lighting | £ 26,880 | £ 30,000 | £ 28,000 | £ | 2,000 | |
4620 | Environment Officer | £ 9,400 | £ 18,800 | £ 18,800 | £ | - | |
4630 | Flagpole | £ - | £ 200 | £ - | £ 200 | ||
4640 | Town Planting & Watering | £ 12,195 | £ 14,000 | £ 14,000 | £ | - | |
4650 | Park Services | £ 19,251 | £ 42,351 | £ 38,501 | £ | 3,850 | |
4660 | Playground Equipment | £ 246 | £ 15,000 | £ 15,000 | £ | - | |
4670 | Public Conveniences | £ 57,847 | £ 94,500 | £ 77,847 | £ | 16,653 | |
4680 | Skatepark | £ 9,742 | £ 7,500 | £ 10,311 | -£ | 2,811 | |
4690 | Eastern Gardens Maintenance | £ 1,459 | £ 3,000 | £ 5,341 | -£ | 2,341 | |
4691 | St Thomas' Garden Maint | £ 3,997 | £ 3,000 | £ 3,997 | -£ | 997 | |
9327 | EMR Expenditure - Facilites Management | £ 3,000 | £ 3,000 | ||||
9333 | EMR Expenditure - Appley Toile | £ 2,495 | £ - | £ 4,276 | -£ | 4,276 | £ 2,495 |
9334 | EMR Expenditure - Lifeguard Lo | £ 8,999 | £ - | £ 9,648 | -£ | 9,648 | £ 5,629 |
Facilities & Assets :- Indirect | |||||||
Expenditure | £ 246,533 | £ 327,251 | £ 321,775 | £ | 5,476 | £ 7,902 | |
250 Lind Street Offices
4100 | Rent | £ 28,879 | £ 28,900 | £ 30,000 | -£ | 1,100 | ||
4110 | Utilities | £ 2,390 | £ 5,250 | £ 3,390 | £ | 1,860 | ||
4160 | Rates | £ 4,349 | £ 4,431 | £ 4,349 | £ | 82 | ||
4730 | Cleaning | £ 2,286 | £ 2,300 | £ 2,676 | -£ | 376 | ||
4740 | Facilities Management | £ 1,167 | £ 5,000 | £ 2,500 | £ | 2,500 | ||
Lind Street Offices :- Indirect | ||||||||
Expenditure | £ 39,071 | £ 45,881 | £ 42,915 | £ | 2,966 | |||
£ | - | |||||||
260 St Thomas Church | ||||||||
4110 | Utilities | £ | 337 | £ 1,500 | £ 800 | £ | 700 | |
4140 | Insurance | £ | 4,494 | £ 6,200 | £ 4,494 | £ | 1,706 | |
4710 | Maintenance | £ | 2,975 | £ - | £ 3,250 | -£ | 3,250 | |
4770 | Water | £ | 221 | £ 1,000 | £ 379 | £ | 621 | |
4790 | Security | £ | 3,412 | £ 4,600 | £ 3,512 | £ | 1,088 | |
4810 | Loan Charges | £ | 6,088 | £ 12,200 | £ 12,200 | £ | - | |
9320 | EMR Expenditure - Capital ST | £ | 2,703 | £ - | £ 5,338 | -£ | 5,338 £ | 338 |
St Thomas Church :- Indirect | ||||||||
Expenditure | £ | 20,230 | £ 25,500 | £ 29,973 | -£ | 4,473 £ | 338 | |
270 | Vectis Hall | Actual Year | Current | Projected | Variance | Transfer |
To Date | Annual Bud | Annual Bud | To Budget | to/from EMR |
4140 | Insurance | £ | 621 | £ 1,280 | £ 621 | £ 659 | |||||
4710 | Maintenance | £ | 331 | £ 10,500 | £ 10,500 | £ - | |||||
4790 | Security | £ 84 | £ 200 | £ 194 | £ 6 | ||||||
4810 | Loan Charges | £ 5,722 | £ 6,600 | £ 5,722 | £ 878 | ||||||
Vectis Hall :- Indirect Expenditure | £ | 6,758 | £ 18,580 | £ | 17,037 | £ | 1,543 | £ | - | ||
280 | Acquisitions & Commercial | ||||||||||
1280 | Barclays Income | £ | 12,083 | £ 12,996 | £ | 14,416 | £ | 1,420 | |||
Acquisitions & Commercial :- Income | £ | 12,083 | £ 12,996 | £ | 14,416 | £ | 1,420 | £ | - | ||
4820 | Seed Funding | £ | 2,911 | £ 20,000 | £ | 20,000 | £ | - | |||
4830 | Puckpool storage | £ | 2,931 | £ 2,000 | £ | 2,931 | -£ | 931 | |||
4840 | Ryde harbour Acquisition Repor | -£ | 7,034 | £ - | -£ | 5,871 | £ | 5,871 | |||
4850 | Ryde Help Centre | £ | 15,450 | £ 16,000 | £ | 15,450 | £ | 550 | |||
Acquisitions & Commercial :- Indirect | |||||||||||
Expenditure | £ | 14,258 | £ 38,000 | £ | 32,510 | £ | 5,490 | £ | - | ||
300 | Planning & regeneration | ||||||||||
1432 | Public Realm Income | £ | 5,180 | £ - | £ | 5,180 | £ | 5,180 | |||
Planning & regeneration :- Income | £ | 5,180 | £ - | £ | 5,180 | £ | 5,180 | £ | - | ||
4860 | Public realm | £ | 6,856 | £ 21,300 | £ | 7,500 | £ | 13,800 | |||
4870 | Planning | £ | 8 | £ 5,000 | £ | 2,000 | £ | 3,000 | |||
4880 | Greening Ryde | £ | - | £ 5,000 | £ | 5,000 | £ | - | |||
9336 | EMR Expenditure - Public Realm | £ | 9,725 | £ - | £ | 9,725 | -£ | 9,725 | £ | 9,725 | |
Planning & regeneration :- Indirect | |||||||||||
Expenditure | £ | 16,589 | £ 31,300 | £ | 24,225 | £ | 7,075 | £ | 9,725 | ||
310 | HAZ | ||||||||||
4890 | Salary Recharge | £ | - | £ 20,000 | £ | 20,000 | £ | - | |||
4920 | Public Realm 1-3 | £ | 69 | £ 10,000 | £ | 10,000 | £ | - | |||
9322 | EMR Expenditure - HSHAZ | -£ | 1 | £ - | £ | 71,890 | -£ | 71,890 | |||
HAZ :- Indirect Expenditure | £ | 68 | £ 30,000 | £ | 101,890 | -£ | 71,890 | £ | - | ||
400 | Ryde Marina | ||||||||||
1400 | Annual Berth Holders Income | £ | 58,144 | £ 115,695 | £ | 73,909 | -£ | 41,786 | |||
1410 | Visitors Income | £ | 8,305 | £ 11,200 | £ | 8,400 | -£ | 2,800 | |||
1420 | Electricity Income | £ | - | £ 4,000 | £ | - | -£ | 4,000 | |||
1430 | Beach Hire Equipment Income | £ | 3,339 | £ 14,000 | £ | 3,339 | -£ | 10,661 | |||
1431 | Sundry Income | £ | 392 | £ - | £ | 392 | £ | 392 | |||
Ryde Marina :- Income | £ | 70,180 | £ | 144,895 | £ | 86,040 | -£ | 58,855 | £ | - | |
4140 | Insurance | £ 12,209 |
£ 8,550 £ 12,209 -£ | 3,659 | ||||
4150 | General Administration | £ 9,343 | £ 5,800 £ 12,500 -£ | 6,700 | £ | 934 | ||
4160 | Rates | £ 3,244 | £ 3,500 £ 3,244 £ | 256 | ||||
4710 | Maintenance | £ 11,128 | £ 4,300 £ 28,000 -£ | 23,700 | -£ | 586 | ||
4790 | Security | £ 3,796 | £ 5,200 £ 5,624 -£ | 424 | ||||
4810 | Loan Charges | £ 14,369 | £ 11,060 £ 14,369 -£ | 3,309 | ||||
5010 | Transaction Fees | £ 815 | £ 1,100 £ 1,163 -£ | 63 | ||||
5020 | Staff Costs | £ 78,075 | £ 86,200 £ 100,020 -£ | 13,820 | £ | 2,797 | ||
5030 | IT / Till | £ 434 | £ 450 £ 641 -£ | 191 | ||||
5050 | Beach Hire Equipment | £ 6,118 | £ 13,571 £ 6,015 £ | 7,556 | ||||
9332 | EMR Expenditure - Marina Loan | £ 70,496 | £ - £ 69,998 -£ | 69,998 | £ | 70,093 | ||
Ryde Marina :- Indirect Expenditure | £ 210,027 | £ 139,731 £ 253,783 -£ | 114,052 | £ | 73,238 | |||
Actual Year To Date | Current Annual Bud | Projected Annual Bud | Variance To Budget | Transfer to/from EMR | |||||
Grand Totals:- | |||||||||
Income | £ | 1,692,359 | £ | 1,567,875 | £ | 1,715,453 | £ | 147,578 | |
Expenditure | £ | 1,473,739 | £ | 1,522,943 | £ | 1,883,748 | -£ | 360,805 | |
Net Income over Expenditure | £ | 218,620 | £ | 44,932 | -£ | 168,295 | -£ | 213,227 | |
Reserves BF 01/04/23 | £ | 656,643 | £ | 656,643 | £ | 656,643 | |||
Movement to/(from) Gen Reserve | £ | 218,620 | £ | 44,932 | -£ | 168,295 | |||
Earmarked Reserves | £ | 345,838 | £ | 451,221 | £ | 242,407 | |||
General Reserves Balance | £ | 529,425 | £ | 250,354 | £ | 245,941 | |||
