Issue - meetings

To consider a report of the Director of Corporate Operations and Director

of Culture, Communities and Business Services regarding the 2021/22

outturn forecast and the proposed 2022/23 forward budget for the River

Hamble.

The Board considered a report from the Director of Corporate Operations and Director of Culture, Communities and Business Services (item 10 in the minute book) on the 2021/22 outturn forecast as at the end of September 2021 and the proposed 2022/23 forward budget.

It was highlighted that the River Hamble was projected to achieve a

surplus of £57,000 on revenue funded expenditure, compared to a revised

budgeted surplus of £59,000. In 2022/23 the budgeted surplus on revenue funded expenditure was £37,000, which would potentially increase the Revenue Reserve to £67,829.

The balance in the Revenue Reserve was expected to increase to £65,829 by the end of March 2022 following the transfer of the £57,000 surplus from revenue, and balance would therefore be in excess of the 10% of the gross revenue budget set out as the maximum in the reserves policy. It was proposed that the £12,000 cost of the pump at Warsash Jetty instead be funded from revenue rather than the Asset Enhancement Reserve (AER).

The Board agreed welcomed the solution to pay for the pump from revenue and also noted that the pay award had not yet been finalised and may still change.

RESOLVED

The River Hamble Harbour Board:
a) Noted the projected outturn for the 2021/22 financial year;

b) Approved the proposed forward budget;

c) Noted the balances held within the reserves and the position of the balances; and

d) Approved the proposal to fund the pump replacement at Warsash jetty from

revenue, rather than the Asset Enhancement Reserve as budgeted.

To consider a report of the Director of Corporate Operations and Director of Culture, Communities and Business Services regarding the 2021/22 outturn forecast and the proposed 2022/23 forward budget for the River Hamble.

The Committee considered a report from the Director of Corporate Operations and Director of Culture, Communities and Business Services (item 9 in the minute book) on the 2021/22 outturn forecast as at the end of September 2021 and the proposed 2022/23 forward budget.

It was highlighted that the River Hamble was projected to achieve a

surplus of £57,000 on revenue funded expenditure, compared to a revised

budgeted surplus of £59,000. The proposed budget for 2022/23 would generate a surplus on revenue funded expenditure of £37,000, which would potentially increase the Revenue Reserve to £67,829.

The balance in the Revenue Reserve was expected to increase to £65,829 by the end of March 2022 following the transfer of the £22,000 surplus from revenue after the £35,000 agreed contribution to the Asset Replacement Reserve, and balance would therefore be in excess of the 10% of the gross revenue budget set out as the maximum in the reserves policy. To ensure the Revenue Reserve balance remained below the maximum set out in the reserves policy, it was proposed that the £12,000 cost of the pump at Warsash Jetty instead be funded from revenue rather than the Asset Enhancement Reserve (AER).

RESOLVED

a) The projected outturn for the 2021/22 financial year was noted.

b) The proposed forward budget was supported by the River Hamble Harbour

Management Committee for submission to the River Hamble Harbour Board for approval.

c) The balances held within the reserves and the position on the reserve

balances were noted.

d) The proposal to fund the pump replacement at Warsash jetty from revenue,

rather than the Asset Enhancement Reserve as budgeted, was supported by the Management Committee for submission to the River Hamble Board for approval