Issue - meetings

To present the 2023/24 outturn forecast as at the end of September 2023 and the proposed 2024/25 budget.

The Committee received the report from the Director of Corporate Operations and Director of Universal Services presemted by the Senior Finance Business Partnerpresenting the 2023/24 outturn forecast as at the end of September 2023 and the proposed 2024/25 forward budget.

There was a £29k surplus.  In general, visitor income was up. Gross spending was £700k.  The reported change in spending on environmental matters was a coding difference only.  The report described the reserves position; the Asset Replacement Reserve was planned to be at £290.5k by 31 March 2025. 

The operation of the customer payment system was explained by the Harbour Master.  It was noted that forecast increases in costs were being factored in to the financial planning.

RESOLVED That

1. the projected outturn for the 2023/24 financial year is noted.

2. the proposed forward budget is supported by the River Hamble Harbour

Management Committee and submitted to the River Hamble Harbour Board

for approval.

3. the requirement to use the Revenue Reserve (RR) to ensure the full

annual transfer to the Asset Replacement Reserve (ARR) can be made in

both the current and forward year is noted.

4. the balances held within the reserves and the position on the reserve

balances are noted.