Issue - meetings

To consider a report of the Directors of Corporate Resources – Corporate Services and Culture, Communities and Business Services outlining the forecast outturn for 2019/20 and the forward budget for 2020/21.

The Board received a report from the Director of Culture, Communities and

Business Services setting out the River Hamble 2019/20 forecast outturn and 2020/21 forward budget.

The detailed revised budget for 2019/20, the 2019/20 outturn forecast and the proposed 2020/21 forward budget were included as appendices 1 & 2 to the report, with the reserve balance shown in appendix 3.

It was noted that the £35,000 Asset Replacement Reserve (ARR) annual transfer had been met as agreed by the Board in 2007. This was made up of the £16,000 surplus, the £16,170 balance of the Revenue Reserve along with £2,830 from the Asset Enhancement Reserve.

RESOLVED:

• That the revised budget for the 2019/20 financial year is approved by the River Hamble Harbour Board.
• That the projected outturn for the 2019/20 financial year is noted.
• That the proposed forward budget is approved by the River Hamble Harbour Board.
• That the impact of the triennial actuarial pension valuation in removing the past service payments from 2020/21, and that this could change at the next valuation, is noted.
• That the balances held within the reserves and the impact of anticipated cost pressures on the general reserve balance are noted.