Issue - meetings

To consider a report of the Director of Corporate Operations and Director of Culture, Communities and Business Services regarding the 2022/23 outturn forecast and the proposed 2023/24 forward budget for the River Hamble Harbour Authority.

The Committee considered the report presenting the 2022/23 outturn forecast as at the end of September 2022 and the proposed 2023/24 forward budget.

Members noted section 8 of the report and that the Revenue Reserve balance was expected to exceed the maximum as per the reserves policy. Members were supportive of the excess being transferred to the Asset Enhancement Reserve.

There was discussion regarding the challenges of managing income (fees, charges, Harbour Dues) and ensuring a fair price to customers alongside the necessary financial outgoings for effective stewardship of the River. Members agreed that a steady rise, if this was required, in costs to River users was preferable over consecutive years rather than a sharp increase. Members also noted the extensive work which was undertaken in financial forecasting and maintaining assets which informed the level of income required.

RESOLVED:

1. That the projected outturn for the 2022/23 financial year is noted.

2. That the proposed forward budget is supported by the River Hamble Harbour Management Committee and submitted to the River Hamble Harbour Board for approval.

3. That the balances held within the reserves and the position on the reserve balances are noted.

4. That the proposal to transfer any actual excess within the Revenue Reserve (RR) at year end to the Asset Enhancement Reserve (AER) be supported by the Management Committee and submitted to the River Hamble Board for approval.       

5. That the principle of transferring any actual excess within the Revenue Reserve (RR) at year end to the Asset Enhancement Reserve (AER) as the default position be supported by the Management Committee and submitted to the River Hamble Board for approval.