Navigation Committee
24 February 2011
Agenda Item No 16
Navigation Income and Expenditure: 1 April 2010 to 31 December 2010
Report by Head of Finance
Summary:
This report summarises actual income and expenditure for the nine
month period to 31 December 2010, compared to budget. The report
provides a list of major variances and reasons for these variances.
1
Introduction
1.1
Appendix 1 shows the income received and expenditure incurred for the
period April to December 2010, against the 2010/11 current budget. These
budgets consist of the original budget as approved by the Broads Authority on
22 January 2010 and the budget reductions approved by the Broads Authority
on 25 June 2010.
1.2
As agreed at the Financial Scrutiny and Audit Committee meeting on 20
October 2010, variances at department level in excess of £10,000 from the
profiled budget are highlighted in Appendix 2, where an explanation for the
variance is also given.
1.3
An analysis of the Navigation reserve balances as at 1 April 2010 and the
estimated balances at 31 March 2011 is also shown.
2
Overview of Income and Expenditure
2.1
Total net expenditure for the period is £1,795,401, which is 69.8% of the total
budget for the year and 90.1% of the profiled budget.
2.2
Total income is £2,556,251, which is 101.7% of the total budget for the year
and 102.4% of the profiled budget.
3
Summary
3.1
The Authority is still waiting to receive satisfactory invoices from Defra
Estates in respect of the costs of Dragonfly House, dating back to the date of
occupation in December 2008. There is an ongoing issue regarding the
payment of VAT, and officers are taking legal advice regarding the charges
that have been submitted.
3.2
A large proportion of the underspend on the Dockyard relates to Landowner
Payments. The success or otherwise of any land purchase negotiations is
not known at this stage and therefore there is a probability that this budget
could be underspent at the year end.
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3.3
There are no variances that suggest a material effect on the navigation
reserve.
Background Papers: Nil
Author:
Date of Report:
Alex Abery
9 February 2011
Appendices:
APPENDIX 1 - Navigation Account Income and Expenditure: 1 April
2010 – 31 December 2010
APPENDIX 2 – Navigation Income and Expenditure as at Month 9
(December 2010) – Summary of Major Variances
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