Issue - meetings

This report provides a forecast for 2023/24 and seeks the Joint Management Committee’s approval of both the 2024/25 budget and the recommended contributions to be sought from the constituent authorities.

This report provides a forecast for 2023/24 and seeks the Joint Management Committee’s approval of both the 2024/25 budget and the recommended contributions to be sought from the constituent authorities.

The Committee considered the following matters:

a)            Clarification of Contributions. The Chief Finance Officer clarified that the figure of £111,000 was being sought from each of the two authorities, coming to a total of £222,000.

b)            Reduced Contributions. The Chief Finance Officer clarified that the contributions being sought had reduced compared to the previous municipal year. He explained that the reduction in sought contributions was partially offset by income from the property estate.

c)            Equal Contributions. The Chair explained that Epsom & Ewell and Sutton Councils were required to provide equal contributions – any reduction from one authority would be matched by the other. He stated that he believed it was important for the future of the Park for the Park to become self-funding if possible.

Following consideration, the Committee unanimously resolved to:

(1)          Note the latest 2023/24 forecast position;

(2)          Agree the revenue budget for 2024/25 as set out in Appendix 1 of the report;

(3)          Agree to seek contributions of £111,000 from both Epsom and Ewell Borough Council and the London Borough of Sutton for the financial year 2024/25, as set-out in section 5 of the report.