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The Town Council is pleased to report that the financial result for FY2018/19 was favourable against the budget with Alsager Civic once again significantly outperforming its budget. The Town Council approved expenditure from reserves during the year and the opening general (non-earmarked) reserve balance at the beginning of the 2019/20 financial year stands at £150,000 which is in accordance with its adopted Reserve Strategy to maintain a general reserve balance which is a sum approximately equal to 25% – 50% of its budgeted net revenue expenditure. A medium-term capital plan is being developed and the Council holds a sum of £64,000 in a capital reserve to support it. At the beginning of the 2019/20 financial year, the Council holds a sum of £107,500 in earmarked reserves against which expenditure of £69,000 is planned within the year.
The Town Council’s Independent Audit Report for the 2018/19 financial year has been received and was reported to the Council’s meeting of 30th April 2019 which confirms that the Town Council’s systems of internal controls are adequate for the purpose intended and effective.
At the time of writing this article, the annual return for the 2018/19 financial year has been submitted to the external auditor for their review to take place. The auditor’s response is expected later in the summer.