Minutes Extraordinary Finance Meeting, August 2023

Document Date

17/08/2023

Created by

Parish Clerk

Category

Meetings

Accessible version of document

WOLLASTON PARISH COUNCIL
MINUTES OF THE EXTRAORDINARY FINANCE MEETING HELD ON
THURSDAY 17th AUGUST 2023, 7.00pm
HELD AT THE OASIS BUILDING, WOLLASTON

PRESENT: Councillors Messrs Alvis, Goldsmith, Hodson, Jones, Savage, Talbutt, Threadgold, and Clerk – Mrs Suzanne Grant.

APOLOGIES: Councillors Messrs Alms, Carter, Milroy and Mitchell.

The meeting was called in light of the increase in interest rates to approve a process to take advantage of the higher rates before the rates start reducing.

The Parish Council currently have three accounts

  • Lloyds Daily Account current balance as of 17/08/2023 £3,859.19 – no interest
  • Lloyds Business Bank instant access current balance as of 17/08/2023 £161,056.81 (0.9%)
  • Nationwide (S106 Monies) 95 day notice current balance as of 17/08/2023 £71,947.38 (2.85%)

Due to historical previous issues opening an account with Cambridge Mutual (taking 4/5 months) it was discussed that staying with one of our current banks would be easier for timescales.  However, it was agreed to look at both Principality and Charter who offer a 5/6% rate.  This was investigated and reported back as an issue as only individuals can benefit from their 5 to 6% rates.

Therefore it was agreed to move as much as possible from the Lloyds Daily Account (leaving enough for direct debits & standing orders approx. £400pm).  Clerk to transfer £3,359.19 to the Lloyds Business Bank to obtain 0.9% interest.

The balance in the Lloyds Business Bank to be increased to £164,416 (approx. £13k owed to Cricket Club) = a balance £151,416.  £100K to be transferred to a new Nationwide 95 day saver account (2.85%)

This leaves approx.. £50K in the Lloyds Business Instant access current account to cover payments for next 5/6 months.

To be reviewed in November/December 2023.

 

There being no further business the meeting terminated at 7.45pm