Town Council Budget Deficit Increased by £71K Due to Covid-19

At the Finance, Management and Strategy Committee meeting this week, Chair Councillor Ian Reissmann confirmed that the latest accounts showed that the Town Council had an additional deficit of £96.1K due to Covid-19 on top of  the 2020/21 budget deficit of £99.5K. Luckily there has been a net realised gains on share investment transactions of £24.5K bring down the deficit to £71.6K.

The Town Council receives revenues from car parking at Mill Meadows, moorings, hire and rent of their venues, ice cream licences and the cemetery.

There are many sources of income to the Council that have been adversely affected by the Covid 19 crisis including room hire and weddings income at the Town Hall (down £26k), rental income from the Barn tenants due to a rent-free allowance of 6 months (£7k), exhibitions at the Old Fire Station Gallery (down £6k) and weekly/weekend markets in the Market Place (down £15k). The Market Place seating licencees have been allowed a refund of three months for the period in which they were unable to trade.

Councillor Reissmann said, “We have suffered from the difficulties of Covid-19 like other councils but we are in a better position than others as we have reserves we can draw on.”

Councillor Hamilton said, “We need to look at revenue generation to fill the gap.  My suggestion would be that we look at increasing the car parking prices at Mill Meadows.”

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