Mumbles Community Council Skatepark, constructed by Maverick Industries, is a testament to the successful collaboration between the Council and Maverick.
Mumbles Community Council Skatepark, constructed by Maverick Industries, is a testament to the successful collaboration between the Council and Maverick. The budget analysis from 2018/19 to 2022/23 reflects a commitment to transparency and effective financial management, showcasing responsible allocation of resources.
In the financial year 2018/19, the project commenced with a modest budget of £16,000.00. The expenditure for the year was £126.00, leaving a balance of £15,874.00. The balance was put into an Ear Marked Reserves Fund.
The 2019/20 budget saw a significant increase to £118,126.00, reflecting the growing ambition of the project. The expenditure was £9,742.00, resulting in a balance of £108,384.00. Again, the balance was placed into the Ear Marked Reserves Fund.
The 2020/21 budget was £130,000.00 with expenditure of £6,535.73, leaving a balance of £123,464.27. At the end of the 2020/21 financial year, the Ear Marked Reserves for the Skatepark project sat at £231,848.27.
As the project expanded, the 2021/22 budget was set at £64,000.00 with an expenditure of £3,535.05, resulting in a balance of £60,464.95. This was again placed into the Earmarked Reserves Fund, which, at the end of the 2022 financial year, sat at £292,313.22.
In 2022/23, with an ambitious budget of £434,700.00, which included £292,313.22 from the Ear Marked Reserves Fund, expenditure was £396,054.22, and a balance of £38,645.78 remains, showcasing prudent financial planning.
The Council also acknowledges that there will be ongoing Financial costs for the maintenance of the Skatepark. However, these will be accounted for on a yearly basis during the budget-setting process.
Earmarked reserves play a crucial role in the financial management of such projects. Councils often designate specific funds for particular purposes, ensuring that resources are available when needed. In the case of the Mumbles Community Council Skatepark, earmarked reserves may have been set aside to cover maintenance costs, future expansions, or any unforeseen circumstances. This strategic approach allows councils to safeguard the sustainability of community projects, fostering a legacy for generations to come.
Mumbles Community Council's effective utilization of funds and commitment to transparency ensures the ongoing success of the Skatepark and sets a positive example for other community initiatives. This endeavour stands as a shining example of how responsible budgeting and strategic use of earmarked reserves can lead to the creation and maintenance of valuable community assets.
The success of Mumbles Community Council Skatepark project was further bolstered by the prudent use of national lottery grant funding, which played a pivotal role in its development. In addition to the detailed budget analysis, it is important to acknowledge the Council's foresight in securing external funding to supplement the project.
Throughout the project's timeline, the Council actively pursued national lottery grants to enhance the financial resources available. In cases where grant funding was secured, it provided a valuable injection of funds to support the construction and improvement of the skatepark facilities. This external funding source allowed for a more ambitious scope, contributing to the overall success and quality of the project.
However, recognising the inherent uncertainties associated with grant applications, Mumbles Community Council took a responsible and proactive approach. In instances where grant funding was not guaranteed or if the application was unsuccessful, the Council demonstrated financial prudence by ensuring it had alternate means to finance the project in the short term. This commitment to the project's success was reflected in carefully budgeting and managing earmarked reserves.
By having a contingency plan in place, the Council ensured that the development and completion of the Skatepark were not contingent solely on external funding. This strategic approach demonstrated the Council's dedication to the community and the Skatepark project, regardless of external funding outcomes. It also mitigated potential delays and setbacks, ensuring a seamless progression of the project timeline.
In November 2023 the Council received £238,279.00 in National Lottery Funding.
In summary, the Mumbles Community Council Skatepark project not only benefited from national lottery grant funding, which enriched the project's scope and quality, but also from the Council's proactive financial planning. The Council's commitment to the project's success, irrespective of external funding outcomes, highlights its dedication to providing a valuable recreational space for the community. This dual strategy of seeking external support while ensuring financial resilience showcases the Council's comprehensive and responsible approach to community project management.