NIFCA BUDGET
In January 2025, Authority members approved a 2% increase in the local authority precept for 2025–26, totalling £801,500 (excluding “New Burdens” funding). This rise reflects inflationary pressures and increased Employer National Insurance contributions, which added around £13,000 to staffing costs. With no increase the previous year, the adjustment was necessary. A small surplus of £3,800 is forecast after transfers to the Renewals Fund, to be added to General Reserves at year end. Defra will continue “New Burdens” funding at previous levels, providing just under £155,000 via the precept. In early 2025, NIFCA also received £140,000 in R-DEL funding - marking the final year of the SR21 period - to support delivery of Fisheries Management Plans, Marine Protected Area management, and broader sustainability goals. R-DEL continues to fund the salaries of two Environmental IFCOs (one full-time, one part- time) working on these priorities. As this funding is budget-neutral, any surplus will be carried forward as deferred grant income. The Authority’s budget will be reviewed quarterly, with a focus on cost control, income generation (including grants and vessel chartering) and maintaining strong reserves while continuing to grow the Renewals Fund for future vessel replacements. GENERAL RESERVES General Reserves are expected to stand at £262,730 in April 2025, following a projected net surplus of £30,735 and capital expenditure of £14,210 in 2024–25. This includes £11,500 for office improvements and £2,700 for new officer drysuits. A further £15,000 is expected to be drawn in 2025–26 for converting garage space into offices, updating IT equipment, and enhancing the website. After accounting for a projected surplus of £3,800, reserves are forecast to decrease by £11,200 to £251,530 by March 2026. The Renewals Fund, reserved for future vessel replacements, is forecast to be £847,730 by April 2025. This includes a £50,000 transfer from revenue, £69,000 from vessel charter income, and £35,400 in bank interest. By March 2026, the fund is expected to grow by a further £85,000, reaching £932,730.
8
Made with FlippingBook interactive PDF creator