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Development Strategy - North Devon District Council

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2.7 Harbour Finances<br />

• Properly recognise all income from the designated Harbour<br />

2.7.1 Ilfracombe Harbour, as a Municipal Harbour, relies heavily on Local<br />

Area.<br />

Authority support to maintain it for the benefit of local stakeholders,<br />

visitors and the wider community. Income and expenditure will be<br />

managed through an Assured Trading Account to assist the Board in<br />

making budgetary decisions and to allow focussed auditing of the<br />

Harbour undertaking.<br />

2.7.5 The IHB will work with NDC to build adequate reserves in a<br />

contingency fund for anticipated capital projects and replacement<br />

programmes within the Harbour into the future. The information<br />

compiled in 2.7.4 above will be a key consideration in this process.<br />

2.7.2 Under the terms of the establishing Act 9 income derived from harbour<br />

operations should be ring-fenced in identifiable accounts. However, it<br />

is clear to see from the latest audited accounts that the amount of<br />

income currently generated does not cover necessary outlays. This<br />

means that the harbour will continue to rely heavily on <strong>Council</strong><br />

financial support into the future.<br />

2.7.3 The Income and Expenditure figures for the Harbour and its Car Parks<br />

for 2010/11 are:<br />

Sales of Fuel to vessels £296,260<br />

Rent £ 21,522<br />

Fees and charges on small craft £ 47,461<br />

Visiting vessels £ 13,860<br />

Miscellaneous £ 5,808<br />

Car parking £239,661<br />

Total annual income £624,572<br />

Total annual expenditure 10 £707,143<br />

Net Loss £ 82.571<br />

2.7.4 An ‘Assured Harbour Trading Account’ will:<br />

• Ensure that an accurate account of income and expenditure is<br />

maintained for the whole of the Harbour undertaking.<br />

• Aid the provision of a reserve account.<br />

9 Piers and Harbours Act 1990<br />

IHB’s <strong>Development</strong> <strong>Strategy</strong> Version 1 dated 10th April 2012<br />

7

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