The Council has the authority to raise money through taxation, known as ‘the Precept’, and a range of powers to spend public money, and other income it might raise through grants etc. It is subject to rules which are designed to make sure Council takes no unacceptable risks with its income, and spends it efficiently. The Council has its own financial regulations (as part of its Standing Orders) which give details on how the Council must manage its finances. It also has a risk management scheme which highlights all known significant risks in terms of Council’s activities and makes clear how such risks will be managed. In certain circumstances, the Council may also make grants to organisations, and its Grant Application Form is available here.
The Financial Year & Responsible Financial Officer (RFO)
The Council’s financial year runs from 1 April to 31 March. Around December, Council agrees its budget for the following year, with the resulting precept demand usually submitted in January/early February. The budget is designed to control Council’s finances and demonstrate it will have sufficient income to carry out its activities and polices. Council regularly checks its spending against its budget plans at various Council meetings throughout the year.
The Council’s finances are administered by the Responsible Financial Officer (RFO), who is also the Clerk to the Council. She makes regular reports to Council on its financial activities to ensure open, robust management and oversight, and for the avoidance of risk and possible fraud. All payments and receipts are recorded in the minutes of Council meetings, together with information on Council’s bank balance(s).
Council operates an overall system of internal control appropriate to its expenditure and activity. This includes an annual internal audit of its systems by an independent and competent auditor, whose findings/recommendations are reported to Council. Council is also required by law to submit an Annual Return, the principal means by which it is accountable to its electorate. Council must complete the Return to confirm that its financial arrangements are in order. It includes a signed statement to confirm responsibility for governance arrangements during the years, and a section signed by the internal auditor, to confirm the Council’s systems of controls is in place and operating. Once approved by Council, the Return is submitted to the nominated external auditor by an agreed date.
For 2017/18 Financial Year, see:
Press Release on Precept Increase for Year Ending 31 March 2018
Budgeted Payments & Receipts for Year Ending 31 March 2018
For 2016/17 Financial Year, see:
Notification for the Exercise of Public Rights over Accounts for Year Ending 31 March 2017
Annual Return submitted to BDO, External Auditor, for Year Ending 31 March 2017
RFO: “The Accounting Statements in Section 2 are as yet unaudited and therefore subject to change.”
Internal Audit Report for Year Ending 31 March 2017
Actual Payments & Receipts for Year Ending 31 March 2017
Budgeted Payments & Receipts for Year Ending 31 March 2017
For 2015/16 Financial Year, see:
Audited Annual Return for Year Ending 31 March 2016
Internal Audit Report for Year Ending 31 March 2016
Actual Payments & Receipts at Year Ending 31 March 2016
Budgeted Payments & Receipts for Year Ending 31 March 2016