Town Councils are required to prepare accounting records in accordance with the Accounts and Audit (England) Regulations 2011.
The Town Council has no legal power to hold revenue reserves other than to cover the general running costs of the local authority or for specifically earmarked purposes. .
The Council must set a Budget every year and the Budget is set in advance of the following year.
The Council’s financial year runs from 1st April to 31st March.
The Annual Budget is an estimate of the resources that the Council will require to meet the running costs of all of the services that it provides within a financial year. The costs are to cover and deliver on its strategic aims and targets, and to meet the needs and priorities of the local community and are inclusive of the contribution required from the council tax payers of the Parish via the Council Precept.
The Precept is the amount that the Council has estimated that it will require to be raised from Council Tax this year to fund the many services that it provides and is the amount on which the Town Council proportion of the Council Tax bill is calculated.