Each year the Council undertakes a budgeting exercise to decide how much money is required to provide, manage and run the services it delivers. The amount of income that is estimated as part of the budget, is deducted from the amount of projected expenditure. This sum is known as the precept which is paid for from council tax bills.
The process begins in August with draft budgets prepared for each committee. Each committee reviews the drafting and make their recommendation to the Finance, Policy and Governance Committee in December which reviews a combined budget along with the levels of reserves. This committee recommends a budget to the January Town Council meeting where the budget, levels and use of reserves and precept is agreed.
The Finance, Policy and Governance committee has prepared a draft budget for 2024/25 which is to be consider the Town Council on 9 January 2024.
Here is a link Town Council Draft Budget 2024-25 to the latest drafting which can be summarised as:
- 2024/25 Precept requirement is £608,070 (a 10.3% increase totalling £56,894).
- 2024/25 annual Council Tax (Band D) is £107.19 (a 9.0% increase totalling £8.88).
- General Reserves are forecast to be £184,931 at the end of 2024/25 (31% of Net Revenue Expenditure).
- Capital Reserves are forecast to be maintained to fund key IT asset replacements and a development programme for the Civic.
- Community Infrastructure Levy (CIL) funds are identified as providing match funding for external grant applications for capital projects and finance related project planning subject to community approval.
- Key financial risks include: the Council having to pick up key services with limited or no additional funding; higher than budgeted pay award increases; failure to deliver improvements in the Civic Recovery Plan due to external factors such as changes in car park charges.
The Town Council encourages you to review this information and share your views on the planning assumptions and estimates by either contacting the Council directly or your local Councillor.