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Governance

FINANCIAL INFORMATION

Finance

A local Council is a corporate body, a separate legal entity from its
members, and a local authority, therefore its decisions are the
responsibility of the whole Council and all councillors share collective responsibility for the Financial Management of the Council.

The financial accounting year for a Council runs from 1 April to 31 March
in line with the government and other public authorities’ financial year.

Financial Regulations govern, set-out and detail how the council conducts, controls and manages its financial affairs.

 

Financial Regulations give instructions to the Responsible Finance Officer (the Clerk) on how to conduct the financial administration of the Council.  Highworth Town Council is open and transparent how it manages the Councils finance. 

 Payments over £500 are published on the website and can be viewed here 

Budgets AND PRECEPT

The preparation of an annual budget is one of the key statutory tasks undertaken by the Council and requires the draft budgets for the forthcoming financial year to be prepared and put before the General Purpose & Finance Meeting. 

The budget results in the Council setting the Precept for the year, it allows for review of the current years budget and spending, it assess levels of anticipated income and provides for contingencies and the need for reserves.

Highworth Town Council – Budget Information for 2021/2022

               Highworth Town Council – Budget Information for 2020/2021

               Highworth Town Council – Budget Information for 2019/2020

The Precept is the local council tax requirement required from local electors to meet the Council’s budget. Every local Council has the power to levy a Precept each financial year as a “Local Precepting Authority”.

The council tax requirement is the difference between the Council’s estimated income and estimated expenditure for the year.  See the breakdown shown below….

Precept breakdown 2020 / 2021

£
Projected expenditure£650.050
Projected Income£58,800
Precept required£591,250

The precept for 2021/2022 is £591,250.00 .  This equates to a 19% increase overall, this increase is attributed to 3 main areas:

£47,000 Supporting the Recreation Centre

£29,000 Staff Costs

Reduction in projected income due to COVID-19

 In direct comparison a Band D property paid £159.25 in the Financial Year 2020/2021 and  £ 189.73 in the Financial Year 2021/2022 an increase of £30.84 per year 

 In terms of what this means to Highworth Residents is shown below:

Council Tax Banding 2021/2022Annual CostMonthly Cost
BAND A£126.49£10.54
BAND B£147.57£12.30
BAND C£168.65£14.05
BAND D£189.73£15.81
BAND E£231.90£19.33
BAND F£274.06£22.84
BAND G£316.22£26.35
BAND H£379.47£31.62

audit

The Council is subject to an internal audit twice a year.  The Annual Accounting Statement is audited externally annually, the statement summarises the income and expenditure for the year and includes the internal audit reports. This is a statutory provision of Section 6 of the Local Audit and Accountability Act 2014.

                                                                                               Documents relating to the audit are shown below:

gRANT FUNDING APPLICATION

If you wish to request a grant from Highworth Town Council please read the policy before completing the Grant Funding form.  Please direct any questions to this form to the Town Clerk.



Community Infrastructure levy (CIL)

CIL is a levy that Local Authorities can choose to charge on new developments in their area. The money should be used to support development by funding infrastructure that the Council, local community and neighbourhoods wants.

Parish/Town Councils will receive 15% of the CIL charge on each development in their area however because Highworth Town Council has an adopted Neighbourhood Plan it receives 25% of the CIL charge. The CIL income is paid to Parish Councils to be spent by the Parish Councils on offsetting the impacts of development in the area. The report showing CIL payments spent within the year are shown below.  If you wish to  apply for CIL funds you must make your application using the Grant Form. For further information please contact the Town Clerk.