Budget and Expenditure
The Parish Council raises a local tax (the precept) which is collected via the Council Tax and paid to us by Milton Keynes Council. The precept is paid by every household and varies in accordance to your property band in the same way as the Council Tax.
The Parish Council sets its precept on a yearly basis and this is spent within the Parish as laid out in the budget approved by Parish Councillors.
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The budget is decided annually and once confirmed is published for residents to see:
Every year notices are made available to inform residents of the Conclusion of Audit and the Notice of Public Rights, which is the period of time that any person interested has the right to inspect the accounting records for the financial year to which the audit relates to.
The law requires that an external audit to be carried out annually. Smaller Authorities Audit Appointments Ltd appoints an External Auditor to review the councils annual return and other financial documents as required to ensure that risks to public money have been managed.
The Parish Council must approve the accounts and Annual Return on or before the 30th June, so that these are received by the External Auditor by the first week in July.
A part of this process includes the completion of an Accounting Statement and Annual Governance Statement.
Financial Regulations and Policies
Parish councils have powers which allow them to represent and support their local communities. However, they do not have unlimited powers to do whatever they choose, they can only act if there is a specific power that allows them to do so by statute. This means that councils are set up and controlled by Acts of Parliament.
It is important that councils work within these statutes so policies and procedures are essential for ensuring that any business is conducted in the correct legal and transparent manner. The council must remain aware of their powers and are mindful that they must not act outside the law (Ultra Vires).