Finance Working Party
This is made up of a number of councillors with a particular interest in the focus of the group. It currently meets in private when and if required (to aid flexibility) but reports to the full council on a monthly basis and details of these reports can be found in the minutes of the full council meetings. It has no delegated powers and cannot make financial decisions. It acts purely as an advisory body to the full council.
Finance Working Party Members
|Cllr Graham Turner||Chair|
|Cllr David Golby||Vice Chair|
|Cllr Alex Pepper|
|Cllr Barry Rickman|
|Cllr Kevin Cripps|
This group monitors and makes recommendations on all aspects of the finances of Sway Parish Council.
The Financial Regulations are available here Financial Regulations updated Sept 2016 [310kb].
One of the most important is setting the budget for the year. The process followed is documented here Sway Parish Council Budget Setting [215kb].
|2015-2016||2015-2016 Income & Expenditure Budgets [20kb]|
|2016-2017||2016-2017 Income & Expenditure Budgets [298kb]|
|2017-2018||2017-2018 Income and Expenditure budget [46kb]|
Another highly important item is setting the Parish Precept for the year.
What is a Parish Precept?
Sway Parish Council receives most of its funding by receiving a small amount of the local Council Tax, known as the Parish Precept.
How is the precept calculated?
Each year, Sway forecasts the amount of funding it will require for the following year. This process is explained more fully here. [215kb]. A Council Tax Base is then calculated by equating to the number of Band D equivalent properties in Sway after taking into account things like:
- Disabled relief
- Discounts & Exemptions
- Provision for bad or doubtful debts
- Allowance for growth
- Number of properties in each band during the year, including the results of any changes and appeals.
In 2014/15 our estimated Precept requirement was £49,710 and the calculated Council Tax Base as £1,655.10, giving a figure of £30.03 per Band D property (divide the Precept of £49,710 by the Council Tax Base of £1,655.10).
In 2015/16, our Precept requirement was increased to £52,589 and the Council Tax Base was £1,667.50, giving a figure of £31.54 per annum per Band D property, which equates to a monthly payment of £2.62 per household. This represented an increase of 5% on the previous year. Whilst in isolation this may seem a large increase, Sway's Precept is historically well below the average for the New Forest District Council local council areas of £69.96 per Band D.
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