Bourton-on-the-Water Parish Council
Additional Financial information can be found on the following pages:
Each year the Council establishes its budget for the following financial year. As part of this exercise, the Council also sets its precept for the year ahead. This is the sum paid over to the Parish Council by each household as a proportion of the total annual Council Tax payment which is collected from residents by CDC.
At its meeting on 3rd January 2018, the Parish Council approved its budget and precept for the year 2018-19, the precept being the share of money each household pays to CDC as Council Tax which comes back to the Parish Council to help fund services and amenities provided by it (eg the local Cemeteries, play areas, allotment sites, Community Centre etc) throughout the year. In 2018-19 the amount of money a Band D household will pay to the Parish Council will be £75.72 for the whole year.
Whilst its responsibilities continue to increase, the Council is very mindful of the difficult general financial climate and the challenges facing the many families in the district who are on low incomes. Accordingly, it has agreed a precept which will result in a slightly lower payment to the Council by each household in 2018-19. This equates to a 4% reduction in the Parish Council’s share of Council Tax compared to 2017-18; whilst this is only a small reduction, the Council trusts it will assist in some way to help keep residents’ household bills to a minimum.
The Council’s budget for 2018-19 has been established in a way that provides a modest budget for new projects to help local infrastructure keep pace with recent population increases and to respond to resident requests received throughout the year. In 2018-19 monies have therefore been set aside for additional play equipment, funding for various parking and road lineage projects, new signage at the cemetery and monies to investigate the possible installation of CCTV equipment to assist with the reduction of anti-social behaviour locally. The balance of Council’s income will be used to maintain the day to day administration of its permanent responsibilities in and around the village, as mentioned in the opening paragraph.
The Council is also required, by law, to set aside a certain sum as a contingency fund in order to be able to respond to emergencies – the level of funds that must be set aside are reviewed annually with reference to its responsibilities at that time, and are set out in the annual Reserves Risk Assessment which is subject to approval by the external auditors. Given the wide range of responsibilities in its care this fund is considerable and, in order to maximise these monies, the Council has now agreed to invest these funds and generate income from its reserves. Again, the Council has been guided in its choice of investment vehicle by guidance issued by government relating to acceptable local authority investments; accordingly, the Council will invest its fixed reserves in the Local Authority Property Fund (LAMIT) which is deemed to be a specified and low risk investment which can nevertheless generate good levels of income. Income generated from this investment will be used to fund additional projects within the community, thereby improving local infra-structure.
Council’s finances are reviewed annually prior to the annual audit taking place, and a statement relating to its strategy for the coming year will be displayed for information purposes to assist residents in understanding the thinking behind its decisions.
Refer to CDC web-site for full details of all Council Tax payments for each local council in the Cotswold District.
Details of the Council's Investment Strategy can be viewed by clicking on the relevant attachment below.
Details of the Council's approved budget for the next financial year can be viewed via the relevant attachment below once available.