buDGET & PRECEPT 2023-2024

The Town Council is budgeting as follows for 2023/2024:

(iii) respond to increased devolution of services from B&NES

(d) the statutory obligation to ensure an adequate level of general reserves are maintained, as part of the accountability and audit risk management requirements. This level is revised annually and is currently set at £524,983

(e) the need to ensure long term financial provision for recurrent annual revenue costs including staffing without relying on general reserves – which once used are no longer available to support future recurrent expenditure.

The shortfall is required to be found from the precept, which is the amount paid by households as part of their Council Tax, and is supplemented by an amount from General Reserves.

**Note: CIL/s106 is restricted income and cannot be used to finance revenue expenditure so is automatically transferred into an Earmarked Reserve and drawn down each year specifically for identified infrastructure projects.

When deciding the amount of precept, the Town Council needs to weigh up several factors as follows:

(a) the need to balance the budget i.e., find £812,643

(b) the desire to keep Council Tax increases low for residents – especially so because of the current energy crisis and help those that are on low family income.

(c) the strategic need to ensure adequate financial resource planning to:

(i) support the Council’s Development Strategy, including addressing climate change and capital project requirements.

(ii) sustain future activities/services as detailed in a 4-year plan (to be reviewed in May 2023, after the Elections)

At the January meeting, the Town Council have approved a precept demand of £697,894. This represents a 3% increase in the proportion of Council Tax paid by residents to B&NES.