The budget is an essential tool for controlling the Council’s finances. The budget provides us with the confidence to ensure sufficient income is available throughout the year to pay for any services and expenditure for any planned projects. By checking our spending against the budget plan, the council controls its finances during the course of the financial year and makes progress towards what we wish to achieve.
What is the precept?
The Parish Council has to apply to King’s Lynn and West Norfolk Borough Council each year for its Precept.
The Precept is the money which is given to the Parish Council to run all Council business. A percentage of the council tax which is paid by residents is based upon the amount of Precept requested by the Parish Council.
What other income is received?
The other income received by the Parish Council is from the allotment rent, playing field rents (Tennis Club, Bowls Club and Grays Fun Fair), car park takings (Craft Fair) any grants received for specific projects, and bank interest.
What does the Council spend its money on?
From all income received, the Parish Council then has to pay for things like insurance, electricity supply for the street lighting, all street lighting repairs and maintenance, grass cutting for all open spaces, village maintenance, emptying of the litter and dog bins, audit fees and the Parish Clerk’s salary. With any money left over which the Parish Council can accrue, this will then be spent on things like new benches or street lights, additional dog or litter bins and costs associated with other projects being undertaken.
When is the budget approved?
The Parish Council approves the budget at its meeting in January of each year.