Parish Council Finance

Parish Councils are empowered to raise money for their activities through a tax (the Precept) on the village residents which is collected on their behalf by the District Council, as an addition to the District and County Council Tax. This is then paid to the Parish Council in two equal instalments.

Parish and town councils can apply for other funding such as grant and funding awards, but they do not receive funds directly from central government as principal authorities do. Our financial year runs from 1 April to 31 March and we agree an annual budget in January each year.

At the Oulton Broad Parish Council meeting of 18th January 2021, it was RESOLVED to seek the approval of the Secretary of State for Housing, Communities and Local Government to apply for a PWLB loan of £95,000 over the borrowing term of 10 years for the Expansion of the Lowestoft Museum into the Broad House Flat and also creating a new Community Meeting Room and Parish Council Office space.  The annual loan repayments will come to around £10,610.

 

It is also intended to increase the council tax precept for the purpose of the loan repayments by 4.96% which is equivalent of an additional £4.09 a year on a Band D property.  This will be subject to a precept increase consultation.