Finance Regulations
Financial regulations govern the conduct of financial management of a Parish Council and may only be amended or varied by resolution.
These are one of a Parish Council’s three governing policy documents providing procedural guidance for members and officers and must be observed in conjunction with a Parish Council’s standing orders.
A Parish Council is responsible in law for ensuring that its financial management is adequate and effective and that the council has a sound system of internal control which facilitates the effective exercise of the Parish Council’s functions, including arrangements for the management of risk.
Accounting control systems must include measures for:
- the timely production of accounts
- providing for the safe and efficient safeguarding of public money
- preventing and detecting inaccuracy and fraud
- identifying the duties of officers
Accounts
In line with sound financial management, the Parish Council must track all financial activity through the timely production of accounts. This is important as expenses are met by the Precept, a small charge added to the Council Tax for people living in the parish, a grant, and sometimes public donations.
Keresley Parish Council accounts must be approved by an internal auditor, agreed by the Parish Council, and then sent to our external auditors, Grant Thorntons.
Full details of accounts for Keresley Parish Council may be viewed on the Accounts page.
Precept
The Precept is an annual amount set by a Parish Council in order to pay for costs contained within a set budget.
The precept is the main source of tax revenue available to parish councils. It is collected under Section 101 part 6 of the Local Government Act 1972.
Keresley Parish Council is obliged to set a precept. This is discussed during the January Parish meeting , after Coventry City Council have announced the Tax Base set for the Parish of Keresley following The Local Authorities (Calculation of Council Tax Base) (England) Regulations 2012 rules. The agreed precept amount is then submitted to Coventry City Council. The Keresley Parish Precept is then collected from parishioners by Coventry City Council, along with the main Council Tax, and passed on to Keresley Parish Council.
Further details surrounding this can be viewed on the Precept page.
Budget
Each year the Parish Council needs to set a budget in order to provide services for the local community.
The monies needed are raised by means of a precept as referenced above. Additional funding may be obtained by bids for a grant or by sponsorship.
Details on how the Parish Council uses the Precept can be found on the Budgets page.