The Council derives its funding from a share of the Council Tax, which is collected by Isle of Wight Council. The Parish Council agrees 'the precept' in February each year, which is calculated to be the sum it requires from the Council Tax from April onwards to fund its activities and services, less any remaining funds from the previous year and grants it may receive from time to time.
The table below sets out the current and previous year's planned spending budget, with the actual outturn for the previous financial year also shown. As the year progresses, the Parish Council may decide to move funds from one budget to another as spending pressures or opportunities arise. For our Audit reports, follow the tab to the left.
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The closing financial report for 2016-17 is below:
An interim reconciliation for the first quarter of 2017-18 is below:
Mid-term Financial Statement and reconciliation, October 2017 is below. The recommedation to adopt a General Reserve was approved.
The third-quarter reconciliation for 2017-18 is below: