Parish Council (Suffolk)

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Parish expenditure is funded largely by a precept received from Suffolk Coastal District Council in two instalments each year.  The Parish Council sets its budget in November and a precept request is agreed in January.  Because precepts are funded from Council Tax, the amounts requested by Parish Councils affect the Tax that needs to be raised annually. 

Finances are reviewed at each ordinary meeting.  The Parish Clerk presents a Financial Statement.  This shows what money has been paid out in the last period, what bills are due to be paid and what income has been received.  It also states the current bank balances.  The figures are then used to monitor actual spending against the budget.

At each financial year end the Parish Council is duty bound to initiate an Internal Audit and submit its accounts for External Audit.  The findings of the Internal Audit support the information required for the subsequent External Audit.