Osbaston Parish Council

Osbaston Parish Council is open and transparent about the way it manages its finances. The Council’s finances are regularly monitored by the Parish Clerk and approved at Council meetings. Additional scrutiny is given annually by appointing an internal auditor who assesses the Council’s compliance with relevant legislation. 

 

Council Income and the Precept

After agreeing its budget in January, the Council demands an annual sum of money collected with the Council Tax by Hinckley and Bosworth Borough Council. The Parish Council receives the majority of its income through its precept, although other income can be awarded through rental income from at allotments in Sutton Cheney as well as grants for specific projects. We also receive income through VAT reclaims and bank interest.

 

The Council Budget

Osbaston Parish Council has a statutory duty to prepare an annual budget. A well planned budget is an essential tool for controlling the Council’s finances as it provides the Council with the confidence to ensure that it will have sufficient income is available throughout the year to pay for expenditure for services and projects. This budgeting process is how the Council can calculate its precept each year and gives the Clerk the authority to make spending commitments in line with the decisions of the council.

It also enables progress to be monitored financially during the year by comparing actual spending against planned spending. By monitoring our spending against the budget plan, we can control our finances during the course of the financial year or agree to budget virements to move money from one budget item to another.

Council Budget for 2021/22

For the adopted budget for this financial year, please see

Osbaston Parish Council Budget for 2021/22