Osbaston Parish Council

Managing Finances at Osbaston Parish Council

Osbaston Parish Council is committed to openness and transparency in managing its finances. Financial matters are regularly monitored by the Parish Clerk and reviewed at Council meetings. To ensure compliance with legislation, the Council also appoints an internal auditor annually to provide additional scrutiny.

Council Income and the Precept

Each January, the Council agrees on its budget and demands a precept to Hinckley and Bosworth Borough Council. This precept forms the majority of the Council's income and is collected as part of the Council Tax. The precept is the difference between the council's estimated income and its anticipated spending. Additional income comes in the form of grants for specific projects, VAT reclaims, and bank interest.

The Council Budget

Under the Local Government Finance Act 1992, Osbaston Parish Council must prepare an annual budget. A carefully planned budget is crucial for managing the Council’s finances effectively, ensuring that sufficient income is available throughout the year to fund services and projects. This budget also helps determine the annual precept which is the difference between the council's estimated income and its anticipated spending.

To view the adopted budget for this financial year, please click here - Osbaston Parish Council - Agreed Budget 2024–2025

Budget Monitoring

The budget monitoring sheet is prepared and present to Council to provide a clear and concise overview of the Council's financial activity throughout the financial year. It is designed to assist in tracking actual expenditure and income against the agreed budget, ensuring transparency and effective financial management.

Regular monitoring of this document allows the Council to make well-informed decisions, identify potential savings or overspending, and uphold accountability to the community it serves.

Budget Monitoring Sheet 2024-25- End of Q3