Each year the Town Council budgets for its income and expenditure for the following year. The amount required to be paid from the electorate is known as the 'precept' (usually the difference between the predicted income and expenditure).
The Town Council must publish the parish budget showing how and where the precept will be spent. The decisions to approve the expenditure, before the next financial year, are made by Full Town Council at a public meeting.
Wisbech Town Council precept is collected by Fenland District Council as part of the Council Tax.
Council Tax consists of different portions to cover local costs of:
Mayoral Allowance and Mayor's Charities
Although Wisbech Town Councillors receive no remuneration, it is custom and practice for the Mayor to receive an allowance to assist them in carrying out their duties throughout the civic year (in accordance with LGA 1972 s15(5); the amount of the allowance is decided at the Annual Meeting. Their allowance is part of the Civic Budget for the year.
The Mayor's Charities Fund is a separate fund from the council's budget. It is customary for the Mayor to aim to raise money to be distributed to individuals, groups and organisations of their choosing at the Mayor's Distribution evening at the end of the civic year.
Wisbech Town Council Financial Regulations (PDF, 358 Kb)
Wisbech Town Council Financial Regulations as adopted 29 March 2016
For information about Wisbech Town Council Policy & Resources Committee click HERE