The Parish Council sets an annual budget which details its projected income and expenditure for the financial year which runs from 1st April to 31st March. The budgeting process enables the council to determine how much it needs to fund its services for the year, and agree the amount of its precept for the coming year (the amount it will request from the principal council for its area to be collected through council tax).
At the end of each financial year local councils are required to publish an Annual Return which includes its Statement of Accounts, an Annual Governance Statement, the report of its Internal Auditor and its External Auditor’s Certificate and Opinion.
Local councils adopt Financial Regulations which set out financial management procedures based on statutory requirements.