The Parish Council is committed to financial transparency and responsible spending. This section provides an overview of how the Parish Council is funded and how those funds are managed and reported.
Sources of funding
Precept
This is the largest source of income for parish councils. The council sets a budget for the year, in November/December, determines the amount of money required and then requests this sum from the principal local authority, ie Chichester District Council. The district council then collects this precept as part of the local council tax for the parish and pays it to the Parish Council in two separate equal amounts in April and September.
Community Infrastructure Levy (CIL)
CIL is a charge which can be levied by local authorities on new development in their area. The South Downs National Park Authority (SDNPA) levies the charge in West Sussex because it is the local planning authority. The funds collected are used for infrastructure projects like transport, flood defences, schools, and parks, aiming to mitigate the impact of new development on the local community and environment within the National Park.
New Home Bonus
Parish councils do not directly receive New Homes Bonus (NHB) funding; rather, the funding originates from the UK government, which pays the grant to principal local councils (districts or boroughs) based on new homes in their area. These principal councils then often distribute a portion of the NHB funds to parish councils to reward communities for housing growth and provide local infrastructure funding.
Rent
Collected from the Tenants of Stedham Allotments.
Grants
The Parish Council has applied for and obtained funds from both the CIL and New Home Bonus schemes. Other grants have supported the development of the Neighbourhood Plan, the car parking area next to Stedham Village Green and the installation of the defibrillator in Stedham.
Parish Council Expenditure
Budget Approval Process
Each year, the Parish Council undertakes a careful process to develop and approve its budget for the forthcoming tax year, from April to March. Final approval of the budget takes place in either December or January, ensuring that the Council is ready to submit its precept request to Chichester District Council in February. The precept is a crucial component, as it represents the portion of local taxation allocated to the Parish Council for its operations and responsibilities.
Financial Oversight
At every Ordinary meeting of the Parish Council, a comprehensive report detailing the current spending against the approved budget is presented. This regular review ensures that councillors and the public remain informed about the Council’s financial position and adherence to the established budget throughout the year.
Financial Summary Reporting
In addition to the spending report, a Financial Summary is provided at each Ordinary meeting. This summary includes a detailed list of all payments and receipts recorded over the preceding four months. Furthermore, it presents a list of invoices and any anticipated future expenditures that require formal approval by the Council. This approach promotes transparency and accountability in all financial matters managed by the Parish Council.
All reports presented at Council meetings can be found in Agendas & Minutes