Welcome to Poundstock Parish Council's Finance Page

Here, we are excited to give you a brief overview of how we manage our finances to ensure we provide the best services and amenities to our community.

Our annual turnover falls within the range of £25,000 to £200,000, which places us in a unique position within the framework of Local Government Transparency Requirements. While there are specific regulations in place for Councils with turnovers exceeding £200,000, there are no explicit statutory requirements that mandate transparency for Councils within our range.

However, our Parish Council is committed to upholding the principles of transparency, accountability, and community engagement. We firmly believe in keeping our residents informed about our financial practices and decisions.

To achieve this, we have chosen to voluntarily provide detailed financial information on this page. Here, you can find information regarding our Annual Budget, Annual Audit (AGAR), Internal Reviews, and other financial documents. We believe by sharing this information openly, we can foster trust and understanding between our Parish Council and the Local Community we serve.

Transparency is a core value for us, and we encourage you to explore the financial information we have made available. If you have any questions or require further clarification, please do not hesitate to contact us.

Making a Budget:Parish Councils, irrespective of their size, have a statutory duty to prepare an annual budget. Each year, our dedicated Parish Councillors work closely with our Clerk/RFO to create a comprehensive budget. The budget outlines all our expected income and expenditure for the upcoming financial year, 01 April-31 March. The Councillors meticulously review past financial data, consider upcoming projects and priorities, and consider the needs and wishes of our residents. They are heavily invested in this process, to efficiently serve the best interests of our community.

Setting the Precept:The precept requirement is the difference between the Parish Council’s estimated income and its anticipated spending requirements for the financial year from 01 April to 31 March. The Parish Council must agree the budget before it can set the precept. Once the precept has been approved by the Parish Council it informs the charging authority, this is then added to Council Tax bills. Cornwall Council makes the payment to the Parish Council in two instalments (Apr and Sept). Once the precept has been notified there is no provision for it to be increased for that year. The Councillors take their role seriously in determining a fair precept that balances the need for essential services with the impact on Council Tax.

The Tax Base:Cornwall Council converts the precept into an amount per Council Tax payer that is then added to the Council Tax bill (according to the property band) for all dwellings within the parish area. This is referred to as the ‘Band D Equivalent’, being the middle band of Council Tax.

Monitoring Throughout the Financial Year:Our commitment to sound financial management doesn't stop with the budget and precept setting. Parish Councillors remain actively engaged throughout the financial year, closely monitoring our income and expenditure. Regular Financial Reports are prepared, and any necessary adjustments are made to ensure we stay on track with our budgeted allocations. This ongoing oversight helps us respond to unexpected challenges and seize opportunities to enhance our community's well-being. We want you to know that your Parish Councillors are committed to the responsible and transparent management of our finances entrusted to us by our residents and seeking to improve services for our community.

If you are interested in looking deeper into our financial process, you can view the following documents below, just use the drop down menu to select from the following documents:

1. Annual Audit AGAR – Annual Governance Accountability Return (AGAR)
2. Annual Budget – Outlining income and expenditure for the year
3. Precept Statement – Precept and how if affects the council tax - Band D Equivalent
4. Financial Reports – Quarterly monitoring of the budget
5. Internal Audit – Councillors Quarterly Internal Audit
6. Community Infrastructure Levy Report – Annual Report of CIL Expenditure

These documents are accessible on our website and can provide you with a more detailed understanding of our financial planning and management. If you have any questions regarding our financial process, please do not hesitate to contact us. Your input is invaluable as we work together to build a thriving and prosperous community.

Thank you for your interest.