In October the Finance Committee meets to discuss the budget for the next financial year. As far as possible the Clerk will obtain definite figures for the year ahead, but the Committee may need to estimate future costs or allocate money to save up for projects.
Once the outgoings for the year have been calculated, the budget is set and a request for the next year’s precept is submitted to Chichester District Council who will organise for it to be raised via Council Tax.
Throughout the year the councillors monitor how the funds a spent using a monthly budget monitor. In order to cater for unexpected costs, funds may be reallocated to different budget columns. This process is called a virement.
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