Budget 2017 / 2018
At the Full Council meeting Monday, 9 January 2017, Newport Parish Council unanimously agreed a proposal from Cllr Geoff Lumley, finance lead, for a NIL increase in its annual precept for 2017/18.
This will mean that Newport Parish will continue to have one of the lowest precepts of all the Island’s town and parish councils – currently 38.4p per week per Band D household.
To see full details of the budget, please Click Here
Budget 2016 / 2017
The precept for 2016/17 was resolved at the February 2016 meeting as £296,298. This is a 70% increase on 2015/16 but only an 8% increase on 2014/15. The increase had been predicted when the decrease of 36% was made last year. In real terms this represents a 38.4 pence per week increase on a Band D household (16.6 pence per week on last year and 2p per week on the previous year).
The increase will enable the Parish Council to continue to manage and maintain the services already taken on from the IW Council, as well as taking on 4 toilet blocks from April 2016.
To see the full budget details please Click Here
Budget 2015 / 2016
The precept for 2015/2016 was resolved at the February 2015 meeting as £173,922. As the discretionary services funds had not been spent from the 2014/15 financial year, the precept was reduced to £173,922, this includes £160,420 for the core business and £13,502 to cover expenditure for the Victoria Recreation area. It was acknowledged that the precept for 2016/17 would need to rise to cover the new services that come on stream from April 2015.
For full details of the budget please Click Here.
Newport Parish Council sets its own budget. This is done annually, in December, for the following financial year, i.e. in December 2013 the budget will be set for financial year 2014 / 2015. This is done by estimating expenditure including major projects, upgrading existing facilities, ongoing maintenance etc. This is then compared with likely income. Click Here to view our previous budget summaries.
Before setting the budget Councillors determine the precept for the following year, taking into account outside factors such as the rate of inflation, cost of living and the economic climate. Once this has been done priorities are agreed and the budget set.
Expenditure is reviewed monthly by our lead finance member and a budget tracker is presented at each full council meeting.
Expenditure is audited annually by a locally appointed internal auditor. The Annual Return is then audited annually by BDO LLP who are nominated as External Auditors by the Audit Commission for Local Councils in England.
To view our completed Annual Return for 2015/16, please Click Here
To view our Annual Returns for 2009-2015, please Click Here
All Parish Electors have the right to inspect the Annual Return and all items relating to Parish Council Accounts. Please Click Here for further details.