Finance and Audit

Finance
Each Full Council meeting has a finance report. This presents the current state of Council bank accounts and investments, as well as a section showing how current spending compares to the budgets allocated. Finally there is a listing of all proposed expenditure to be agreed, and recent receipts.

The precept is the money taken from local residents to finance the Parish Council’s operations. It is set each year following discussions over what budgets are required. The precept takes into account reserves built up, so the budget and precept figures are not usually the same. On 8/1/2020 we agreed the finance figures for 2020/21. We have set the precept for this year at £85.06 per Band D property for the year, a rise of 3.7% or 6p per week. Over the last seven years the annual increase is 2.25% on average, roughly the same as the inflation figure. You can see the approved budget and precept figures on the minutes of the January 2020 meeting.

Councils are supposed to make available all expenditure over £500. We try to be more transparent with our accounts, and list all expenditure, though we do collate salary figures for reasons of confidentiality.
Snettisham PC expenditure – 2019/20

Audit

Council accounts are audited in two ways. We have an internal auditor (currently Mr Michael Ruston, in his sixth year), who is appointed by Council to look at the accounts with an independent eye, and check that our financial risk-management strategy is sound. At the end of each year we have to submit our accounts, and a document showing that we have abided by relevant legislation, to an external auditor. This is now Littlejohn LLP. We are required to publish these statements at the time, and the public have a right to inspect the accounts and make representation to the auditor if they wish. Documents about the progress of this process are also published. Due to the coronavirus situation the dates are more flexible than in previous years

The audit process for 2019/20 is now in its final stages. Council approved the signing of the Governance form, which was submitted to them by the Clerk as Responsible Financial Officer – it had previously been signed by the Internal Auditor. The paperwork has now been sent to the External Auditor, and there is a period of public rights to inspect the documents.

We are required to publish two documents at this time:

Electors’ Rights info – 2020 audit
Governance and Accounts figures – 2020 audit

Previous years’ completed audit forms are available below:
2018/19 Audit form
2017/18 Audit form
2016/17 Audit form
2015/16 Audit form
2014/15 Audit form
2013/14 Audit form
2012/13 Audit form
2011/12 Audit form
2010/11 Audit form
2009/10 Audit form

We also publish our current asset list. This was approved at the meeting on 4/3/20. Note that these asset figures are not necessarily actual valuations – unlike commercial asset lists we do not use depreciation, and some assets are valued at nominal sums.

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