About Our Finances
The financial year for a council starts on the 1st April and ends on the 31st March. Local councils do not receive a grant direct from Government. A local council can generate income from the services and facilities that it provides. (eg rent from leased premises, burial rights etc.) However, the main source of income for a local council is raised by the levy of a precept on persons over 18, who own or occupy a dwelling in the area of the council. The precept is listed on, and collected through,the council tax by North Norfolk District Council. The precept for the year must be set by the council by the 1st of March in the previous financial year.
Local councils, like other local authorities must manage their activities within budget and within a strict set of detailed statutory requirements and proper practices. (Accounts and Audit (England) Regulations2011/817) The processes which apply to Sheringham Town Council are set out in the documents below.