Finances

The financial year for a council starts on the 1^st April and ends on the 31^st March.

Town councils do not receive a grant direct from Government. The main source of income for a Town council is raised by the levy of a precept on residents over 18, who own or occupy a dwelling in the area of the council. The precept is collected through, the council tax by North Norfolk District Council.

The precept for the year must be set by the council by the 1^st 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.