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Prior to the start of each financial year the council is required to set a budget for day-to-day income and expenditure for the year. This is called the Revenue Budget and is detailed within the Budget Book.
As part of this budget setting process the Council Tax for the District is decided.
The council also has a Capital budget which is used for expenditure of a one-off and high value nature. This is typically used for the building, purchase or enhancement of an asset. Future capital expenditure, including the funding for each project, is included within the Capital Programme (included in the Budget Book).
It is a legal requirement for the council to set a balanced budget and so expenditure must be matched by income or existing reserves.
At the same time as we approve the new year budget we also agree an Annual Treasury Management Strategy which details who we will place surplus funds with, the maximum periods and whether at fixed or variable interest rates. Our overarching Treasury Management priority is to ensure the security of amounts deposited, even if this results in a lower rate of return.
In order to look to the future and plan for the years ahead a Medium Term Financial Plan is prepared to show how we will strategically manage our finances over the next five years, in order to support the delivery of the pledges/objectives detailed in the Corporate Plan.
Financial regulations and monitoring
The Financial Regulations 2014 are part of the council's Constitution and provide a framework for managing the council's financial affairs. They apply to every member and officer of the council and anyone acting on its behalf. All financial and accounting procedures must be carried out in accordance with the regulations.
Financial monitoring reports are presented to the Cabinet each month. The agendas for these meetings can be accessed through our Meetings, agendas and minutes pages.