How is Prescot Town Council funded ?
Prescot Town Council is now completely funded through the Annual Precept and the income received from the business activities carried out at the Town Hall. In previous years the Town Council had also received grant support in relation to Council Tax Benefit from Central Government administered by Knowsley MBC. The Local Council Tax Support Scheme has now been completely withdrawn, with the Town Council having lost further annual funding of £22,115 in funding on top of the £45,433 over the previous three years, taking it’s overall annual funding loss to circa £67,000.
What is the Precept?
Each year around January / February the Town Council agree an annual balanced budget for the forth coming financial year. In order to balance the budget income is matched against expected expenditure requirements for the year. The Precept is the amount of money required to meet the Town Councils expenditure requirements after taking into account any other expected income from the Town Hall operations.
The total Precept for the 2018/19 financial year is £235,320. The Precept is usually expressed as the Band D Equivalent and currently stands at £79.55 per household however some will pay more and others less dependent on their property band the majority of housing stock in Prescot is within bands C,B and A therefore most will pay a lower rate. The precept can also be expressed as 49p per week per elector or roughly 25p per resident.