How is Prescot Town Council funded ?
Prescot Town Council is completely funded through the Annual Precept and the income received from the business activities carried out at the Town Hall.
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 or any other income streams the difference is then divided by the number of properties in the Town and a figure per household is established.
The total Precept for the 2020/21 financial year is £293,260. There has been an actual increase of 4.88% applied for 2020-21. This increase largely relates to additional costs of maintaining the Town’s Public Open Spaces. As such the Precept levied on a band A property has increased from £56.35 to £59.10 a total of £2.75. The precept can also be expressed as 58 pence per week per elector or roughly 46 pence per resident.