Finance

The aim of Frome Town Council is to be open and transparent in all its financial activities and ensure their financial management is adequate, effective and has a sound system of internal control. The foundation to achieve this is our Financial Regulations.

The Financial Regulations are reviewed each year and can be found here: Financial Regulations

In addition, our expenditure decision making adhere to certain ethical and connected party choices.

Ethical Decision Matrix can be found here: Ethical decision Matrix

Connected Party Declaration Form can be found here: Connected Party Declaration

The annual budget for the following year is discussed and receives final approval at the January council meeting.  After the expenditure budget is agreed and any expected income deducted, it leaves a balance required for the council to provide its services and deliver its Strategic Plan which can be found here

This balance required is called the ‘Precept’, and is the amount the Town Council asks from Mendip District Council as a proportion of the Council Tax paid by householders of Frome.

For the financial year 2016/2017 the ‘Precept’ is £1,139,706.  The Town Council’s portion of Council Tax bill depends on which band a property is in. Properties are put into one of eight bands, A being the lowest, and H the highest, with Band D being the average.

For 2016/2017 the Town Council’s portion of the Council Tax bill for a Band D property is £138.65 per year.

This is a slight increase on last year’s Council Tax bill for a Band D property of 24p per week, and the additional money raised will enable new or increased spending for this year on the following:

4038 Footpaths £ 20,000 Old Show Field and Dippy
4052 Fair Frome £ 15,000 Continues support beyond initial funding
4060 Sports and Leisure £ 12,000 inc. Trust and Training
4039 Floral Supplies £   3,000 Not total but an increase following residents comments
4033 Open spaces management £   2,000 Increase to cope with new sites
4135 Business collaboration £   8,000 Poss. Inc. Business Improvement District development
4132 Self-Build £ 10,000 Get the project off the ground
4134 Public realm design £ 10,000 Cattle market car park and surrounding area
4037 Victoria Park Toilets £ 20,000 Cleaning and opening

 

Details of our 2016/2017 budget can be found here: Budget-16-17

The council receives assurance from Internal and External auditors that they are carrying out their duties responsibly and that appropriate accounting records have been kept.

You can find the Internal and External Auditor’s reports in the Annual Return for the financial year ended 31 March 2016 here: Annual Return 2016

The Conclusion of the Audit from the External Auditor for year ended 31 March 2016 can be found here: Audit Report 2016

In order to achieve the aim of being open and transparent is to allow residents to see what the council spends its money on. Details of payments over £500 to suppliers each month can be found here:

January to May 2015

June to July 2015

August to September 2015

October to January 2016

February to May 2016

June to July 2016

August to September 2016

For more information on any finance related matters please contact Jackie Wheeler, Responsible Finance Officer by email on wheelerj@frometowncouncil.gov.uk