Finance Committee
Framlingham Town Council raises and spends money for the benefit of the local community. Much of the income comes from the Precept which is the element of a resident's Council Tax that is paid to East Suffolk Council. The Council also receives a significant amount of funds from property development via the Community Infrastructure Levy (CIL), however this is managed by the Development & Strategic Planning Committee.
Every year, the Town Council draws up an annual budget calculating how much money it needs for the next Financial Year. Budgets are usually finalised at the January Town Council meeting and then the Precept (local council tax) amount required is submitted to East Suffolk Council.
East Suffolk Council co-ordinate the demands from the Town Council, the Suffolk Police, and themselves and issue the Council Tax bills to be paid from 1st April each year.
Since householders must pay Council Tax the Town Council needs to be be accountable for where its proportion of the money goes and for providing sound financial management.
The committee is responsible for the Council's financial documents, policies and procedures, and has responsibility for the investment of the Council's temporarily surplus funds until they are needed.
Public Access
Finance Committee usually take place on the second Thursday of each month.
Financial Policies and Procedures
Framlingham Town Council acknowledges the importance of prudently investing the temporarily surplus funds held in its accounts.
To ensure sound financial management, Framlingham Town Council has a set of financial policies and procedures that it follows. This includes an Annual Investment Strategy to manage the CIL funds in accordance with the Local Government Act 2003 to have regard to such Guidance as is issued by the Secretary of State.
Monthly Expenditure
Bank Balance Statements and Payments are published each month as part of the meetings papers for both the Finance & HR committee and the Full Council meeting.
Annual Budget
A detailed budget report outlining expenditure by each committee is published every year. Printed copies can be obtained from the Town Clerk.
See Annual Reports: Annual Budgets, Annual CIL Reports and Audit Reports
Grant Applications
The Finance committee considers grant applications from local charities and groups are considered twice a year in September and February. A total of £3000 is available each year.