Precept and Income

The main source of income for a council is from the precept. The precept is collected by the District Council through residents paying council tax.
Councils can also raise income through providing services and activities. The precept and income enable the council to deliver services.
The functions that a council can provide are set in government legislation and they include things councils must do (e.g. hold a certain number of meetings per year) and things councils can do (e.g. encourage tourism or provide recreation grounds).
Councils usually agree their budget and precept around January time for the forthcoming financial year. The financial year for a council runs from the 1 April – 31 March, with councils being required to approve and publish their accounts for the previous financial year after the 31 March and before the first working day in July.