Financials

Glenfield Parish Council is required, in accordance with the Accounts and Audit Regulations, to complete an Annual Return setting out Accounting Statements and an Annual Governance Statement for each financial year. These statements and their supporting documentation are audited by the Council's Internal Auditor and an External Auditor.

Financial Risk Assessments

Risk is the threat that an event or action will adversely affect an organisation's ability to achieve its objectives and to successfully execute its strategies. Risk management is the process by which risks are identified, evaluated and controlled. It is a key element of the framework of governance together with community focus, structures and processes, standards of conduct and service delivery arrangements.

This document has been produced to enable the Parish Council to assess the risks that it faces and satisfy itself that it has taken adequate steps to minimise them. The Council is aware although some risks can never be eliminated fully, it has in place a strategy that provides a structured, systematic and focused approach to managing risk which:

• Identifies the key risks facing the Council
• Identifies what he risk may be
• Identifies the level of risk
• Evaluates the management and control of the risk and records findings
• Reviews, assesses and revises procedures if required.

A Parish Council Precept is a tax charged on each property in a parish, and is seen on your Council Tax bill. It is used to fund all the activities that a Parish Council undertakes for the benefit of the community.

Parish and Town Councils raise their money primarily from a levy called a precept. Any Town or Parish within the district of Blaby that precepts for more than £140,000 each year has to inform its residents of that fact and provide a breakdown of how it intends to spend it.

Each January this Council's precept is agreed by Members through a process of setting committee budgets which forecast the expected expenditure and income for the following financial year. The precept is collected by the District Council on behalf of the parish council in the form of Council Tax, to which all of Glenfield 8,157 electorate contribute.