Draft town budget hints at rise in local taxes
2 months ago
The Newtown & Llanllwchaiarn Town Council draft budget for the next financial year hints a rise of just under £8,000 in the local precept, whilst still taking more than £89,000 from reserves.
The draft budget, which is due to be considered at the next meeting of the Resources committee on Monday 21st November 2022 hints at rise in the council tax precept of around £7,823, with the actual percentage increase to be determined.
The actual percentage rise will depend on the number of properties which are liable for council tax - a figure which changes year on year and something which Powys County Council's Cabinet is set to review in a two weeks time.
What is Council Tax and how is it worked out?
Council Tax is paid by households based on the value of their property. The amount you pay is decided by three organisations - Powys County Council, Newtown & Llanllwchaiarn Town Council and the Police & Crime Commissioner.
Each organisation sets a budget which is divided by the number of properties in an area. The town council and police portions are called a precept. It is then collected by Powys County Council and paid to the three organisations.
To view your personalised breakdown of council tax for your property, sign up for a newtown.wales account and click on the 'View breakdown' link on your account page.
The draft budget as presented includes a movement from financial reserves of £89,010 to plug a funding gap between income and expenditure. This builds upon a £70,000 approved drawdown from reserves for the current financial year, further eroding the town council's reserves.
According to the town council's budget setting timetable, committees will now examine a third draft budget based on their requirements and work plans which will be examined in December. The full council will approve the next year's budget at a special meeting on the 11th January 2023.
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