The Town Council budget process starts in September each year when the Town Clerk and Responsible Financial Officer (RFO) begins preparing draft budgets for each committee. These are then reviewed in September/October committees who agree a draft budget request. The budget request is passed to the Budget Working Group (which consists of the Town Mayor, Deputy Town Mayor, Chairman of Finance & Audit Committee and Vice Chairman of Finance & Audit Committee) The Budget Work Group consider all the proposals and agrees the draft budget. This draft budget is then considered by the Finance & Audit Committee at its December meeting. The committee agrees a recommended budget which is presented to the January Town Council meeting where the budget is agreed, individual members are able to make proposals to add/remove items to the budget presented to Full Council. The annual precept (Keighley Town Council’s proportion of the council tax) is also set at the January meeting. The council aims every year to set a balanced budget, where the expected expenditure is matched by the excepted income.
The Town Council receives the majority of its income through the precept; an annual sum of money collected with the Council Tax by Bradford Metropolitan Council. The precept is set by the council in January each year and for 2023/24 is £798,793 which amounts to a Band D rate of £52.50. The rest of the Council’s income is from office rental, function room hire, allotment rent and interest on investments.
2023/24 Precept Calculation:
Total Budgeted Expenditure
Precept equals (A-B)
Council Tax Base (formula used by BMDC to calculate the number of properties in Keighley)