Budget
Aberystwyth Town Council sets its budget annually, for each financial year (1 April – 31 March). The budget sets how the Town Council’s funds are spent and is separated into various headings and sub-headings. Setting the budget is a long process and always receives careful consideration, as it determines the precept and thereby the level of Council Tax collected for Aberystwyth Town Council.
The initial draft budget is prepared by the Town Clerk and it is then reviewed extensively by the Finance Committee before being agreed by Full Council. This process takes many months and usually starts in September/October, with the final budget usually agreed in January.
The Town Council’s expenditure is monitored regularly and reviewed every month, with attention given to actual expenditure compared to the planned budget. If there is an overall underspend in a year, the surplus amount is transferred to the Town Council’s reserves; likewise, if there is an overall overspend in a year, this amount is paid for from the Town Council’s reserves.