At a dedicated meeting each January, members of the Council consider and draw up a budget for the forthcoming financial year. The financial year runs from the 1st April to 31st March. From this budget the Precept for the new financial year is set and the billing authority (Monmouthshire County Council) is advised. Monmouthshire County Council collects the Precept on behalf of the Town Council.
When setting the budget, and Precept, members of the Council need to take in to consideration the cost of running the council i.e. Administration and staff costs. Also they need to consider the cost of maintaining and running existing assets and services i.e. War memorial, emptying of dog bins, play park health & safety inspections and general maintenance costs.
Consideration is also given to new projects, and improvements to existing ones. Mostly the suggestions for new projects of improvements to existing ones have arisen following input from members of the public. All these suggestions form part of the Council's Development Plan, and its associated working documents - that are continually being updated - which the Council work from to develop and benefit the Community.
The Council also sets aside monies to award small grants, to local community organisations and groups.
The Council strives to maintain high standards whilst continuing to improve services to the Community.
2023/2024
A precept request of £320,192.00 would be requested of Mon CC. Members noted that this would mean a Council Tax increase on a Band D property of £7.27 per year.