Kingsbrook Parish Council raises and spends money for the benefit of the local community. Much of the income comes from the Precept which is the element of a resident's Council Tax that is paid to Kingsbrook Parish Council.
Every year, the Parish Council draws up budgets and calculates how much money it needs for the next Financial Year. Budgets are usually finalised at the January Parish Council meeting and then the required precept amount submitted to Buckinghamshire Council.
Buckinghamshire Council co-ordinate the demands from the Parish Council, Police and Crime Commissioner for the Thames Valley Area, Buckinghamshire and Milton Keynes Fire Authority and themselves and issue the Council Tax bills to be paid from 1st April each year.
Since householders must pay Council Tax the Parish Council needs to be accountable for where its proportion of the money goes and for providing sound financial management.