Parish meetings have the right to set a precept to raise the monies needed for lawful expenditure within the parish.
Section 39(2) of the Local Government Finance Act 1972 gives the authority for parish meetings to set a precept which is collected on behalf of the parish by the district council when it sets the council tax. In Ryedale the parish precept is shown on the Council Tax Demand which comes with a booklet detailing all parish precepts.
As a local precepting authority the parish meeting is required to make certain calculations in order to determine its annual budget requirements. It must only precept for expenditure relating to specific functions, powers and rights which have been conferred on it by legislation. Details of what a parish is lawfully allowed to spend monies on can be found on the Natinonal Association of Local Councils information sheet on Parish Meeting Powers (PDF, 80k)
Expenditure beyond these powers needs a special Order which is granted by a district council. The parish meeting can ask to have the same powers as that of a parish council under S137 of the LGA 1972.
This might allow the parish meeting to do any of those things that a Parish Council can do as specified in the Order. The Wikipedia site gives further information, including that the power is limited to £5 per elector as at April 2003 – index linked to RPI. For 2010/11 the limit was £6.15 – the same as the previous year due to negative RPI.
For some years after selling the land on which stood the two derelict cottages, Broughton Parish Meeting did not need to set a precept.
Broughton Parish Meeting’s first precept for around two decades was for 2011-2012. The total annual precept was £2,500.00 equating to £29.97 a year for a dwelling rated at a “D” band, the middle band in the valuation range.