There are four ways in which the WCC could be funded. The option, which nearly all local councils make use of, is the annual precept. It could also apply for one-off grants, and / or raise income from assets, and borrowing capital funds from the Secretary of State for the Department for Communities and Local Government.
The WCC like many parish and town councils is funded by an annual payment, or precept, from the principal authority. The Waverley Community Council must prepare a budget for each year which will cover all necessary expenditure. The first iteration of the budget is usually placed before the Councillors at the November or December meeting and finalised at the January meeting for the next financial year.
The WCC then asks Rotherham Metropolitan Borough Council before the end of January for this money in the form of the precept. This precept is collected by RMBC via the council tax and paid to the WCC in two tranches, late April and the latter half of September.
The WCC can seek one-off grants from the providers like the Big Lottery funds, Heritage Funds, Sports England etc, landfill companies like Veolia, local supermarket community funds for various projects. However, the application processes are bespoke and can be challenging as specific costings are needed, as well as community support before the application is submitted. There is always competition from other parish councils or local charities for the funds too.
The WCC can also raise income from assets when it gains some. In other parish and town councils' income can come from charging residents for using allotments, visitors using car parking facilities, burial fees at cemeteries, or hiring community/sports centres.
The Local Government Act 2003 enables local councils like the WCC to borrow capital monies to fund infrastructure and capital projects. All applications to borrow must first be approved by the Secretary of State for the Department for Communities and Local Government. The application is checked to ensure the council has the appropriate public support and robust plans to pay off the loan. Loan repayment provision must be included, and this includes interest repayments too.