Budget
Precept and Budget
The Town Council’s budget is known as the Precept. This is the amount the Town Council requests from Westmorland & Furness Council, which is collected as part of the Council Tax paid by householders in Penrith. The Precept is used to fund the Council’s services and to deliver the priorities set out in the Council Plan.
Click this link to open the Penrith Town Council Business Plan 2025 – 28.
The proportion of Council Tax paid to the Town Council depends on the Council Tax band that applies to each property. Properties are placed into one of eight bands, from Band A (lowest) to Band H (highest), with Band D representing the average property.
2026 - 2027 Budget
The Town Council has approved a budget for the financial year commencing 1 April 2026, which requires a precept of £526,749 to fund Council services. Westmorland & Furness Council is notified of the precept amount and collects the money on behalf of the Town Council from Penrith residents.
The approved 2026/27 precept represents an annual Council Tax charge of £84.76 for a Band D property, reflecting a 1% increase compared with 2025/26. The total precept amount is an increase of £12,009 on the previous year.
The 2026/27 budget has been reviewed to remove one‑off items and includes costs arising from contractually committed changes. Inflationary increases have only been applied where necessary. The budget also includes provision for new service developments, including support for:
- Town centre greening
- Town dressing
- A new summer event
- Wayfinding maintenance
- Artificial intelligence initiatives
- Allotment improvements
- Seats and shelters
- Improvements at Castle Park
You can view the Full Council budget reports below:
How the Budget Is Set
How the Budget Is Set
The Town Council’s budget‑setting process begins each September, when the Responsible Financial Officer, working with officers, prepares draft budgets for each committee. These are reviewed by the committees, who identify any growth items.
The Finance Committee reviews the draft budget and reserve levels in November and makes a recommendation. The final budget and precept are then considered and formally approved by Full Council in December.