Transparency - Our Finances

Spending and Finance - current and last financial year

Financial Information

The Local Government Transparency Code 2014 requires local authorities to publish details of all transactions of £500 or more, paid within the calendar month indicated, and include all payments to suppliers for goods or services (excluding schools) regardless of the source of funding. This means not all expenditure represents a direct cost to the council tax payer; some is funded from the rents paid by council tenants or from specific grants and contributions.

These reports show all Isle of Wight Council financial transactions (including those under £500) and does not reflect any subsequent correction. However, if we make payments to individuals, we redact the names to comply with the Data Protection Act.

The data in the reports has been extracted from the Isle of Wight Council’s financial accounting system, and also includes payments made via CHAPS (the electronic, bank to bank, payment system that guarantees same business day payment) and Government Procurement Cards.

You are free to use or re-use this published data under the same terms as the Open Government Licence.

Financial information is available for all invoices with data now uploaded monthly. For earlier periods the quarterly information is also available via the archived data tab.

 

Annual Budgets and Statement of Accounts

The council also publishes financial information on its annual budgets and statement of accounts. To view this information please click here.

 

Sources of Income

The money the council uses to provide services comes from a number of sources including:

  • Formula grant from the government
  • Council tax and council tax freeze grant
  • Core grants for specific services and projects
  • Dedicated schools grants
  • Income from charging and contributions for certain services

To view a register of the councils fees and charges.

 

Financial Performance

Quarterly performance reports to cabinet bring together information about finance, risk, and achievement of corporate priorities. To view this information please click here.

 

Councillors Allowances

The Member’ Allowances Scheme has been established under the Local Authorities (Members’ Allowances) (England) Regulations 2003 (and any amendments to those regulations) and can be viewed in the Councils Constitution.

The level of allowances is set each year by an Independent Remuneration Panel. To view the reports of the Panel.

 

Budget Consultation

The council consults each year on budget setting so that the public can have input into how the council plans what services it is able to deliver in the future.