Most of the Town Council's income comes from the Annual Precept.  Each year the Council sets a budget for the following financial year and agrees a Precept to meet its anticipated expenditure.  The Town Council is solely responsible for deciding how this money should be spent.

When you, as a Bungay resident, receive your Council Tax demand for the year from East Suffolk Council, you will find that this money goes to Suffolk County Council, East Suffolk Council, the Fire Service, the Police and to Bungay, in the form of the Town Precept.

The Precept is an annual amount that goes towards the provision of Bungay services not paid for by the other authorities - it covers the items indicated in the Town Budget.

The agreed annual precepted sum is divided among all households in Bungay in accordance with their Council Tax banding:

• It is collected by East Suffolk Council along with the other elements of Council Tax.  The Precept is paid by East Suffolk Council to Bungay Town Council in two equal instalments. 
  
  
• Council Tax bills sent out annually to Bungay residents by East Suffolk Council show the share of the Precept relating to the property concerned.
  
  
• Council Tax bills also show, for the purposes of comparison, the Precepts for all parishes (including Bungay) in the East Suffolk area.
  
  
• Whereas the Council Tax you pay to East Suffolk and Suffolk County Council can be used anywhere in the administrative area (and it may be difficult to find out where it has been used) the local precept is used ONLY for town purposes.
  
  
• It is also completely accountable and each year a breakdown is provided in the Annual Report explaining where the money has been spent.