Local Government Finance

Parochial Revenue Fund (PRF)
The Parochial Rates and Finance Act establishes the Parochial Revenue Fund “PRF”. These funds are controlled and managed by a public officer designated for that purpose by the Minister.
The PRF receives its money from all the property taxes (including penalties and interests) paid in accordance with the Property Tax Act and sixty-six and two-thirds per-cent of the monies collected as licences duty on motor vehicles according to the Road Traffic Act.
Investments or other income derived from the assets of the PRF and other amounts specified by the Minister, subject to affirmative resolution of Parliament are also paid into the PRF.
By the last day of each month, each parish council is paid out ninety percent of the amount of property tax paid in the relevant parish and twenty-five percent of the amount paid in the relevant parish for motor vehicle licence duty. The remaining ten percent of property tax is placed in an Equalization Fund where parish councils apply to the Minister for that fund on a needs basis. The remaining seventy-five of licence duties is distributed to the parish councils based on the number of miles of parochial roads in the parish and expressed as a percentage of the total number of miles of parochial roads in the Island.
Local Public Accounts Committees (LPACs)
The establishment and operation of Local Public Accounts Committees (LPACs) by all Local Authorities will enhance accountability and good governance. The LPAC is a special standing Committees of Council.  Its membership includes members of the Council and members of some accredited civil society body for instance the PDC. The Chairperson is not a member of the Council.
One of the functions of the LPAC is to review the performance of the Council to determine whether accountability, transparency and ethical standards are being observed.
This selected Financial Management System for Local Authorities will ensure timely production of important financial and accounting data. It will also assist in the audited accounts of all parishes being brought up-to-date and kept current.