The list of categories of information that may be deemed exempt, and therefore eligible for discussion in closed session, is contained in Schedule 12A of the Local Government Act 1972.
For all of these categories, there is an overriding condition that must be met, which allows the public and press to be excluded from that part of the meeting "if and so long as, in all the circumstances of the case, the public interest in maintaining the exemption outweighs the public interest in disclosing the information." How anybody could seek to apply this to the budget and precept is beyond me.
I am so frustrated by the attitude of the many councils that seek to conduct routine business in private. My approach has always been to publish everything that I would be required to publish should a member of the public submit a Freedom of Information request. That's why I never receive FOI requests. We don't have finance committees, so we conduct every part of our budget and precept setting in public in our regular council meetings. The supporting documents the councillors receive with the agenda are also posted on the council websites for the public to see. I publish my salary details, allowances, pension contributions, expenses, every month. Lay it all on the table and avoid the conspiracy theories. The majority of the money we spend comes from our residents through their Council Tax. Surely we can grant them the right to know what we do with it?
Somehow, collectively, we need to eradicate the "Do we have to tell them?" mindset in favour of "Why would we not tell them?"