The new Town Council existed as a legal entity from the 1st of April 2017, however it did not begin to operate until the 15th of May, when the first group of Councillors met. The new Town Council has a number of assets that use to be managed by Waveney District Council, including Sparrows Nest, The Marina Theatre, and the Town Hall. Some of the assets will cost the council money to run, whilst others will generate them income. The full list of assets is in the Reorganisation Order.
As well as being responsible for a number of assets, the new Council also has a number of powers, and they are able to apply for funding that is unavailable to District or County Councils.