How the Council finances its spending
How we finance our spending
We plan to finance expenditure of £249m in 2019/20, made up of:
- government funding (including new homes bonus) of £105m
- business rates income of £43m
- council tax income of £97m
- a collection fund surplus of £4m.
Net spending 18/19 (£000) | Net spending 19/20 (£000) | |
Total service expenditure | 242,810 | 243,828 |
Capital adjustments | 4,897 | 3,328 |
Previous years' collection fund surplus | (7,706) | (3,868) |
Environment Agency flood defence levy | 174 | 181 |
Other levies and special expenses | 1,398 | 1,417 |
Total expenditure | 241,573 | 244,886 |
Less: | ||
Government funding | (87,468) | (93,946) |
New homes bonus | (12,191) | (11,088) |
Business rates | (50,890) | (42,989) |
Council tax requirement | 91,024 | 96,863 |
Greater London Authority precept | 23,591 | 26,553 |
Total to be met from council tax | 114,615 | 123,416 |
Number of properties subject to Council tax | 80,181 | 82,848 |
Council tax per band D property | 1,429.33 | 1,489.55 |
How our spending has changed
The £97m funding received from council tax payers is known as the council tax requirement. This table shows how our council tax requirement has changed from last year.
£000 | |
18/19 council tax requirement | 91,024 |
Net loss of government funding | 1,103 |
Agreed budget proposals | (3,077) |
Reduction in use of reserves | 7,224 |
Additional social care funds | (2,007) |
Business rates reduction | 2,596 |
19/20 council tax requirement | 96,863 |
Changes in your council tax
We also collect the Greater London Authority (GLA) precept of £27m on behalf of the GLA from council tax payers. The table below shows the council tax amounts for a band D household for council services and the GLA.
18/19 (£) | 19/20 (£) | % change | |
Service expenditure | 3,089.22 | 2,983.13 | |
Government grant | (1,973.73) | (1,833.38) | |
Levies and London wide charges | 19.61 | 19.29 | |
Greenwich council tax | 1,135.10 | 1,169.04 | 2.99% |
Greater London Authority precept | 294.23 | 320.51 | 8.93% |
Band D council tax | 1,429.33 | 1,489.55 | 4.21% |