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%