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%