How the Council finances its spending - 2021/22

How we finance our spending

We plan to finance expenditure of £271m in 2021/22, made up of:

  • government funding (including new homes bonus) of £131m
  • business rates income of £31m
  • council tax income of £106m
  • a collection fund surplus of £3m.
  Net spending 20/21 (£000) Net spending 21/22 (£000)
Total service expenditure 261,340  269,623
     
Previous years' collection fund surplus (6,195)

(3,253)

Environment Agency flood defence levy 179  182
Other levies and special expenses 1,405  1,378
     
Total expenditure 256,729  267,930
     
Less:    
Government funding (114,936) (124,204)
New homes bonus (11,928) (7,280)
Business rates (28,145) (30,678)
     
Council tax requirement 101,720  105,768
     
Greater London Authority precept 27,782  30,132
     
Total to be met from council tax 129,502  135,900
     
Number of properties subject to Council tax 83,665  82,859
     
Council tax per band D property 1547.75  1,640.00

How our spending has changed

The £106m 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
20/21 council tax requirement 101,720
   
Agreed budget proposals  5,476
Additional Government Funding (6,076)
Reduction new homes bonus 4,648
   
21/22 council tax requirement 105,768

Changes in your council tax

We also collect the Greater London Authority (GLA) precept of £30m 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.

  20/21 (£) 21/22 (£) % change
Service expenditure 3,123.53 3,214.62  
Government grant (1,926.78) (1,957.11)  
Levies and London wide charges 18.93 18.82  
       
Greenwich council tax  1,215.68 1,267.34 4.99%
       
Greater London Authority precept      332.07 363.66 9.51%
       
Band D council tax    1,547.75  1,640.00 5.96%