How the council finance its spending - (2022/23)
How we finance our spending
We plan to finance expenditure of £279m in 2022/23, made up of:
- government funding (including new homes bonus) of £146m
- business rates income of £23m
- Council Tax income of £110m
Net spending 21/22 | Net spending 22/23 | |
Total service expenditure | £269,623 | £277,649 |
Previous years' Council Tax surplus | -£3,253 |
£0 |
Environment Agency flood defence levy | £182 | £184 |
Other levies and special expenses | £1,378 | £1,387 |
Total expenditure | £267,930 | £279,220 |
Less: | ||
Government funding | -£124,204 | -£142,071 |
New homes bonus | -£7,280 | -£3,707 |
Business rates | -£30,678 | -£23,410 |
Council Tax requirement | £105,768 | £110,032 |
Greater London Authority precept | £30,132 | £33,109 |
Total to be met from council tax | £135,900 | £143,141 |
Number of properties subject to Council Tax | £82,859 | £83,696 |
Council Tax per band D property | £1,640.00 | £1,710.09 |
How our spending has changed
The £110m 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.
Amount | |
21/22 Council Tax requirement | £105,768 |
Agreed budget proposals | £11,290 |
Additional Government Funding | -£10,599 |
Reduction new homes bonus | £3,572 |
22/23 Council Tax requirement | £110,031 |
Changes in your Council Tax
We also collect the Greater London Authority (GLA) precept of £33m 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.
21/22 | 22/23 | % change | |
Service expenditure | £3,214.62 | £3,317.20 | |
Government grant | -£1,957.11 | -£2,021.47 | |
Levies and London wide charges | £18.82 | £18.77 | |
Greenwich Council Tax | £1,276.04 | £1,314.50 | 2.99% |
Greater London Authority precept | £363.66 | £395.59 | 8.78% |
Band D Council Tax | £1,640 | £1,710.09 | 4.27% |