How the Council finance it's spending - 2020/21

How we finance our spending

We plan to finance expenditure of £263m in 2020/21, made up of:

  • government funding (including new homes bonus) of £127m
  • business rates income of £28m
  • council tax income of £102m
  • a collection fund surplus of £6m.
  Net spending 19/20 (£000) Net spending 20/21 (£000)
Total service expenditure 243,828  261,340
     
Capital adjustments 3,328   
Previous years' collection fund surplus (3,868)

(6,195)

Environment Agency flood defence levy 181  179
Other levies and special expenses 1,417  1,405
     
Total expenditure 244,886  256,729
     
Less:    
Government funding (93,946) (114,936)
New homes bonus (11,088) (11,928)
Business rates (42,989) (28,145)
     
Council tax requirement 96,863  101,720
     
Greater London Authority precept 26,553  27,782
     
Total to be met from council tax 123,416  129,502
     
Number of properties subject to Council tax 82,848  83,665
     
Council tax per band D property 1,489.55  1,547.75

How our spending has changed

The £102m 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
19/20 council tax requirement 96,863
   
Agreed budget proposals  11,843
Additional social care funds (6,146)
Additional new homes bonus (840)
   
20/21 council tax requirement 101,720

Changes in your council tax

We also collect the Greater London Authority (GLA) precept of £28m 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.

  19/20 (£) 20/21 (£) % change
Service expenditure 2,983.13 3,123.53  
Government grant (1,833.38) (1,926.78)  
Levies and London wide charges 19.29 18.93  
       
Greenwich council tax  1,169.04 1,215.68 3.99%
       
Greater London Authority precept      320.51 332.07 3.61%
       
Band D council tax    1,489.55  1,547.75 3.91%