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%