How the council finances its spending (2024 to 2025)
How we finance our spending
We plan to finance expenditure of £333 million in 2024 to 2025, made up of:
- government funding (including new homes bonus) of £183 million
- retained business rates income of £24 million
- Council Tax income of £126 million
| Net spending 2023 to 2024 (thousands) | Net spending 2024 to 2025 (thousands) | |
| Total service expenditure | £309,071 | £330,956 |
| Environment Agency flood defence levy | £189 | £192 |
| Other levies and special expenses | £1,407 | £1,413 |
| Total expenditure | £310,666 | £332,561 |
| Less: | ||
| Government funding | -£162,932 | -£181,644 |
| New homes bonus | -£940 | -£1,090 |
| Business rates | -£28,488 | -£24,272 |
| Council Tax requirement | £118,306 | £125,555 |
| Greater London Authority precept | £37,211 | £40,843 |
| Total to be met from council tax | £155,517 | £166,398 |
| Number of properties subject to Council Tax | 85,713 properties | 86,642 properties |
| Council Tax charge per band D property | £1,814.23 | £1,920.36 |
How our spending has changed
The £125 million 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.
| 2023 to 2024 (thousands) | 2024 to 2025 (thousands) | |
|---|---|---|
| Council Tax requirement | £110,031 | £118,306 |
| Agreed budget proposals | £31,446 | £21,895 |
| Additional Government Funding | -£25,939 | -£14,496 |
| Change in new homes bonus | £2,767 | -£150 |
| Council Tax requirement | £118,306 | £125,555 |
Changes in your Council Tax
We also collect the Greater London Authority (GLA) precept of £41 million 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.
| 2023 to 2024 | 2024 to 2025 |
2024 to 2025 |
|
| Service expenditure | £3,605.71 | £3,819.64 | |
| Government grant | -£2,244.23 | -£2,389.20 | |
| Levies and London wide charges | £18.61 | £18.52 | |
| Greenwich Council Tax | £1,380.09 | £1,448.96 | 4.99% |
| Greater London Authority precept | £434.14 | £471.40 | 8.58% |
| Band D Council Tax | £1,814.23 | £1,920.36 | 5.85% |