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How the council finances its spending (2023 to 2024)

How we finance our spending

We plan to finance expenditure of £311m in 2023/24, made up of:

  • government funding (including new homes bonus) of £164m
  • retained business rates income of £28m
  • Council Tax income of £118m
  Net spending 22/23  Net spending 23/24 
Total service expenditure £277,649 £309,071
     
Capital adjustments    
Previous years' Council Tax surplus £0  
Environment Agency flood defence levy £184 £189
Other levies and special expenses £1,387 £1407
     
Total expenditure £279,220  £310,666
     
Less:    
Government funding -£142,071  -£162,932
New Homes Bonus -£3,707 -£940
Business Rates -£23,410 -£28,488
     
Council Tax requirement £110,032 £118,306
     
Greater London Authority precept £33,109 £37,211
     
Total to be met from Council Tax £143,141 £155,517
Number of properties subject to Council Tax £83,696 £85,713
Council Tax per band D property £1,710.09 £1,814.23

How our spending has changed

The £118m 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
22/23 Council Tax requirement £110,031
   
Agreed budget proposals £31,446
Additional government funding -£25,939
Reduction new homes bonus £ 2,767
   
23/24 council tax requirement £118,306

Changes in your Council Tax

We also collect the Greater London Authority (GLA) precept of £37m 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.

  22/23 23/24 % change
Service expenditure £3,317.19 £3,605.71  
Government grant -£2,021.47  -£2,244.23   
Levies and London wide charges £18.77 £18.61  
       
Greenwich Council Tax  £1,314.50 £1,380.09 4.99%
       
Greater London Authority precept £395.59 £434.14 9.74%
       
Band D Council Tax  £1,710.09 £1,814.23 6.09%