Council Spending and Finances
The Council has approved the budget which sets out its approach to revenue budgeting, council tax and the capital programme. You can read more on the Council's Business Planning here.
The Council received the highest rating of 'excellent' for the latest (2008) annual Audit Commission assessment on its use of resources. This covers financial reporting, financial management, financial standing, internal control and value for money.
We are also committed to transparency in all our financial dealings. The following links set out all accounts and reports in full, however for specific information about individual transactions, salaries and members allowances, please see 'Transparency in the Council'.
The Finance Information Systems and Property Department is responsible for setting standards and co-ordinating all financial activities within the Council, supported by the Group Finance teams within each Business Group.
What we spend
The Council will spend £468 million in 2018-19 on a wide range of local Services, such as social care, the environment and leisure facilities, highways and transport services, education and skills development. This excludes housing benefit payments and Public Health Services, of which the costs are fully funded from Government. Next year’s budget includes a provision of almost £37m for the ongoing costs of the tragic events at Grenfell Tower in June 2017. The Council Tax requirement after taking into account all income and Government funding is £81 million.
The council also collects over £28 million on behalf of the Greater London Authority to pay for London wide services, such as the Metropolitan Police.
|Year on Year Budget Change
|External funding reductions *
|Pay and price inflation
|Growth and Service Pressures
|Increase in Council Tax
*Mainly the reduction in Revenue Support Grant, New Homes Bonus and Education Services Grant. **Increase in levy payments and Grenfell expenditure, partly offset by use of reserve contributions.
The pie charts below show the Royal Borough’s spending plans across the key services and how this spending will be funded this year.