As with all London councils, we have 3 primary revenue sources:
- government grants
- council tax
- business rates
Government grants
These are funds provided by central government to support local services. They can either be:
- general grants: which councils can use at their discretion
- specific grants: earmarked for particular services
Over the years, the proportion of funding from government grants has decreased, putting more pressure on councils to raise funds locally.
Council Tax
This is a property tax put on residential properties. The amount of council tax collected depends on the value of the property and the number of occupants. Council tax is a significant source of revenue for us, accounting for about half of our income.
Business rates
Also known as non-domestic rates, business rates are taxes on business properties. We collect business rates, but a portion of the revenue is redistributed by central government to make sure funds are distributed across different regions.