Finance factsheet 2015/16

How much is Council Tax?

Band Surrey County Council Surrey Police and Crime Commissioner Woking Borough Council Total
A 813.12 143.93 144.54 1,101.59
B 948.64 167.91 168.63 1,285.18
C 1,084.16 191.90 192.72 1,468.78
D 1,219.68 215.89 216.81 1,652.38
E 1,490.72 263.87 264.99 2,019.58
F 1,761.76 311.84 313.17 2,386.77
G 2,032.80 359.82 361.35 2,753.97
H 2,439.36 431.78 433.62 3,304.76
Total amount of Council Tax to be collected in the year 65 million
Total amount of Business Rates to be collected in the year 46 million

Back to top

Where does your Council Tax go?

millions
Woking Borough Council 8.5
Surrey County Council 48.0
Surrey Police and Crime Commissioner 8.5
Total 65.0

Back to top

Why our budget has changed

2014/15

millions

2015/16

millions

Change

millions

Woking's budget requirement 12.3 12.0 -0.3
Funded by:
Government Support - Revenue Support Grant 2.2 1.5 -0.7
Retained local Business Rates 1.9 1.9 0.0
Share of previous years Council Tax surplus 0.0 0.1 +0.1
Ammount to be raised from Council Tax 8.2 8.5 +0.3

Woking Borough Council's net budget to be met from Council Tax and Government support is 317,000 lower than in 2014/15.

A detailed explanation of the steps taken by the Council to achieve this reduction is given below.

The Band D Council Tax for Woking has increased by 4.05 or about 8 pence per week to meet this overall increase in cost.

Back to top

Reasons for the 317,000 decrease in the Council's budget

Inflation and increases to services: 1,261,000
Contractual inflationary pressures and additional costs from service improvements.

Reduced income: 779,000
Less grants and contributions will be received from other organisations towards the Council's services, including 660,000 reduction in the Council's funding from government.

Increased asset financing costs: 231,000
This reflects increased borrowing being required by the Council to finance its investment programme.

Increased property and other income: -1,184,000
Income from rents, fees and charges has increased reflecting some increase in activity levels.

Increased transfer to reserves: 324,000
The total amount to be transferred into reserves has increased as some of the additional income is not expected to be recurring.

Cost reductions: -736,000
In order to keep the Council Tax increase for Woking's services to a minimum a number of cost reductions have been achieved.

Increased contribution from the Collection Fund: -358,000
Reflecting increased collection of Council Tax and Business Rates income to the Council.

Back to top

Summary of Total Planned Income and Expenditure

2014/15

millions

2015/16

millions

Change

millions

Planned Investment Programme for the year
General Fund 56.9 32.5 -24.4
Housing 43.1 29.9 -13.2
100.0 62.4 -37.6
Planned service expenditure 80.8 81.1 0.3
Interest and capital costs 17.8 18.5 0.7
Business Rates tariff paid to government 15.3 15.6 0.3
Other revenue costs and provisions 1.4 1.1 -0.3
Total Gross Expenditure 115.3 116.3 1.0
Expected income from service activity including rents 75.8 77.1 1.3
Interest and investment income 7.2 7.9 0.7
Other grant income and use of reserves 8.8 6.8 -2.0
Collection fund 0.0 0.4 0.4
Council Tax (including prior year Council Tax and Business Rates surplus) 8.2 8.5 0.3
Business Rates collected for government tariff 15.3 15.6 0.3
Total Income 115.3 116.3 1.0