Finance factsheet 2015/16
How much is Council Tax?
|Band||Surrey County Council||Surrey Police and Crime Commissioner||Woking Borough Council||Total|
|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|
Where does your Council Tax go?
|Woking Borough Council||£8.5|
|Surrey County Council||£48.0|
|Surrey Police and Crime Commissioner||£8.5|
Why our budget has changed
|Woking's budget requirement||12.3||12.0||-0.3|
|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.
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.
Summary of Total Planned Income and Expenditure
|Planned Investment Programme for the year|
|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|
|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|