3. Where does the money go?
We plan to spend £61.532m gross (£68.338m 2018/19) this year on providing services. £53.156m (£60.315m 2018/19) of this comes from income we receive from grants, fees and charges which leaves a council tax requirement of £8.376m (£8.023m 2018/19).
Like many other authorities, Teignbridge is dealing with a changing financial landscape and the main government grant, revenue support grant, will be gone completely by 2019/2020.
The decrease in the 2019/20 gross budget is mainly due to the decrease in housing benefit payments as claimants transfer across to Universal Credit. In addition, the contribution to the capital budget has reduced. We received additional business rate pilot funding in 2018/19 which allowed extra contributions to be made. Revenue support grant reduces to zero in 2019/20 and New Homes Bonus – another important government grant - has reduced by £313,000. As housing benefit payments reduce, so does our grant to cover those payments.
We approved a £5 (3.03%) increase in its share of the Council tax which means that the Teignbridge element is £170.17 for an average Band D property.
You can pay your Council Tax by 12 monthly instalments between April and March.
If you wish to take up this option you will need to contact us on 01626 215 000 when you receive your annual bill in March 2019.
A bill is issued in the March of each year detailing the instalments for the forthcoming year.
Information on budgets
If there is a failure to pay the amounts as billed they will become subject to recovery action.