3. Where does the money go?
We plan to spend £60.972m gross (£61.532m 2019/20) this year on providing services including contributions to capital. £52.264m (£53.156m 2019/20) of this comes from income we receive from grants, fees and charges and other income, which leaves a council tax requirement of £8.708m (£8.376m 2019/20).
Like many other authorities, Teignbridge is dealing with a changing financial landscape and the main government grant, the revenue support grant, has gone with further reductions anticipated from business rates retention and the new homes bonus.
The decrease in the 2020/21 gross budget is mainly due to the decrease in housing benefit payments as claimants transfer across to Universal Credit. New Homes Bonus, an important government grant, is reduced by £371,000 in 2020/21. As housing benefit payments reduce, so does our grant to cover those payments.
We approved a £5 (2.94%) increase in its share of the Council tax which means that the Teignbridge element is £175.17 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 361101 when you receive your annual bill in March 2020.
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.