We plan to spend £234m in 2021/22 to provide services for South Tyneside's residents, including £104m on education.
Most of our money comes from Government (around 72%) either through our revenue support grant, dedicated schools grant (funding for education), or from business rates. The remaining 28% of our money comes from the council taxpayers. We expect to receive council tax income of £65.6m in 2021/22.
Where we expect our money to come from in 2021/2022
Revenue funding £233.4m
Council Tax 28%
Revenue Support Grant 6.4%
Business rates 18.4%
Dedicated Schools Grant 45%
Contribution from Reserves/Collection Fund 2.7%
Parking revenues <1%
The amount that local businesses pay is calculated by applying a multiplier set by the Government to the rateable value of the property.
The Government introduced a new system of accounting for Business Rates from 2013/14 in that the Council is now allowed to retain a proportion of Business Rates collected with Government Grant being reduced accordingly.