Where our funding comes from
We plan to spend £215.4m in 2018/19 to provide services for South Tyneside's residents, including £91.0m on education.
Most of our money comes from Government (around 73%) either through our revenue support grant, dedicated schools grant (funding for education), or from business rates. The remaining 27% of our money comes from the council taxpayers. We expect to receive council tax income of £57.7m in 2018/19.
Where we expect our money to come from in 2018-19
Revenue funding £215.4m
- Council Tax 26.8%
- Revenue Support Grant 9.1%
- Business rates 22.0%
- Dedicated Schools Grant 42.2%
- Contribution to Reserves -0.1%
- 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.