3. Where does the money go?
We plan to spend £62.113m gross (£60.972m 2020/21) this year on providing services including contributions to capital. £53.391m (£52.264m 2020/21) of this comes from income we receive from grants, fees and charges and other income, which leaves a council tax requirement of £8.722m (£8.708m 2020/21).
Like many other authorities, Teignbridge is dealing with a challenging economic climate due to the COVID pandemic. Government assistance for both authorities and local businesses have been made available to reduce the impact.
Services and supplies include a budget adjustment of £2.616m to cover impact from COVID pandemic in 2021/22. Housing benefit payments have decreased as claimants transfer across to Universal Credit. New Homes Bonus, an important government grant, is reduced by £759,360 in 2021/22. As housing benefit payments reduce, so does our grant to cover those payments. £3.314m of general reserves have been used to set a balanced budget.
We approved a £5 (2.85%) increase in its share of the Council tax which means that the Teignbridge element is £180.17 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 2021.
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.