The calculation of Council Taxes involves several stages.
| £’m | |
|---|---|
| The GROSS BUDGET | 1,033.424 |
| Minus | |
| INCOME (including Government grants for specific purposes) |
-619.326 |
| Equals | |
| The BUDGET REQUIREMENT | 414.098 |
| Minus | |
| FORMULA GRANT | -122.980 |
| Equals | |
| The COUNCIL TAX REQUIREMENT | 291.118 |
| Minus | |
| The surplus from the COLLECTION FUND (more tax was collected than expected in the previous year) |
-2.493 |
| Equals | |
| The PRECEPT (the amount to be collected for 2007-08) | 288.625 |
Once the total amount to be collected has been decided, this is divided between tax-payers to work out the level of tax.
| £’m | |
|---|---|
| The PRECEPT (the amount to be collected for 2007-08) | 288.625 |
| Divided by | |
| The TAXBASE | 281,879 |
| Equals | |
| The Band D Council Tax for 2007-08 | 1,023.93 |
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