The City Fund
This Fund meets the cost of the City of London’s
local authority,
police authority and
port health authority activities. The Fund generates
rental and interest income to help finance these activities. In
addition, in common with other local authorities, it receives
grants from central government, a share of business rates income
and the proceeds of the local council tax.
The City of London retains only a small proportion of the
business rates collected from its area, in accordance with the
national arrangements. The remainder has to be paid over to the
national non-domestic rates pool and is redistributed to local
authorities throughout the country by central government.
Because of its special circumstances – notably its very low
resident population and high daytime population – the City of
London is allowed uniquely to set its own business rate. It may set
this rate, subject to certain constraints, at a higher or lower
level than the National Non-Domestic Rate determined by central
government for the rest of the country. The proceeds of the
additional rate of 0.4p levied in financial year 2006/07 are used
to provide enhanced policing, security and contingency planning for
the Square Mile.
City's Cash
This is a private fund built up over the last eight centuries.
Its incomes are derived mainly from property, supplemented by
investment earnings and the fund is now used to finance activities
mainly for the benefit of London as a whole but also of relevance
nationwide. The management and conservation of over 10,000 acres of
open space, all of the
Lord Mayor's activities, Smithfield, Billingsgate, and
Leadenhall
markets,
three of the highest achieving independent
schools
in the country and the Guildhall School of Music and Drama – all
these are paid for by City’s Cash at no cost to the public.
The City Bridge Trust
The City of London administers this trust fund to maintain five
bridges which cross the Thames into the Square Mile. The fund
has its origins in medieval times, when finance was needed to build
and maintain London Bridge. Over the centuries the fund has grown,
enabling it in recent years to provide extensive charitable help
for the Greater London area. For more information visit
The
City Bridge Trust website.