Decision details

This report seeks final confirmation of the recommendations to Council, on 24 February 2017, in respect of the revenue budget, capital programme and council tax for 2017/18. 

On 9 January 2017, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the capital programme, revenue budgets and the council tax for 2017/18.  This report updates the Council’s budgets to reflect the decisions taken on 9 January 2017 The capital programme for the years 2016/17 to 2020/21 will be £65,686,000. 

The revenue budget for 2017/18 will be £8,616,700.  With Central Government support and retained business rates estimated to be £2,161,654 and use of collection fund balance of £89,984 this results in the total amount due from the council tax of £6,365,062. 

Taking these changes into consideration, the council tax for 2017/18 will be £150.22 per Band D property and would be within the referendum limit set by the Government.

RESOLVED that the Executive approves and recommends to the meeting of the Council to be held on 24 February 2017:-

(a)  the capital programme and financing of £63,686,000;

(b)  an overall revised revenue budget for 2016/17 of £8,903,300;

(c)  a revenue budget for 2017/18 of £8,616,700; and

(d)  a council tax for Fareham Borough Council for 2017/18 of £150.22 per band D property, which represents a £5.00 increase when compared to the current year and is within referendum limits.