Decision details

This report seeks final confirmation of the recommendations to Full Council, on 21 February 2014, in respect of the revenue budget, capital programme and council tax for 2014/15.

On 6 January 2014, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the capital programme, revenue budgets and the council tax for 2014/15.  This report updates the Council’s budgets to reflect the decisions taken on 6 January 2014.

The capital programme for the years 2013/14 to 2017/18 will be £34,601,000.

The revenue budget for 2014/15 will be £9,510,600.  With Central Government support and retained business rates estimated to be £3,708,796 and the option of accepting additional council tax freeze grant for 2014/15 equating to £56,430 this results in the total amount due from the council tax of £5,745,374.

Taking these changes into consideration, the council tax for 2014/15 will be £140.22 per Band D property and would mean that Fareham's element of the Council Tax will have remained unchanged for 6 years.  This represents no increase from the council tax set for 2013/14, compares favourably to the current rate of inflation and complies with the Council’s corporate objectives.

RESOLVED that the following proposals be approved and recommended to the special meeting of the Council to be held on 21 February 2014:-

(a)       the capital programme and financing of £34,601,000;

(b)       an overall revised revenue budget for 2013/14 of £9,823,300;

(c)       a revenue budget for 2014/15 of £9,510,600; and

(d)       a council tax for Fareham Borough Council for 2014/15 of £140.22 per band D property, which represents no increase when compared to the current year.