Decision details

This report seeks final confirmation of the recommendations to Council, on 20 February 2015, in respect of the revenue budget, capital programme and council tax for 2015/16.

On 5 January 2015, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the capital programme, revenue budgets and the council tax for 2015/16.  This report updates the Council’s budgets to reflect the decisions taken on 5 January 2015.

The capital programme for the years 2014/15 to 2018/19 will be £33,176,000.

The revenue budget for 2015/16 will be £9,174,600.  With Central Government support and retained business rates estimated to be £3,199,732, the option of accepting additional council tax freeze grant for 2015/16 equating to £61,695 and use of collection fund balance of £75,786 this results in the total amount due from the council tax of £5,837,387.

Taking these changes into consideration, the council tax for 2015/16 will be £140.22 per Band D property and would mean that Fareham's element of the Council Tax will have remained unchanged for 7 years.  This represents no increase from the council tax set for 2014/15, compares favourably to the current rate of inflation and complies with the Council’s corporate objectives.

RESOLVED that the following proposals be approved by the Executive and recommended to the special meeting of the Council to be held on 20 February 2015:

(a)  the capital programme and financing of £33,176,000;

(b)  an overall revised revenue budget for 2014/15 of £9,516,100;

(c)  a revenue budget for 2015/16 of £9,174,600; and

(d)  a council tax for Fareham Borough Council for 2015/16 of £140.22 per band D property, which represents no increase when compared to the current year.