Issue details

This report seeks final confirmation of the recommendations to Full Council, on 22 February 2013, in respect of the revenue budget, capital programme and council tax for 2013/14.

On 7 January 2013, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the capital programme, revenue budgets and the council tax for 2013/14.  This report updates the Council’s budgets to reflect the decisions taken on 7 January 2013.

There is one new capital scheme added to the capital programme for the years 2012/13 to 2016/17 which leaves a programme totalling to £22,903,000.

The revenue budget for 2013/14 will be £9,823,300.  With Central Government support and retained business rates estimated to be £4,090,980 and the option of accepting additional council tax freeze grant for 2013/14 equating to £61,460 this brings the total funding to £4,152,440.

Taking these changes into consideration, the council tax for 2013/14 will be £140.22 per Band D property and would mean that Fareham's element of the Council Tax has remained unchanged for 5 years.  This represents no increase from the council tax set for 2012/13, compares favourably to the current rate of inflation and complies with the Council’s corporate objectives.