Issue 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.