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.
Decision type: Key
Decision status: Recommendations Approved
Notice of proposed decision first published: 19/12/2014
: Finance Strategy;
Decision due: 2 Feb 2015 by Executive
Lead member: Executive Member for Policy & Resources
Lead director: Director of Finance & Resources
Contact: Neil Wood Email: nwood@fareham.gov.uk.