Purpose

The report seeks final confirmation of the recommendations to be made to Council, on 23 February 2024, in respect of the revenue budget, capital programme and council tax for 2024/25.

On 08 January 2024, the Executive reviewed the Council’s overall finance strategy and considered proposals relating to the revenue budgets and the council tax for 2024/25. The report updates the Council’s budgets to reflect the decisions taken and other known changes since 08 January 2024, including the provisional local government finance settlement.

The capital programme for the years 2023/24 to 2027/28 will be £58,678,500.

The net revenue budget for 2024/25 will be £13,292,600.  With core funding estimated to be £5,079,839 and no payment form the collection fund, the total amount due from the Council taxpayers will be £8,212,761.

Taking these changes into consideration, the council tax for 2024/25 will be £185.86 per Band D property.  This represents an increase of £5.40 per year from the Council tax set for 2023/24 and is within the 2.99% referendum threshold set by the Government.

Decision

RESOLVED that the Executive approves and recommends to the meeting of the Council to be held on 23 February 2024:

(a)  the capital programme and financing of £58,678,500;

(b)  an overall revised net revenue budget for 2023/24 of £12,376,100;

(c)  a net revenue budget for 2024/25 of £13,292,600;

(d)  a council tax for Fareham Borough Council for 2024/25 of £185.86 per band D property, which represents a £5.40 per year increase when compared to the current year and is within referendum limits;

(e)  an unchanged Council Tax Support scheme for 2024/25; and

(f)   that the Council continues to disregard the whole of any incomes prescribed in the Housing Benefit (War Pensions Disregards) Regulations 2007 and the Council Tax Reduction Schemes (Prescribed Requirements) (England) Regulations 2012.