Purpose

The report seeks final
confirmation of the recommendations to be made to Council on 14 February 2025,
in respect of the revenue budget, capital programme and council tax for 2025/26.

 

On 13 January 2025, the Executive
reviewed the Council’s overall finance strategy and considered proposals
relating to the revenue budgets and the council tax for 2025/26.  This report updates the Council’s budgets to
reflect the decisions taken and other known changes since 13 January 2025,
including the provisional local government finance settlement.

 

The net revenue budget for
2025/26 will be £15,050,100.  With core
funding estimated to be £5,819,957 no payment from the collection fund and
other income sources and use of reserves totalling £693,500, this leaves the total
amount due from the Council taxpayers to be £8,536,643.

 

This level of council tax for
2025/26 equates to £191.42 per Band D property. 
This represents an increase of £5.56 per year from the council tax set
for 2024/25 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 14 February
2025:

 

(a)  the capital
programme and financing of £37,004,800;

 

(b)  an
overall revised net revenue budget for 2024/25 of £14,369,200;

 

(c)  a
net revenue budget for 2025/26 of £15,050,100;

 

(d)  a
council tax for Fareham Borough Council for 2025/26 of £191.42 per band D
property, which represents a £5.56 increase when compared to the current year
and is within referendum limits;

 

(e)  an
unchanged Council Tax Support scheme for 2025/26; 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.