Decision Maker: Executive

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: Yes

Date of Decision: February 13, 2025

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.

Content: 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.