Following an internal report on its financial strategy, Fareham Borough Council has identified the need to make significant savings. The report looked at estimates of our income and expenditure over the next five years and highlighted a budget shortfall of £800,000.
This shortfall has been caused by factors such as the on-going reduction in Government funding, inflation and low interest rates on our investments.
In order to meet the shortfall a review will now be carried out of budgets across the Council, with the aim of reducing our costs by £800,000 by April 2015. This review will be completed by Spring next year in order to provide sufficient time to make the savings by the following year. The Council will consider ways of reducing spending by making efficiency savings, and reducing the costs of its services, but it will also have to consider a restructure of jobs.
Executive Leader of Fareham Borough Council, Cllr Seán Woodward, said:
"The Council has had to take some tough decisions since the recession started in 2008. Despite stories of "economic recovery" in the national media, the unfortunate reality is that Councils still have to find further savings over the next few years as a result of Government cutbacks and Fareham is no exception.
Our focus will continue to be maintaining the services that matter to customers and increasing levels of customer satisfaction. We have a good track record in making savings and I have no doubt that we will meet this new challenge."
The amount of funding Fareham Borough Council receives from Central government has reduced from £6.2m in 2010 to £4m in 2013. In the next 2 years, we expect this to reduce by another £1m. However, rather than passing on these funding reductions to residents, Council Tax has been frozen and we have instead focussed our efforts on being more efficient and concentrating on the services that matter most to our customers.
This decision is subject to the normal call in period.
For Further Information Contact:
Lorna Tipper, PR and Marketing Support Officer, tel: 01329 824302
fax: 01329 824505, e-mail: email@example.com
This and previous media releases can be viewed on the Council's website: www.fareham.gov.uk/pressreleases
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