Agenda item

(Please note appendix 3 is not used for this report)

Report of Assistant Director Finance (Section 151 Officer)

Purpose of report

To consider and recommend the Budget Setting for 2026/27 and MTFS 2030/31 as per the recommendations.

Recommendations

The Executive resolves to:

1.1           Recommend this budget proposal to Council, and in doing so note the summary of consultation responses in Appendix 10.

1.2           Delegate authority to the Section 151 Officer (S151), following consultation with the Leader of the Council and Portfolio Member for Finance, Regeneration and Property to complete the legal Council Tax calculations once all the information required has been received and submit as appendices to the budget report to Council.

1.3           Delegate authority to the S151, following consultation with the Leader of the Council and Portfolio Member for Finance, Regeneration and Property to make appropriate changes to the proposed budget to Council including policies and plans.

The Executive resolves to recommend to Council as follows:

1.4           Approve the proposed Fees and Charges schedule for 2026/27 (Appendix 7) and statutory notices be placed where required.

1.5           Consider and note the Equality Impact Assessments of the Budget (Appendix 8)

1.6           In relation to the Corporate Plan (Section 4.1) to:

1.6.1     Note the Corporate Plan Vision and Strategy set out in Appendix 1.

1.6.2     Approve the Annual Delivery Plan set out in Appendix 2.

1.7           In relation to the Revenue Budget Strategy (Section 4.2) and Medium-Term Financial Strategy (MTFS) (Section 4.6) to approve:

1.7.1     The net revenue budget for the financial year commencing on 1 April 2026, as set out in Table 4.2.1, and further analysed in the Budget Book provided at Appendix 12.

1.7.2     The MTFS and Revenue Budget 2026/27 (Sections 4.6 and 4.2 respectively), including the Savings Proposals and Investments included at Appendices 4 and 5 respectively.

1.8           In relation to Council Tax (Section 4.2.49) to approve:

1.8.1     An increase in the Basic Amount of Council Tax for Cherwell District Council for the financial year beginning on 1 April 2026 of £5, resulting in a Band D charge of £163.50 per annum.

1.8.2     From 1 April 2027 the implementation of a premium (second homes premium) of 100% for dwellings that are no one’s sole or main residence and are substantially furnished, following consultation undertaken in November and December 2024 which showed 88% support for the introduction.

1.8.3     That the mandatory notice of 12 months to all owners of second homes that a premium will commence from 1 April 2027 be issued.

1.8.4     That relevant exceptions be applied as set out by Government guidance (Appendix 22).

1.9           In relation to the Capital Programme and related strategies (Section 4.3) to approve:

1.9.1     The Capital Bid(s) and Capital Programme at Appendices 17 and 18 respectively.

1.9.2     The Capital and Investment Strategy 2026/27 (Appendix 19), including the Minimum Revenue Provision (MRP) Policy.

1.9.3     The Treasury Management Strategy, including the Prudential Indicators, and Affordable Borrowing Limit for 2026/27 (Appendix 21).

1.10       In relation to reserves (Section 4.4), to approve:

1.10.1  A minimum level of General Balances of £8.011m as supported by Appendix 15.

1.10.2  The Reserves Policy (Appendix 14).

1.10.3  The medium-term reserves plan described in Appendix 16.

1.11       In relation to the Pay Policy Statement, to approve:

1.11.1The Pay Policy Statement, as required by the Localism Act 2010, detailed in Appendix 9.

1.12       In relation to the Pension Fund (Section 4.5) to:

1.12.1  Approve a pension fund prepayment for the years 2026/27 – 2028/29 of £5.028m.