Agenda item

(i)                  That the progress on the completion of the Revenue (Appendix 1) and Capital Budgets (Appendix 4), be noted.

(ii)                 That the updated Medium Term Financial Strategy 2026/27 to 2030/31 (Appendix 2), be noted.

(iii)               That the strategy for ensuring a balanced revenue outturn position for 2025/26, be noted.

(iv)               That the calculation of the Council Tax base and the Council Tax increase to be proposed for 2026/27 of 1.99% per Band D equivalent property, be noted.

(v)                That the risk assessment at Appendix 3 and the Section 151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2026/27, be noted.

(vi)               That the draft Capital Strategy (Appendix 5) for 2026/36 be noted.

(vii)             That the draft Treasury Management Strategy (Appendix 6) for 2026/27, be noted.

(viii)            That the draft Investment Strategy (Appendix 7) for 2026/27, be noted.

(ix)               That the draft Commercial Strategy (Appendix 8) for 2026/27, be noted.

(x)                That the updated Asset Management Strategy (Appendix 9) for 2023/28, be noted.

(xi)               That the draft Budget and Council Tax proposals be referred to Finance, Assets and   Performance Scrutiny Committee for comment before the final proposals are considered at Cabinet on 3 February 2026.

The Portfolio Holder for Finance, Town Centres and Growth introduced the Draft Revenue and Capital Budgets and Strategies 2026/27 and sought approval for the five year Medium Term Financial Strategy for 2026/27.

In addition,  consideration was given to the Commercial Strategy for 2026/27 to 2030/31 , the Treasury Management Strategy for 2026/27, the Investment Strategy for 2026/27 and the Commercial Strategy for 2026/27 prior to their submission to Full Council for final approval.

Savings and funding strategies had been identified to address a £1.599m budget gap for 2026/27 via the Efficiency Board Process and the first draft of those had been scrutinised by the Finance, Assets and Performance Scrutiny Committee.  A below inflation increase in Council Tax of 1.99% for a Band D property was again proposed which equated to 10p or less per week for 95% of households within the Borough. 

The Leader stated that the Council had seen a cut in funding allocation of £1.1m from the government over three years but the Council was still able to deliver a balance budget and spend money on the services that really mattered to people.   

Councillor Skelding, referring to his Portfolio for Leisure, Heritage and Culture stated that J2 had shown a strong growth in membership over the last few years.  The money being brought in through the Salex bid would help to cut energy costs.  

Although the main pool had been closed temporarily, there was minimum disruption to members of the Centre as the small pool and gym were open.

Councillor Hutchison, referring to his Portfolio for Sustainable Environment stated that this year had seen a reduction in annual bedding plants in Queens Gardens and those had been replaced with sustainable bedding plants and residents had given positive comments.

Pet cremations would soon be commencing at Bradwell Crematorium which would bring in income.

The Leader referred to the regeneration that was going on in the town centre from funding received from the Government.  There would be a presentation in Parliament today by Capital and Centric around this Council’s plans for the former Midway car park into apartments as it would be the first 1960’s structure in Europe where such a project had been undertaken.

Resolved:    (i)       That the progress on the completion of the Revenue

(Appendix 1) and Capital Budgets (Appendix 4), be noted.

(ii)             That the updated Medium Term Financial Strategy 2026/27 to 2030/31 (Appendix 2), be noted.

(iii)           That the strategy for ensuring a balanced revenue outturn position for 2025/26, be noted.

(iv)            That the calculation of the Council Tax base and the

Council Tax increase to be proposed for 2026/27 of 1.99% per Band D equivalent property, be noted.

(v)            That the risk assessment at Appendix 3 and the Section 151 Officer’s recommendation on the level of reserves and contingencies provisionally required to be maintained in 2026/27, be noted.

(vi)           That the draft Capital Strategy (Appendix 5) for 2026/36 be noted.

(vii)         That the draft Treasury Management Strategy (Appendix 6) for 2026/27, be noted.

(viii)        That the draft Investment Strategy (Appendix 7) for 2026/27, be noted.

(ix)           That the draft Commercial Strategy (Appendix 8) for 2026/27, be noted.

(x)            That the updated Asset Management Strategy (Appendix 9) for 2023/28, be noted.

(xi)           That the draft Budget and Council Tax proposals be referred to Finance, Assets and   Performance Scrutiny Committee for comment before the final proposals are considered at Cabinet on 3 February 2026.

Watch the debate here