The Council Special Meeting of Greenwich Council, held on Thursday 26 February 2026, focused primarily on the setting of the Council's budget and council tax for the 2026-27 financial year. Key decisions included approving a 4.99% increase in council tax, comprising a 2.99% rise for general service delivery and a 2% precept for adult social care, alongside the adoption of the Medium Term Financial Strategy and the Housing Revenue Account budget.

Budget and Council Tax Setting for 2026-27

The Council approved its budget for 2026-27, which includes a 4.99% increase in council tax. This rise is composed of a 2.99% increase for general service delivery pressures and a 2% increase for the Adult Social Care precept. An additional council tax charge was also agreed for properties surrounding the garden in Gloucester Circus, SE10. The Council noted the overall additional cost of 146p per week at Band D for these increases, and also noted that the Greater London Authority (GLA) precept for 2026-27 is expected to rise by 4.1%. The schools funding formula for 2026-27 was also agreed.

Medium Term Financial Strategy (MTFS) 2026/27+

The Council agreed to allocate £35 million for investment in 2026-27, with £22 million designated for increasing costs due to demand and inflation, £9 million for capital investment financing, and £1 million to support the Freedom Pass scheme. Cabinet had previously agreed £7.1 million in new savings and income proposals for 2026-27, rising to £8.2 million by 2029-30. The report highlighted that the Council faces a forecasted budget gap of £35 million in 2027-28, increasing to £101 million by 2029-30, subject to the delivery of savings and containment of cost pressures. The Council also noted the impact of government austerity measures over the last decade, which had created over £150 million in pressures. A risk reserve of £4.5 million per year is to be created to mitigate financial risks.

Housing Revenue Account (HRA) Medium Term Financial Strategy & 2026/27 Budget and Rent Setting

The Council agreed to an increase in council rents by 4.8% (September's CPI + 1%), the maximum allowed by government, which will raise the average weekly rent to £118.35. Tenant service charges will also increase by 5.3%, adding 93p per week to the average charge. Rents for temporary accommodation will rise by 3.8% (CPI), and garage rents will increase by £1 per week. Parking charges on estates will also see an increase. The Council noted that despite these increases, the HRA will remain under significant financial pressure. Proposals to address this include moderating spending on legal disrepair cases, reducing void works costs, improving rent collection, and resolving technical issues with energy bills. Existing savings proposals related to rent collection, garage income, repairs efficiencies, property acquisitions, new lettings, and estate regeneration were also noted. The Council agreed to fund the Hardship Fund with £200,000 and extend the Downsizing Incentive Programme with £170,000.

Treasury Management and Capital Strategy 2026/27

The Council agreed to the Treasury Management Strategy and the Capital Strategy for 2026/27. This includes increased highway maintenance funding of £2.3 million via a Department for Transport grant. Prudential Indicators for 2024/25-2028/29 and arrangements for determining the Minimum Revenue Provision for 2026/27 were also agreed.

Statement of Accounts

The Council approved the Statement of Accounts for the year ended 31 March 2025 for both the Royal Borough of Greenwich and the Royal Borough of Greenwich Pension Fund. The auditors, Forvis Mazars, provided unqualified audit opinions, noting that this placed the Council among a minority of local authorities nationwide. The Council also noted the Audit Completion Report and management's responses to the findings.

Other Discussions

During the budget debate, Councillor Matt Hartley, Leader of the Conservative Group, proposed an amendment to the Medium Term Financial Strategy. This amendment focused on three key areas: exploring shared back-office services with other boroughs, increasing the use of artificial intelligence, and enhancing commercial income generation. The amendment also proposed immediate changes to spending, including funding for two additional police officers, developing an HMO information toolkit, and establishing a green spaces improvement fund, alongside reversing cuts to adventure play centres. However, the amendment was not carried.

The Council also noted various proposed fees and charges for 2026-27 across different services, including Parks, Registrars, Highways, Parking, and Building Control. These proposals aim to reflect the cost of services and ensure financial sustainability.

The meeting concluded with the Council agreeing to the budget and council tax setting for 2026-27, with 29 votes in favour, no votes against, and eight abstentions. The Council also agreed to the recommendations for the Medium Term Financial Strategy and the Housing Revenue Account budget.