Purpose

To propose the 2026/27 revenue budget, MTFP
and capital programme for recommendation to Council in light of
comments from the Performance & Corporate Services Overview
& Scrutiny Committee and consultation feedback.

Content

1.            
In relation to the Revenue Budget and Medium Term
Financial Strategy (Section 4);
 
RESOLVED to:
 
a)     
approve the Review of Charges for 2026/27 (Annex A,
page 1 -58, 67) and in relation to the Registration Service, the
charges for 2027/28 (Annex A, page 59 – 62) and 2028/29
(annex A page 63 – 66);
b)     
receive any recommendations and observations from
Performance and Corporate Services Overview and Scrutiny
Committee;
c)     
approve the Financial Strategy for 2026/27 (Section
4.5);
d)     
approve the Earmarked Reserves and General Balances
Policy Statement for 2026/27(Section 4.6), including the creation
of a new Lane Rental reserve and the renaming of the
Demographic Risk Reserve to the High Needs
DSG Deficit Risk Reserve;
e)     
approve the use of retained business rates from EZ1
Science Vale Growth Accelerator and EZ2 Didcot Growth Accelerator
as set out in paragraph 169-172 and Annex B;
f)      
note that following any funding changes as a result
of the final Local Government Finance Settlement and information
from the district and city councils in relation to business rates
or council tax will be managed as set out in Paragraph 10;
and
g)     
delegate to the Deputy Chief Executive (Section 151
Officer), in consultation with the Leader of the Council and the
Cabinet Member for Finance, Property and Transformation, the
authority to make any appropriate changes to the proposed budget
not covered by Paragraph 10.
 
RESOLVED to RECOMMEND
Council:
 
h)     
approve a Medium Term Financial Strategy for 2026/27
to 2030/31 as set out in Section 4.1 (which incorporates changes to
the existing Medium Term Financial Strategy as set out in Section
4.2);
i)       
agree the council tax and precept calculations for
2026/27 set out in Section 4.3 and in particular:
 
                                                   
(i)   
a precept of £567,372,274; 
                                                 
(ii)   
a council tax for band D equivalent properties of
£2,006.78.

2.            
In relation to the Capital and Investment Strategy
and Capital Programme (Section 5);
 
RESOLVED to recommend
Council to:
 
j)       
approve the Capital and Investment Strategy for
2026/27 – 2036/37 (Section 4.1) including;
                                                              
(i)    
the Minimum Revenue Provision Methodology Statement
(Section 5.1 Annex 1);
                                                            
(ii)    
the Prudential Indicators (Section 5.1 Annex 2)
and

 
k)     
approve the Treasury Management Strategy Statement
and Annual Investment Strategy for 2026/27 (Section 5.2);
and
                                                              
(i)    
continue to delegate the authority to withdraw or
advance additional funds to/from external fund managers to the
Deputy Chief Executive (Section 151 Officer);
                                                            
(ii)    
approve that any further changes required to the
2026/27 Treasury Management Strategy be delegated to the Deputy
Chief Executive (Section 151 Officer) in consultation with the
Leader of the Council and the Cabinet Member for Finance, Property
and Transformation;
                                                           
(iii)    
approve the Treasury Management Prudential
Indicators; and
                                                           
(iv)    
approve the Specified Investment and Non - Specified
Investment instruments as set out in Section 5.2.
l)       
approve the changes to the capital programme and new
capital proposals for inclusion in the Capital Programme and
proposed pipeline schemes (Section 5.3) 
m)   
approve the capital programme (Section
5.4)