Decision Maker: Cabinet

Outcome: Recommendations Approved

Is Key Decision?: No

Is Callable In?: No

Date of Decision: February 3, 2026

Purpose: To consider the Council Budget 2026/27 and the Four Year Medium Tern Financial Plan.

Content: RESOLVED: 1.1    Cabinet is asked to RECOMMEND the following to Council: a)      That the Revenue Budget for 2026/27 totalling £317.146m be approved (Annex J). b)      That the?Council Tax Band D of £1.847.53?for the Milton Keynes element of?Council Tax, be approved.??This is?a?4.99%?increase on the previous year?(2.99%?on the main element?plus a 2.00% Adult Social Care Precept); c)      That the Council Tax requirement for the Council’s own purposes for 2026/27 (excluding parish precepts) of £188.128m, be approved. d)      That the position for the Dedicated Schools Grant of £436.147m and the Schools funding block for 2026/27 be noted and the budget and formula allocations for the High Needs Block and Early Years Block be approved (para 3.23 – 3.28). e)      That the parking account estimate for 2026/27 and use of the surplus be approved. (Annex K) f)       That the Housing Revenue Account Budget for 2026/27 be approved (para 3.15 to 3.22 and Annex L). g)      That increases to housing rents are set at 4.8% for tenants (an average increase of £5.22 per week) and 2.7% for shared owners (an average increase of £2.77 per week), the maximum level allowable under the Rent Standard (CPI + 1%) (para 3.44) be approved as per Annex L. h)      Garage rents are not increased for 2026/27 as per Annex L. i)       Housing Revenue Account service charge estimates be approved (Annex L3) [to follow]. j)       The Rent and Service Charge Policy be approved. (Annex L4). k)      That the fees and charges for 2026/27 (including those fees and charges which are exceptions to the Income and Collection Policy) be approved. (Annex U) l)       That the Capital Strategy be approved. (Annex M) m)     That the Capital Programme and spend approval for 2026/27 to 2030/31 be approved. (Annex N) n)      That the resource allocation for the 2026/27 Tariff Programme be approved. (Annex O) o)      That the Treasury Management Strategy for the 2026/27 to 2029/30 and the Treasury Policy Statement, including the Minimum Revenue Provision Policy, Borrowing Limits be approved. (Annex P) p)      That the financial forecast set out in the Medium Term Financial Plan (MTFP), in relation to both the resources and expenditure, be approved. (Annex W). 1.2.   Cabinet is asked to note the Equalities Impact Assessments for the budget reduction proposals, as set out in section 4, the outcome of the budget consultation at Annex A (to follow) and the report from the Budget and Resources Scrutiny Committee at Annex B (to follow), referring these to Council as part of its consideration of the budget.