The Finance, Policy and Resources Committee met on 24 September 2026 to discuss the renewal of the Be Richmond Business Improvement District (BID) and the feasibility of an Accommodation BID, the council's ambitious Transformation Programme to address significant financial challenges, and the annual equality report. The committee also reviewed the capital programme, corporate quarterly monitoring, treasury management, the medium-term financial strategy, and made appointments to outside bodies.

Be Richmond BID Renewal and Accommodation BID

The committee received an update on the Be Richmond Business Improvement District's intention to hold a renewal ballot in February 2027. The council's role in supporting this ballot was discussed, with delegated authority recommended for the Executive Director for Growth and Place to manage the process.

Regarding an Accommodation BID (ABID), a feasibility study indicated that while an ABID could potentially generate between £300,000 and £900,000 annually, there was not yet sufficient clear support from the accommodation sector to justify proceeding to a ballot. The council will continue to engage with the sector to explore how the borough's visitor economy can be best promoted, considering alternative models such as a subscription model for Visit Richmond or advocating for revenue from a potential London Overnight Levy to be retained locally.

Transformation Programme

Councillor Jim Millard, Deputy Leader and Finance and Resources Lead Member, introduced the council-wide Transformation Programme, designed to address an unprecedented financial challenge of a £29 million annual cut to core funding over three years. The programme, which aims to deliver £39 million in annual savings by its fourth year, focuses on prevention, early intervention, better use of technology, streamlining processes, and optimising assets. The committee was asked to approve the programme's structure and scope, and to allocate a further £18 million from reserves to the Transformation Programme Delivery Fund. Concerns were raised about the scale of the challenge and the timeline for delivering savings, with assurances given that savings are predicated on both immediate actions with current cohorts and longer-term preventative measures. The committee approved the recommendations, including the allocation of £18 million to the fund.

Annual Equality Report

The committee received the Annual Equality Report for 2025/26, highlighting the council's work in promoting equality and inclusion across the borough. Councillor Maureen Goldthorpe was appointed as the new Interfaith and Belief Champion, tasked with strengthening relationships between faith and belief communities and promoting mutual understanding. The report detailed various events and projects undertaken to celebrate diversity, including Refugee Week, Black History Month, and initiatives supporting older people and those with disabilities. The committee noted the recommendations and congratulated Councillor Goldthorpe on her appointment.

Capital Programme Review

The committee reviewed the six-year capital programme, totalling £233.9 million, which supports council priorities in schools, affordable housing, independent living, highways, public realm, active travel, and decarbonisation. The report detailed changes since the 2025/26 outturn, new schemes, and funding arrangements. More than half of the programme is funded by borrowing, and while the borrowing requirement has reduced, its cost remains significant. The committee was asked to approve the revised capital programme and its funding.

Corporate Quarterly Monitoring

The committee received an overview of the revenue and capital budget management for Quarter 1 of 2026/27. A projected £3.1 million overspend on the General Fund was noted, largely due to pressures in social care and homelessness, despite £5.6 million in mitigating actions. The committee noted the overspends and mitigating actions, and the latest position on the capital programme.

Treasury Management Annual Report and Mid-Year Review

The committee received the Treasury Management Annual Report for 2025/26 and the Mid-Year Review for 2026/27. The report detailed the economic conditions, borrowing, and investments during the past year, noting a strong performance despite lower-than-budgeted investment income due to cash being held in lower-yielding MMFs for liquidity. The report also highlighted that PWLB rates remained high, and no new external borrowing was undertaken in 2025/26. For 2026/27, borrowing is expected to be required to maintain liquidity, with officers exploring borrowing from other local authorities as a more cost-effective option than PWLB.

Medium Term Financial Strategy

Councillor Jim Millard presented an update on the Medium-Term Financial Strategy, highlighting a significant financial challenge due to government funding cuts and rising service demand. The strategy outlined a projected budget gap of £19.3 million in 2027/28, even after factoring in maximum council tax increases and the Transformation Programme savings. The council is undertaking an MTFS Options Review to identify further cost reductions and efficiencies. The committee noted the update and recommended that the council approve the strategy, including the Flexible Use of Capital Receipts Strategy. They also delegated authority to the Chief Executive and Executive Director of Finance to submit a proposal under the Sustainable Communities Act following resident consultation.

Appointments to Outside Bodies

The committee confirmed the appointment of councillors to various outside bodies, including trustees for the Royal Paddocks Allotments Management Committee, the South West Middlesex Crematorium Board, and the Hampton Wick United Charity.

Committee Work Programme

Two items were added to the committee's work programme: the BID proposal for Be Richmond, to be presented at the next meeting, and the Lighting Strategy, to be reviewed in November.