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Cabinet - Wednesday, 18th February, 2026 7.00 pm
February 18, 2026 at 7:00 pm Cabinet View on council website Watch video of meeting Read transcript (Professional subscription required)Summary
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The Cabinet of Havering Council met on Wednesday 18 February 2026 to discuss the council's budget for the upcoming financial year and the medium-term financial strategy. Key decisions included the approval of a 4.99% increase in Council Tax, the adoption of the Treasury Management Strategy Statement and Annual Investment Strategy for 2026/27, and the approval of the five-year Capital Programme.
The meeting focused heavily on the council's significant financial challenges, with a projected budget gap of £65.9 million for 2026/27, rising to £77 million on a worst-case basis. This necessitates continued reliance on Exceptional Financial Support (EFS) from the government, which itself incurs substantial financing costs. Despite the introduction of the government's fair funding review,
which will provide an additional £39 million in grant funding over three years, this is insufficient to balance the council's books. The council also agreed to a 4.99% increase in Council Tax, comprising a 2.99% core increase and a 2% increase for the Adult Social Care Precept, to help mitigate the budget gap. The Treasury Management Strategy Statement and Annual Investment Strategy were approved, acknowledging a non-compliance with the Prudential Code regarding affordability and sustainability due to the compounding interest and repayment costs associated with EFS. The five-year Capital Programme, totalling £1.05 billion, was also approved, with a significant portion allocated to housing and regeneration projects.
Delegated decisions linked to this meeting
Decision summaries below are AI-generated from the council’s published record. Check the council source or the full decision page before relying on them.
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... acknowledged and responded to the comments and recommendations made by the Overview and Scrutiny Board regarding the Council's Budget for 2026/27, confirming no changes to the proposed budget were required at this stage.
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2026/27 Council Budget Report and 2026-2030 Medium Term Financial Strategy
Recommendations Approved...the Cabinet of Havering confirmed the 2026/27 Council Budget and the 2026-2030 Medium Term Financial Strategy, including a 4.99% Council Tax increase and agreed to proceed with proposed fees and charges.
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Apologies for absence
Recommendations Approved...that all cabinet members were in attendance, approving the recommendations presented.
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Treasury Management Strategy Statement and annual investment strategy 2026/27
Recommendations Approved...recommended to Council for consideration and approval the 2026/27 Treasury Management Strategy Statement & Annual Investment Strategy, along with revised prudential and treasury indicators and operational and authorised borrowing limits.
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Five Year Capital Programme and Strategy Report 2026/27 - 2030/31
Recommendations Approved... approved the Five Year Capital Programme and Strategy Report 2026/27 - 2030/31, recommending a capital programme of £391m for 2026/27 and £1,050m over the full five-year period to Council for approval.
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