The Council Assembly of Southwark Council is scheduled to convene on Wednesday 25 February 2026 to discuss and set the council tax for the upcoming financial year. The meeting's agenda includes a comprehensive review of the Policy and Resources Strategy for 2026-27, which encompasses the budget and medium-term financial strategy, alongside the specific setting of the council tax for 2026-27. Additionally, the assembly will consider the Treasury Management Strategy and Capital Strategy for 2026-27, and the proportionality and allocation of seats on committees.

Policy and Resources Strategy: 2026-27 Budget and Medium Term Financial Strategy

The council's financial plans for the upcoming year and the subsequent three years are scheduled for consideration. This includes the final balanced budget for 2026-27 and the draft Medium Term Financial Strategy (MTFS) for 2027-28 to 2029-30. The report pack details changes from the provisional settlement, including an additional £2.6 million in funding, which is proposed to be allocated to increase the budget for Temporary Accommodation. The strategy also outlines the council's approach to managing its finances, including the use of reserves and the implications of the Fair Funding Review for local government funding. The report highlights the council's commitment to prudent financial planning and long-term sustainability, ensuring that policies and priorities align with projected financial resources.

Setting the Council Tax 2026-27

A key item on the agenda is the formal setting of the council tax for 2026-27. The report details the proposed Southwark element of the council tax for band D properties, which includes an increase of 2.99% for the council's own services and an additional 2.00% for the adult social care precept. This would result in a total council tax requirement of £1,456.75 for a band D property in Southwark. The report also notes the Greater London Authority's (GLA) proposal to set its precept, which will be considered separately. The council's local war disability and war widow/widowers' schemes for housing benefit are also up for approval, with a recommendation to continue the full disregard for these pensions.

Treasury Management Strategy and Capital Strategy 2026-27

The council's approach to managing its borrowing, investments, and cash flows for the financial year 2026-27 will be presented for approval. This includes the Treasury Management Strategy Statement (TMSS), which outlines the management of council debt and borrowing strategy, and the Capital Strategy, which provides a high-level overview of how capital expenditure, financing, and treasury management activities support service delivery and long-term financial sustainability. The report details the council's current debt and investment portfolios, forecasts for the coming years, and the proposed borrowing strategy, which aims to support the capital programme and the Southwark 2030 Strategy. The strategy also addresses the use of Community Municipal Investments (CMIs) to support climate action projects and outlines the council's investment objectives, prioritising security, liquidity, and yield, while also incorporating an ethical screening process for Environmental, Social and Governance (ESG) factors. The report also includes the Minimum Revenue Provision (MRP) policy, which outlines how the council plans to reduce its borrowing liabilities.

Proportionality and Allocation of Seats on Committees

The council assembly will consider the proportionality and allocation of seats on various committees. This is in line with the Local Government and Housing Act 1989, which requires proportionate representation of political groups on council committees. The report notes changes in group memberships since the last council assembly meeting on 12 November 2025, which will affect the allocation of seats on ordinary committees, including the Appointments Committee, Planning Committees, Audit, Governance and Standards Committee, and Corporate Parenting Committee. It also details the proposed allocations for other committees, sub-committees, and overview and scrutiny commissions, reflecting the current political balance of the council. The report clarifies that single independent councillors are not included in proportionality calculations.

The meeting is scheduled to take place at the Council Offices, 160 Tooley Street, London SE1 2QH. Members of the public have the right to inspect copies of minutes and reports on the agenda, as well as background documents. Information on accessibility, translation, and provision of signers can be found on the council's website or by contacting Virginia Wynn-Jones or Andrew Weir.