Agenda item

Cabinet Member: Finance, Property and Transformation

Forward Plan Ref: 2025/017

Contact: Kathy Wilcox, Head of Corporate Finance

Kathy.wilcox@oxfordshire.gov.uk

Report by the Deputy Chief Executive (Section 151 Officer) (CA8)

In relation to the Revenue Budget and Medium Term Financial Strategy (Section 4);

Cabinet is RECOMMENDED 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.

Cabinet is RECOMMENDED 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.

1.             In relation to the Capital and Investment Strategy and Capital Programme (Section 5);

Cabinet is RECOMMENDED 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 new capital proposals for inclusion in the Capital Programme and proposed pipeline schemes (Section 5.3) 

m)    approve the capital programme (Section 5.4)

n)      approve a budget reduction of £7.1m originally allocated to fund a new mortuary (para 183)

o)      approve the return of the full budget allocation of £4.5m previously assigned to support the Council’s exit from the Joint Use Agreements (para 184)

p)      approve a £2.0m reduction in budget for the East Oxford Active Neighbourhoods programme (para 185)