Agenda item

Report by the Deputy Chief Executive (Section 151 Officer)

This report is the culmination of the Budget and Business Planning process for 2026/27 to 2030/31. It sets out the Cabinet’s proposed budget for 2026/27, medium term financial plan to 2030/31 and capital programme to 2036/37, together with a number of strategies and policies that the Council is required to approve for the 2026/27 financial year.

The Council is RECOMMENDED to:

a.     have regard to the statutory report of the Deputy Chief Executive (Section 151 Officer) (at Section 3) in approving recommendations b to d below;

b.    (in respect of the budget and medium term financial strategy – at Section 4) approve:

(1)  the council tax and precept calculations for 2026/27 set out in Section 4.3 and in particular:

(i)              a precept of £567,372,273.74

(ii)             a council tax for band D equivalent properties of £2,006.78;

(2)  a budget for 2026/27 as set out in Section 4.4;

(3)  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);

(4)  the Financial Strategy for 2026/27 at Section 4.5;

(5)  the Earmarked Reserves and General Balances Policy Statement 2026/27 at Section 4.6 including

(i)              the Deputy Chief Executive (Section 151 Officer)’s recommended level of General Balances for 2026/27 (Section 4.6), and

(ii)             the planned level of Earmarked Reserves for 2026/27 to 2030/31 (Section 4.6.1)

c.      (in respect of capital – at Section 5) approve:

(1)  the Capital & Investment Strategy for 2026/27 to 2036/37 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement as set out in Section 5.1;

(2)  a Capital Programme for 2026/27 to 2036/37 as set out in Section 5.4 which includes new capital proposals set out in Section 5.3.

d.    (in respect of treasury management – at Section 5) approve:

(1)  the Treasury Management Strategy Statement and Annual Investment Strategy for 2026/27 at Section 5.2 including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments.

(2)  that any further changes required to the 2026/27 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;

Council had before it a report on the Budget and Business Planning process for 2026/27 to 2030/31. It set out the Cabinet’s proposed budget for 2026/27, medium term financial plan to 2030/31 and capital programme to 2036/37, together with a number of strategies and policies that the Council was required to approve for the 2026/27 financial year.  Officer amendments to the report had been set out in Addenda 4.

The recommendations were proposed by Councillor Leffman, Leader of the Council and seconded by Councillor Levy, Cabinet Member for Finance, Property and Transformation.

A set of amendments, set out in Addenda 1, were proposed by Councillor Brighouse, Leader of the Labour and Cooperative Group, and seconded by Councillor Baines, Shadow Cabinet Member for Finance, Property and Transformation.  Following debate, the amendments were put to the vote and a roll call vote was taken. The amendments were lost.

The result of the roll call vote for the amendments in Addenda 1, was as follows: 

Councillors voting in favour (11): Baines, Brighouse, Cherry, Coles, Creed, Crichton, Edosomwan, Lygo, Philips, Pressel and Saul.

Councillors voting against (45): Ashby, Batstone, Bearder, Boucher-Giles, Brant, Cotter, Du, Epps, Evans, Fawcett, Fenton, Filipova-Rivers, Fletcher, Gant, Gaul, Gordon, Graham, Greenaway, Gregory, Hanna, Hannaby, Henwood, Heritage, Higgins, Hingley, Hope-Smith, Leffman, Levy, Ley, Lugova, Malik, Mallon, McLean, Overton, Plumb, Rawlins, Roberts, Robertshaw, Shiri, Snowdon, Stevens, Thomas, Walker, Webb and Worgan.

Councillors abstaining (6): Barlow, Jones, Kerr, Markham, McLauchlan and Middleton.

A set of amendments, set out in Addenda 2, were proposed by Councillor Walker, Leader of the Oxfordshire Alliance and seconded by Councillor Mallon, Shadow Cabinet Member for Finance, Property and Transformation.  Following debate the amendments were put to the vote and a roll call vote was taken. The amendments were lost. 

The result of the roll call vote for the amendments in Addenda 2, was as follows: 

Councillors voting in favour (10): Ashby, Evans, Fenton, Henwood, Malik, Mallon, Plumb, Robertshaw, Snowdon and Walker.

Councillors voting against (51): Baines, Barlow, Batstone, Bearder, Boucher-Giles, Brant, Brighouse, Cherry, Coles, Cotter, Creed, Crichton, Edosomwan, Epps, Fawcett,  Filipova-Rivers, Fletcher, Gant, Gaul, Gordon, Graham, Greenaway, Gregory, Hanna, Hannaby, Heritage, Higgins, Hingley, Hope-Smith, Jones, Kerr, Leffman, Levy, Ley, Lugova, Lygo, Markham, McLauchlan, McLean, Middleton, Overton, Phillips, Pressel, Rawlins, Roberts, Saul, Shiri, Stevens, Thomas, Webb and Worgan.

Councillors abstaining (1): Du

A set of amendments, set out in Addenda 3, were proposed by Councillor Middleton, Leader of the Green Group and seconded by Councillor Markham.  Prior to the amendments being formally moved and seconded, Councillor Middleton withdrew and did not move the amendment relating to the Capital Programme to reallocate funds from Watlington Relief Road to drainage infrastructure investment and delivery of Local Cycling and Walking Infrastructure Plans (LCWIPs).

Councillors Leffman and Levy accepted the revenue amendments set out in Addenda 3.

The meeting adjourned at 3pm to consider the proposal.

The meeting resumed at 3.30pm.  A Supplementary Report was circulated to councillors and published online detailing the amendments from Addenda 3 that had been accepted by Councillors Leffman and Levy, excluding the capital amendments, namely the reallocation of funds from Watlington Relief Road.

Following debate, the substantive motion was put to the vote and a roll call vote was taken. The substantive motion was carried.

The result of the roll call vote for the substantive motion was as follows: 

Councillors voting in favour (39): Barlow, Batstone, Boucher-Giles, Brant, Cotter, Epps, Fawcett, Filipova-Rivers, Fletcher, Gant, Gaul, Gordon, Graham, Greenaway, Gregory, Hanna, Hannaby, Heritage, Higgins, Hingley, Hope-Smith, Jones, Leffman, Levy, Ley, Lugova, Markham, McLauchlan, McLean, Middleton, Overton, Rawlins, Roberts, Shiri, Stevens, Thomas, Webb and Worgan.

Councillors voting against (11): Baines, Brighouse, Cherry, Creed, Crichton, Du, Edosomwan, Lygo, Philips, Pressel and Saul.

Councillors abstaining (9): Ashby, Evans, Henwood, Malik, Mallon, Plumb, Robertshaw, Snowdon and Walker.

RESOLVED to:

a.    have regard to the statutory report of the Deputy Chief Executive (S151 Officer) [set out in Cabinet Section 3.1 and amended at Green Group Section 3.1] in approving recommendations b to d below;

b.    (in respect of the budget and medium term financial strategy – at Section 4) approve the following:

(1)      the council tax and precept calculations for 2026/27 [at Cabinet Section 4.3] and in particular:

(i)            a precept of £567,372,273.74;

(ii)          a council tax for band D equivalent properties of £2,006.78;

(2)      a budget for 2026/27 [as set out in Supplementary Section 4.4 which incorporates Cabinet Section 4.4 amended by Green Group Section 4.4];

(3)      a medium term financial strategy for 2026/27 to 2030/31 [as set out in Supplementary Section 4.1 (which incorporates changes to the existing medium term financial strategy as set out in Cabinet Section 4.2 amended by Green Group Section 4.2)];

(4)      the Financial Strategy for 2026/27 [at Cabinet Section 4.5];

(5)      the Earmarked Reserves and General Balances Policy Statement 2026/27 [at Cabinet Section 4.6 and amended by Green Group Section 4.6].  This includes:

(i)            the Deputy Chief Executive (Section 151 Officer)’s recommended level of General Balances for 2026/27 [at Cabinet Section 4.6], and

(ii)          the planned level of Earmarked Reserves for 2026/27 to 2030/31 at Cabinet Section 4.6.1 amended by a reduction of £1.0m in the Budget Priorities Reserve and £0.2m in the Grants and Contributions Reserve].

c.     (in respect of capital – at Section 5) approve:

(1)      the Capital & Investment Strategy for 2026/27 to 2036/37 including the Prudential Indicators and Minimum Revenue Provision Methodology Statement as set out in Cabinet Section 5.1].

(2)      a Capital Programme for 2026/27 to 2036/37 [as set out in Cabinet Section 5.3].

d.    (in respect of treasury management – at Section 5) approve:

(1)      the Treasury Management Strategy Statement and Annual Investment Strategy for 2026/27 [at Cabinet Section 5.2] including the Treasury Management Prudential Indicators and the Specified Investment and Non-Specified Investment Instruments.

(2)      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.