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Decision details

Budget 2026-27 and Medium Term Financial Strategy

Decision Maker: Cabinet, Council

Decision status: Recommendations Approved

Is Key decision?: Yes

Is subject to call in?: No

Decision:

The purpose of the report was to present the Revenue Budget for 2026/27, Capital Programme and Medium-Term Financial Strategy for 2026/27 to 2029/30 to Cabinet for approval.

 

Councillor Patrick Coleman, Cabinet Member for Finance, introduced the report.

It was noted that the Budget and Medium-Term Financial Strategy, had been prepared in the context of ongoing financial pressures and a significant medium-term budget gap. Members noted that, while funding reforms and a three-year provisional settlement provided increased certainty, savings and efficiencies would be required to maintain financial sustainability.

 

It was noted that there was no immediate risk of the Council requiring Exceptional Financial Support or issuing a section 114 notice. The 2026/27 budget was balanced through the use of reserves, with further gaps forecast in later years.

 

The Council noted proposals to increase Council Tax by £5 for a Band D property, which had received public support through consultation. Members also noted the planned use and maintenance of reserves, the continued requirement to deliver savings and transformation, and the proposed capital programme, including investment in waste and recycling infrastructure, funded without additional borrowing.

 

The recommendations were proposed by Councillor Coleman and seconded by Councillor Tristan Wilkinson.

 

RESOLVED that Cabinet considered the budget report and approved for recommendation to Council:

1.    the Medium-Term Financial Strategy set out in Annex B

2.    the Budget Pressures and Savings for inclusion in the budget, set out in Annex C

3.    the Council Tax Requirement of £7,419,716 for this Council

4.    the Council Tax level for Cotswold District Council purposes of £163.93 for a Band D property in 2026/27 (an increase of £5)

5.    the Capital Programme, set out in Annex D

6.    the Annual Capital Strategy 2026/27, as set out in Annex E

7.    the Annual Treasury Management Strategy and Non-Treasury Management Investment Strategy 2026/27, as set out in Annex F

8.    the Strategy for the Flexible use of Capital Receipts, as set out in Annex H

9.    that £2m is set aside in a new earmarked reserve Council Priority: LGR Transition through the releasing of £2m of the balance currently held in the Financial Resilience Reserve.

10. the balances and reserves forecast for 2026/27 to 2029/30 as set out in Section 7 of the report.

Cabinet approved delegation to the Council’s Deputy Chief Executive, in consultation with the Chief Executive, Leader, and Cabinet Member for Finance

11. To agree changes to the General Fund Summary arising from the Final Local Government Finance Settlement and the Business Rates Retention Scheme estimates prior to submission to Council.

 

Voting record:

7 For, 0 Against, 0 Abstentions.

 

Report author: Michelle Burge

Publication date: 06/02/2026

Date of decision: 05/02/2026

Decided at meeting: 05/02/2026 - Cabinet

Accompanying Documents:

 

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