Agenda item

Draft Revenue Budget for 2026-27

Executive Summary

This report presents the latest iteration of the budget for 2026/27. It is intended to present the position as we currently know it and it will need to be updated as more information becomes available e.g. the impact of the final Local Government Finance Settlement for 2026/27.

Options considered.

No other options have been considered as it is a legal requirement to calculate “the expenditure which the authority estimates it will incur in the forthcoming year in performing its functions” and then subtract “the sums which it estimates will be payable for the year into its general fund”. This is required to set a balanced budget before 11 March 2026.

Consultation(s)

The Overview and Scrutiny Committee will have the opportunity to review this report at its meeting on 11 February 2026.

Budget consultation is taking place on the Council’s website currently for anyone to share their views. Consultation with Business Rates payers is also being undertaken. The results of both these consultations will be included in the report being presented to Full Council on 18 February 2026.

Recommendations

1. That Cabinet consider the proposed balanced budget including movement in reserves and recommended approval to full Council.

2. To approve the creation of an £0.75m Ear Marked Reserve to mitigate the Revenue costs of Local Government Reorganisation.

3. To approve the use of the Communities reserve to fund a revenue budget of £4,000 per Member to allow the award of small local grants.

4. That an alternative option for balancing the budget should be agreed to replace costs or savings not taken forward if there are any.

5. That Cabinet agree that any additional funding announced as part of the final Local Government Settlement announcement be transferred to reserves.

6. That Cabinet decide which proposed new capital bids should be recommended to full Council for inclusion in the Capital Programme.

Reasons for recommendations

To enable the Council to set a balanced budget.

Background papers

2025/26 Budget report presented to Full Council on 19 February 2025.

Wards affected

All

Cabinet member(s)

Cllr Lucy Shires

Contact Officer

Don McCallum

Director of Resources and s151 Officer

Don.McCallum@north-norfolk.gov.uk