URL: https://milton-keynes.moderngov.co.uk/ieDecisionDetails.aspx?ID=1852

Decision Maker: Delegated Decisions

Outcome:

Is Key Decision?: No

Is Callable In?: No

Purpose: To consider the draft Council Budget 2026/27 and the Four Year Medium Term Financial Plan

Content: That Cabinet note and endorse the following draft budget proposals, which are subject to the outcomes of consultation, due to commence on 17 December 2025, and confirmation of the Local Government Finance Settlement.  The decision includes noting the Capital Programme and approving additional schemes and changes to the Programme with it noted that the decision to release funding will be made by the s151 Officer once confirmation of available funding has been received: (a)        the draft General Fund Revenue Budget for 2026/27 (attached at Annex A1 to the report) and the latest MTFO forecast for 2026/27 to 2029/30 (attached at Annex A2 to the report); (b)       to request approval to proceed with the draft budget and initiate a public consultation starting on 17 December 2025; (c)        to note the new budget pressures attached at Annexes A3 and A4 to the report; (d)       to note the proposed budget reductions and additional income proposals attached at Annex A5 to the report; (e)        the provisional Council Tax at Band D of £2,192.12 for the Milton Keynes element of the Council Tax be agreed for consultation, a 4.99% increase on the previous year (2.99% core increase plus a 2.00% Adult Social Care Precept); (f)        the Council’s current estimate of the 2026/27 Business Rates Baseline shown in table 4 of Annex A to the report, retaining the delegation to the Director of Finance and Resources to finalise this Baseline, based on the latest data for submission to Ministry of Housing, Communities and Local Government (MHCLG) in January 2026; (g)        the estimated position for the Dedicated Schools Grant and the planned consultation with the Schools Forum; (h)       that the Director - Children’s Services makes decisions around the school funding formula, the funding arrangements for pupils with high needs and the early year’s single funding formula for 2026/27 in consultation with the Cabinet Members for Children and Families, and the Director for Finance and Resources. (i)         the proposed fees and charges for 2026/27, which are exceptions to the Income and Collection Policy (attached at Annex A6 of the report); (j)         the draft forecast parking surplus of £13.326m (attached at Annex A7 of the report); (k)        the draft Capital Programme for 2026/27 to 2030/31 (attached at Annex D1 of the report); (l)         the resource allocation for the draft Tariff Programme (attached at Annex D2of the report); (m)      the equalities impact assessments for the draft Revenue Budget 2026/27, as set out in Section 4 and detailed in Annex F of the report; and (n)       the draft Housing Revenue Account (HRA) budget which has been updated for technical adjustments, revenue pressures and savings and a refresh of the capital programme, including a rent increase of 4.8% for tenants and 2.7% for shared owners (attached at Annex B of the report). 

Date of Decision: December 16, 2025