Agenda item

To receive and consider the report of the Responsible Financial Officer (RFO) and the Draft Revised Revenue Budget for 2025/26 and Draft Budget for 2026/27.

The Committee received and considered the report of the Responsible Financial Officer (RFO) detailing income and expenditure for the current and future years budgets.

The RFO reported that preparation of the 2026–27 budget was progressing, incorporating the requests made by Committees during the current cycle of meetings together with officer input. Members were also informed that an online budget survey had recently been conducted to gather views from Witney taxpayers on their spending priorities within each Committee’s remit. Although the survey produced a small sample size, Members noted that the responses broadly aligned with the Council’s existing priorities and ongoing projects, while recognising the need to treat the potentially unrepresentative findings with caution.

A summary was provided of key considerations from each Committee, alongside details of earmarked reserves, property and overhead costs, and the Council’s obligation to maintain three months of net operating costs in its general reserve as recommended best practice. Members scrutinised individual budget lines to ensure they were fully informed ahead of making a recommendation to Full Council, where the final precept decision would be determined.

The report further outlined the overall budget parameters, projected income and expenditure, and highlighted that, based on a recent benchmarking survey of local councils’ electricity costs, the Town Council would have ranked second on the list, although it was acknowledged that the data selected only applied to Borough and Unitary Councils.

Finally, Members received a summary of the projected revenue budget for each year. It was acknowledged that these figures represented the position as currently known and may be subject to change should additional information be received prior to the final decision. 

Resolved:

1.      That, the report be noted and,

2.      That, the revised base revenue budget for 2025/26 and the estimated base revenue budget for 2026/27, as detailed in the draft estimates be acknowledged, subject to further work by officers ready for the Special meeting on 15 December 2025 and,

3.      That, the list of earmarked reserves be expanded upon ahead of the above meeting.