Cherwell District Council’s slice of council tax is not expected to increase after its executive agreed to a freeze while backing the budget – but it is yet to be finalised.
Officers recommended an increase of either one, two or three per cent but councillors agreed to recommend to full council not put its share of tax up at a meeting on Monday (February 5).
A funding gap of £0.45m was found in the council’s plans for 2018/19 but the report says ‘significant work’ by officers and the budget planning committee meant a balanced budget was formed, which includes borrowing £105.2m.
The report adds that the coming years will present further challenges, but the recent investments in Castle Quay Shopping Centre and Crown House in Banbury and Graven Hill housing development in Bicester and its ‘strong track record’ places it in a ‘strong position to be successful’.
Councillors will make a final decision on the budget, including council tax, at a meeting on February 26.