The Cabinet of Enfield Council met on Wednesday, 25 February 2026, to discuss and approve key financial reports, including the 2026/27 Budget and Medium-Term Financial Plan, the 2026/27 Capital Strategy and Ten-Year Capital Programme, and the 2026/27 Housing Revenue Account (HRA) Budget Setting Report and Business Plan. Significant decisions were made regarding Council Tax levels, capital investment totalling £476.4m for 2026/27, and a rent increase of 4.8% for HRA properties.

Budget Report 2026/27 and Medium Term Financial Plan 2026/27 to 2030/31

The Cabinet recommended to Council that the Council Tax Requirement for Enfield be set at £184.874m for 2026/27. This includes a 2.99% general Council Tax increase and a 2.00% Adult Social Care Precept, resulting in a Band D Council Tax of £1,757.16. This represents an increase of £1.99 per week for a Band D property, bringing the total Band D property rate to £2,267.67. The Cabinet also agreed to the proposed General Fund Net Revenue Budget of £438.969m for 2026/27 and approved in principle the list of efficiencies and savings proposals for 2026/27 totalling £11.960m. The Medium-Term Financial Plan estimates for 2026/27 to 2030/31 were recommended for approval, noting an estimated budget gap of £34.5m at the end of this period. The Cabinet also approved the Reserves policy for 2026/27 and recommended that Council approves the schools (DSG) Budget for 2026/27.

2026/27 Capital Strategy and Ten-Year Capital Programme (2026/27 to 2035/36)

The Cabinet agreed to recommend that Council approves the 2026/27 Capital Strategy and a Capital budget for 2026/27 of £476.4m, comprising £334.1m for the General Fund (including £185.3m for temporary accommodation solutions) and £142.1m for the Housing Revenue Account (HRA). Council also approved the carry forward of £71.9m from the 2025/26 budget. The ten-year capital programme is noted at £2.06bn (General Fund £1,190.5m, HRA £865.9m). A General Fund total capital receipts target of £130m was approved, with £50m for 2026/27 and £20m for each of the following four years. A debt strategy was agreed to keep the Council's General Fund borrowing requirement below £997m, aiming for borrowing levels to be about average when compared with other English local authorities. Authority was delegated to Cabinet to approve further carry forward requests and to add projects to the Capital Programme up to £12m per annum.

2026/27 HRA Budget Setting Report and Business Plan 2026/27

The Cabinet agreed to recommend that Council approves the detailed HRA Revenue Budget of £95.7m for 2026/27 and the ten-year HRA Capital Development Programme of £610.9m, aiming to deliver approximately 1,500 new homes. Council also approved the next five years' Right to Buy (RTB) programme expenditure of £35.8m and the updated HRA debt profile and borrowing requirements of £141m over the next 10 years. A rent increase of 4.8% was approved, in line with Government guidelines, and service charges for tenants and leaseholders will see an average increase of £0.21p per week. The Cabinet accepted the provisional allocation offer of £17.99m LAHF round 4 grant funding from MHCLG and approved an additional capital budget of £40.5m to support the delivery of 86 homes through this grant. The updated disposal strategy for the sale of void one-bed or studio flats was also approved.

2026/26 Quarter 3 Revenue and Capital Monitoring Report

The Cabinet approved the use of any capital receipts balance over £9.4m as at 31 March 2026 to finance the 2025/26 capital programme, replacing borrowing funding sources and reducing Minimum Revenue Provision payments in 2026/27. They also noted the quarter 3 forecasts.

2025/26 Quarter 3 Treasury Management Update

The Cabinet noted the borrowing and investments position and estimates as at 30th November 2025 and Quarter 3 (Q3) estimates for the financial year 2025/26.

Treasury Management Strategy Statement 2026/27

The Cabinet agreed to recommend that Full Council approves the Treasury Management Strategy 2026/27 and supporting appendices. This includes delegating the quarterly monitoring of the Council's Treasury position to Cabinet, maintaining the 2026/27 Authorised Limit for borrowing and leases at £1.9bn, and changing the annuity rate used for Minimum Revenue Provision (MRP) applied to unsupported borrowing from a fixed 3.50% to the prevailing PWLB rate. The debt strategy as set out in section 5 was also approved for recommendation.

Children's Home Development

The Cabinet approved a budget envelope of £1.5m for the purchase and adaptation of a property to be used as a complex care home. This will be funded equally by Council borrowing and a grant from the Department of Education (DfE). Authority was delegated to the Executive Director of Housing & Regeneration for the property purchase (with a maximum price of £1m) and to the Executive Director of People for project spend, procurement of care services, and approval of projected expenditure for the care services contract.

Meridian Water Update

The Cabinet noted and agreed in principle, subject to market testing, the potential focus for Meridian Water. They approved the marketing of Phase 2 North, Phase 2 South, and Phase 3 North. A further report will be presented to Cabinet once a purchaser is identified. A fee budget of up to £826,000 plus VAT was approved for the appointment of consultants to support the selection of strategic development partners.

Award of Joyce & Snells Contract for Phases 0-1 and Next Steps

The Cabinet approved entering into a JCT Design and Build Main Works Contract with Hill Partnership for Blocks A and D. Authority was delegated to the Executive Director of Housing and Regeneration to agree outstanding terms for Block D. The 5-year development budget was approved, and authority delegated for its expenditure and contingency. The phasing plan was amended to bring Block B forward as Phase 2, and authority delegated to approve the submission of relevant planning applications and variation documents. An in-principle decision was made to utilise CPO powers for Block B, with preparatory work authorised. Finally, the themes and approach for securing socio-economic benefits for the Joyce and Snells Scheme, as set out in the Draft Socio-economic Strategy, were approved.

Housing Delivery & Placemaking Ten Year Plan 2026-36 and Affordable Housing Bid

The Cabinet approved the Housing Delivery & Placemaking Ten Year Plan 2026-36 and an ambitious Council House Building Programme and bid. Officers were instructed to negotiate with the GLA on grant rates for a viable programme. Authority was delegated to the Executive Director for Housing and Regeneration for various actions including negotiating grant rates, reallocating tenure mix, entering into land and build contracts, spending Right to Buy receipts, agreeing ancillary agreements, entering into Early Works Licenses, entering into Framework Joining Agreements, and agreeing the principle of development and funding agreements with external organisations. Authority was also delegated to the Cabinet Member for Housing to agree to the principle of land acquisition. Finally, authority was delegated to the Executive Director for Housing and Regeneration to procure professional advisors.