Councillors have approved a balanced budget for the 2026/27 financial year that protects essential services during a meeting of Council (Monday 2 March).

The budget includes a business‑as‑usual revenue budget of £22 million to fund essential local services, alongside £2.7 million in efficiency savings and a growth package of £3.3 million to support priority areas, including housing and community services.

To fund the council’s share of local services, councillors approved a 3% increase in the Woking element of Council Tax, which is in line with government thresholds and demonstrates a balanced, responsible approach to financial planning.

This means a Band D household will pay £307.05 for 2026/27 – an annual increase of £8.94.

Exceptional Financial Support totalling £150.2 million will be provided by government to enable the council to service and manage its historic debt and legacy financial pressures, rather than funding day-to-day services. The support consists of £92.09 million relating to the Minimum Revenue Provision (MRP) and a capitalisation direction of up to £58.1 million. 

It is the first year since the council’s financial crisis that core services are being funded without reliance on exceptional government support.

Cllr Dale Roberts, Woking Borough Council’s Deputy Leader and Portfolio Holder for Finance and Economy, said: “Agreeing a balanced budget for the coming financial year is another significant milestone in Woking’s financial recovery.

“Whilst our financial position remains challenging, the government’s continued exceptional financial support, alongside service efficiencies and a modest increase in fees and charges for discretionary council services, has enabled us to support priority service areas.

“This budget reflects our ongoing commitment to live within our means, reduce our historic debt and strengthen our financial resilience. It also allows us to continue supporting communities most in need.

“This important work will ensure Woking Borough Council is in the strongest financial position possible ahead of the creation of a West Surrey unitary authority in April 2027.”

• Read the general budget report