Wakefield Council sets out updated financial strategy
Monday, November 10, 2025
Wakefield Council has published its latest financial outlook as it plans for the 2026/27 budget.
The updated forecast outlines the pressures Councils across the country are facing. Wakefield is not immune to those pressures and has a budget gap of £78 million over the next five years.
“Responsible financial management involves taking some tough decisions. And we’ve stepped up to this challenge during more than a decade of austerity.
“That's enabled us to continue to focus on what’s important to our residents. Delivering on the things that matter the most in our local communities. And making sure every pound we spend makes the biggest difference it can.
“We'll continue to act responsibility. Our experienced leadership puts us in a strong position to balance our budget and keep delivering the services you rely on.”
Cllr Denise Jeffery
Leader of Wakefield Council
The report outlines challenges that are impacting the Council’s financial position. More vulnerable residents than ever before are needing support from the Council’s adults and children’s social care services. These are statutory services which must legally be provided regardless of the budget position. And the demand is at record levels.
The economic climate is also affecting Council finances. Inflation continues to increase the cost of providing many local services. Higher interest rates are affecting the costs of servicing debt, including money borrowed for the Council’s Capital Programme.
The updated financial outlook projects a budget gap of £3.1 million for 2026/27 in addition to an initial savings requirement of £12.6 million. More details on the budget will be set out when initial proposals are put forward in January.
It also lays out key financial assumptions around funding and income generation. As well as setting out the timeline for delivering a balanced budget:
- December - Local Government Finance Settlement confirmed. This informs local Councils how much money they will receive from Government
- January – Initial Budget proposals presented to Cabinet
- January to February - Residents and businesses have their say on the Budget proposals
- February - Cabinet review the feedback from the consultation. And make a final recommendation to Budget Council for approval
- March - Budget Council asked to approve the Revenue Budget, Council Tax and Capital Programme for 2026/27
The Council’s Cabinet will discuss the financial forecast at a meeting on 18 November at 10.30am. The meeting can be watched live or later on the Council’s website.