Decision - Business Rates Retention Forecast for 2014/15

RESOLVED:

(1)               That the agreement of the final business rates forecast and the NNDR1 2014/15 form be delegated to the Executive Director of Finance & Resources in consultation with the Chair of this Committee for the reasons given in paragraph 1.2.

(2)               That it be noted based on the latest data the amount forecast to be received by the council in 2014/15 from its share of local business rates and Section 31 compensation grants is £54.765m which is the same as the forecast used in the December budget update report.

(3)               That any underspend on the current discretionary business rates scheme identified in paragraph 3.20 is used to fund the one-off review of the compiled rating list as set out in paragraphs 3.21 and 3.22 be agreed;

(4)               That a review is also undertaken of the current discretionary scheme now that there is a significant overlap between our scheme and proposals announced in the Autumn Statement and revised proposals are brought back to a future meeting of this Committee be agreed; and

(5)               That it be noted the business rates computer software system will need to be replaced during 2014/15 as Civica will cease supporting the current system for the reasons given in paragraph 3.25 and provision will need to be made in the 2014/15 budget to fund a new system and the one-off costs of implementation.