Agenda item - Business Rates Retention Forecast 2019/20

Report of the Executive Director Finance & Resources (copy attached)

RESOLVED: That the Committee -

1.    Noted that the amount forecast to be received by the council in 2019/20 from its share of local business rates and section 31 Local Government Act 2003 compensation grants is £64.987m, based on the latest data. This is £0.403m above the forecast used in the December Draft Revenue Budget proposals report.

2.    Delegated the agreement of the final business rates forecast and the NNDR1 2019/20 form to the Executive Director of Finance & Resources following consultation with the Chair of this Committee for the reasons given in paragraph 1.2.

3.    Approved the proposed Retail Relief Scheme for two years from 2019/20 as outlined at paragraph 3.13.

107.1  The Committee considered the report of the Executive Director Finance & Resources, which considered the likely business rate retention for 2019/20. The Committee were advised that there was a typing error in paragraph 2.1 of the report, which stated that ‘compensation grants is £64.897m’, and it should read ‘compensation grants is £64.987m’

107.2  Councillor Bell asked if the change of figures had any impact on the report, and was advised that it didn’t and was simply a typing error when the report was written.

107.3  Councillor Sykes asked if telephone boxes were subject to business rates. The Head of Finance said they were, and added that business rates were held on two lists; a Local Council List, where business rates were collected by the local council and a National List where business rates were collected by central government. Telephone Boxes were on the National List and so were collected centrally.

107.4  RESOLVED: That the Committee -

1.    Noted that the amount forecast to be received by the council in 2019/20 from its share of local business rates and section 31 Local Government Act 2003 compensation grants is £64.987m, based on the latest data. This is £0.403m above the forecast used in the December Draft Revenue Budget proposals report.

2.    Delegated the agreement of the final business rates forecast and the NNDR1 2019/20 form to the Executive Director of Finance & Resources following consultation with the Chair of this Committee for the reasons given in paragraph 1.2.

3.    Approved the proposed Retail Relief Scheme for two years from 2019/20 as outlined at paragraph 3.13.