Decision details

Business Rates Retention Pilot Bid

Reference: D759

Decision Maker: Portfolio Holder for Corporate Resources and Performance

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Purpose:

To request approval to submit a bid to become a Business Rates Retention Pilot for 2019/20 in conjunction with all Nottinghamshire District/Borough Councils, Nottingham City Council, Nottinghamshire County Council, and the Nottinghamshire Fire and Rescue Authority.

Decision:

Recommendations
It is recommended that:
5.1 The Portfolio Holder approves the submission of a bid to become a Business Rates Retention Pilot for 2019/20 in conjunction with all Nottinghamshire District/ Borough Councils, Nottingham City Council, Nottinghamshire County Council, and the Nottinghamshire Fire and Rescue Authority;
5.2 Delegated authority be given to the Deputy Chief Executive and Director of Finance, in consultation with the Portfolio Holder for Resources and Reputation, to confirm the Council’s participation in the proposed pooling arrangement following the announcement of the Local Government Finance Settlement in December 2018, provided that it is considered in the best interests of the Council;
5.3 Subject to the proposed pool being confirmed as being in the best interests of the Council the Portfolio Holder is asked to approve that delegated authority be given to the Deputy Chief Executive and Director of Finance to agree the final governance arrangements for the pool.

Reasons for the decision:

The opportunity to become a pilot authority for the 75% Business Rates Retention Scheme aligns with the council’s strategy of seeking to influence the development of the local government finance system. In addition, if successful, being a pilot will enable local retention of all business rate growth within the county for use to assist in ensuring financial stability and sustainability as well as to invest in economic prosperity.

Alternative options considered:

No bid is submitted and the existing pooling arrangements continue.

Publication date: 24/09/2018

Date of decision: 24/09/2018

Accompanying Documents: