Issue - items at meetings - Business Rates Retention forecast 2015/16

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

1)            To note the amount forecast to be received by council in 2015/16 from its share of local business rates and section 31(Local Government Act 2003) compensation grants is £56.544m based on the latest data. This is £0.222m above the forecast used in the December 2014 budget update report.

2)            Agree the NNDR1 2015/16 form at Appendix 1 as amended.

118.1    The Committee considered a report of the Interim Executive Director for Finance & Resources in relation to Business Rates Retention Forecast 2015/16. The report related to the statutory requirement placed on all business rates collection authorities to calculate how much business rates income each authority was likely to receive for the coming year. The report sought approval of the NNDR1 form so it could be submitted to the Department for Communities and Local Government and the Fire Authority by 31 January 2015 as required.

118.2    Councillor Sykes proposed an amendment on behalf of the Green Group that would allocate £33k to protect discretionary rates for charities and not for profit organisations that would otherwise be disproportionately affected.

118.3    The Chair seconded the amendment.

118.4    Councillor Hamilton welcomed the improved forecast positon; in relation to the proposed amendment he noted his concern that some community organisations would lose out if the grants budget were to be cut.

118.5    Councillor G. Theobald noted he was supportive of business rate retention, and hoped that more of the large development schemes in the city would progress to further increase the rate base.

118.6    The Chair then put the amendment to the vote; which was carried.

118.7    The Chair then put then amended recommendations to the vote.

118.8    RESOLVED: That the Committee:

1)        Note the amount forecast to be received by council in 2015/16 from its share of local business rates and section 31(Local Government Act 2003) compensation grants is £56.544m based on the latest data. This is £0.222m above the forecast used in the December 2014 budget update report.

2)        Agree the NNDR1 2015/16 form at Appendix 1 as amended.