Agenda item

*RESOLVED –

1.   That the Derbyshire Business Rates Pilot Memorandum of Understanding (MoU) for 2018/19 be approved, and that delegated authority be granted to the section 151 officer to sign the MoU.

2.   That the estimated financial gains of the Derbyshire Business Rates Pilot for 2018/19, as set out in Appendix A of the officer’s report, be noted.

REASON FOR RECOMMENDATIONS

To meet statutory requirements relating to setting a Business Rates Pool.

The Director of Finance and Resources submitted a report for Cabinet to consider the arrangements for the Derbyshire Business Rates Pilot scheme for 2018/19.

The report noted that Derbyshire County Council, Derby City Council, Derbyshire Fire and Rescue, as well as the district authorities in Derbyshire (including Chesterfield Borough Council) had agreed to pool their business rates to allow each authority to retain a greater percentage of growth within their respective local areas.

In autumn 2017, a bid was submitted to the Ministry of Housing, Communities and Local Government (MHCLG) for this pool of Derbyshire authorities to take part in a Business Rates Pilot scheme in 2018/19, which would allow all business rates received above baseline funding to be retained during the year, compared to just 50 per cent under the previous arrangement.

In December 2017, it was confirmed by the MHCLG that the Derbyshire bid had been successful.

Detail on the projected ­­­­­­financial gains for each participating authority was set out in Appendix A to the officer’s report.

*RESOLVED –

1.   That the Derbyshire Business Rates Pilot Memorandum of Understanding (MoU) for 2018/19 be approved, and that delegated authority be granted to the section 151 officer to sign the MoU.

2.   That the estimated financial gains of the Derbyshire Business Rates Pilot for 2018/19, as set out in Appendix A of the officer’s report, be noted.

REASON FOR DECISION

To meet statutory requirements relating to setting a Business Rates Pool.