Decision details
10 Year Business Rates Retention Agreement
Decision status: Recommendations Approved
Is Key decision?: No
Is subject to call in?: No
Decision:
Cabinet recommends to Full Council that:
(1) Approval be granted for the Council to enter into a 10-year business rates retention arrangement with the Department for Levelling Up, Homes and Communities (DLUHC), the West Midlands Combined Authority (WMCA) and the six other West Midlands metropolitan local authorities.
(2) That the Director of Finance in consultation with the Monitoring Officer, be authorised to complete any necessary agreements for the retention arrangement referred to in 1.1 above.
(3) That the Director of Finance be authorised to make an annual payment to the West Midlands Combined Authority of £1.264m in 2023/24, which constitutes the Council’s proportion of the “WMCA Share” of regional business rates income collected in the current year under the existing 100% business rates retention pilot arrangements.
(4) That subject to approval of recommendation 1.1, the Director of Finance be authorised to make an annual payment to the West Midlands Combined Authority in each year throughout the 10-year period commencing on 1st April 2024, comprising of the Council’s proportion of the “WMCA Share” of regional business rates income collected in that year.
Publication date: 07/12/2023
Date of decision: 06/12/2023
Decided at meeting: 06/12/2023 - Cabinet
Accompanying Documents:
- 07 - 10 Year Business Rates Retention Agreement - Report PDF 237 KB
- 07a - 10 Year Business Rates Retention Cabinet Report - Appendix 1 PDF 376 KB
- 07b - 10 Year Business Rates Retention Cabinet Report - Appendix 2 PDF 402 KB
- 07c - West Midlands Combined Authority Devolution Deal PDF 318 KB
- 07d - West_Midlands_Combined_Authority_Trailblazer_Deeper_Devolution_Deal PDF 459 KB