Issue - meetings

Report of the Head of Finance providing Members with an update of the income generation and financial implications of the number of business Rate properties in Mid Devon and requesting approval of the NNDR1 (estimated income to be generated in 2016/17 from business rates).

The Cabinet had before it a *report of the Head of Finance providing Members with an update the income generation and financial implications of the number of Business Rate properties in Mid Devon and requesting it to approve the NNDR1 (estimated income to be generated in 2016/17 from business rates).

The Cabinet Member for Finance outlined the contents of the report explaining the difference between the old and new schemes and the need for the billing authority to forecast the amount of revenue it would generate from business rates.

RESOLVED that:

a)     The calculation of the NNDR1 net yield is noted and approved for 2016/17;

b)     The proportions distributed to the respective authorities and central government be allocated as per the statutory regulations; and

c)     Members note and approve that central government will reimburse the Council through a Section 31 grant to compensate it for the reduction in collectable business rates as a result of introducing reliefs.

(Proposed by Cllr P H D Hare-Scott and seconded by Cllr N V Davey)

Note: *Report previously circulated, copy attached to minutes.