Issue - meetings

To receive a report of the Deputy Chief Executive (S151) providing Members with an update of the income generation and financial implications of the number of Business Rate properties in Mid Devon and to approve the NNDR1 (estimated income to be generated in 2019/20 from business rates).

The Cabinet had before it a * report of the Deputy Chief Executive (S151) providing Members with an update on 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 2018/19 from business rates).

The Cabinet Member for Finance outlined the contents of the report explaining that the annual report highlighted the forecasted annual amount of revenue that was expected to be generated from Business Rates and how that money would be distributed.  The net collectable debit was then split proportionally in accordance with the provisions of the Local Government Finance Settlement issued in December 2018 which enabled the whole of Devon to have 50% rates retention, subject to tariffs and levies.  He explained the pilot scheme that had taken place to retain 100% of Business Rates growth income which had been for one year only and that the authority had been unsuccessful in a bid for a 75% pilot in 2019/20, the authority therefore had to revert to the 2017/18 distribution system.

Consideration was given to the Business Rates Revaluation Relief Scheme and how that had been managed and the proposal to better manage it in the future.

(Proposed by Cllr P H D Hare-Scott and seconded by Cllr R L Stanley)

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