Purpose of Report
To inform the Executive of the estimated balance for the Business Rates element of the Collection Fund and the surplus or deficit to be declared for 2018/19.
That the Executive:
(1) Confirms the action of the Chief Finance Officer in declaring a Business Rates surplus of £2,463,740 for 2018/19 subject to the confirmation of the Business Rates base by 31 January 2019.
(2) Notes that any amendments to the declared deficit will be notified to the relevant preceptors and be included in the final Medium Term Financial Strategy 2019-24 to be presented to the Executive on 25 February 2019.
Alternative Options Considered and Rejected
Reason for Decision
Prior to the setting of the council tax for 2019/20 the Council was required to estimate whether there was to be a surplus or deficit on both the Council Tax and Business Rates elements of the collection fund for the current financial year.
At the meeting of the Executive on 7 January 2019 the Council declared a surplus on council tax of £267,780 for the financial year 2018/19. The Executive noted that the Council would declare a surplus on the business rates collection fund of £2,463,740 for 2018/19, subject to the confirmation of business rates by 31 January 2019, of which its share was £1,545,950. This surplus had arisen as a result of an over provision of outstanding ratings appeals.