Issue - meetings

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 2019/20.

Decision

(1)       That the action of the Chief Finance Officer in declaring a business rates surplus of £802,023 for 2019/20 be confirmed, subject to the confirmation of the business rates base by 31 January 2020.

(2)       That any amendments to the declared deficit be notified to the relevant preceptors and included in the final Medium Term Financial Strategy 2020-25 to be presented to the Executive on 24 February 2020.

None.

Prior to setting the Council Tax for 2020/21 the City Council was required to estimate whether there would be a surplus or deficit on both the Council Tax and Business Rates elements of the collection fund for the current financial year, 2019/20.

The Executive, at its meeting on 6 January 2020, declared a surplus on Council Tax of £382,814 for the financial year 2019/20 of which its share was £57,809. The Council would declare a surplus on the business rates collection fund of £802,023 for 2019/20, subject to confirmation of the Business Rates base by 31 January 2020 of which its share was £144,168.