Issue - meetings

Council Tax Base and Business Rates (NDR) Net Rate Yield 2018-19

Meeting: 16/01/2018 - Cabinet (Resources) Panel (Item 10)

10 Council Tax Base and Business Rates (NDR) Net Rate Yield 2018-2019 pdf icon PDF 87 KB

[To note the information on the Council Tax base and to approve the Council’s NNDR1 form which will set the timings of cashflow and the predicted shares between central and local government for business rates for 2018-2019]

Decision:

1.       That the Collection Fund Council Tax Base for 2018-2019 be set at 62,816.47 Band D equivalents.

 

2.       That the Collection Fund Business Rates, also referred to as Non-Domestic (NDR), Net Rate Yield for 2017-2018 be set at £74.2 million.

 

3.       That the Council’s contribution of £228,000 in 2017-2018 to the West Midlands Combined Authority; which represents the real terms growth in the central share of business rates owed to the West Midlands Combined Authority be approved.

 

4.       That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance to approve amendments to:

 

a.      The final Business Rates net rate yield as required as a result of changes to the NNDR1 form (National Non-Domestic Rates return) by the Department for Communities and Local Government (DCLG) or data revisions and changes in projections;

 

b.       The Council Tax Base as a result of any data revisions and changes in projections.

Minutes:

Councillor Andrew Johnson presented the report on a proposal to set the estimates for the Wolverhampton Collection Fund for 2018-2019, which the Council manages on behalf of local precepting bodies and central government. The decision would inform the budget setting process for 2018-2019, for the Council and precepting bodies.

 

Resolved:

1.     That the Collection Fund Council Tax Base for 2018-2019 be set at 62,816.47 Band D equivalents.

 

2.     That the Collection Fund Business Rates, also referred to as Non-Domestic (NDR), Net Rate Yield for 2017-2018 be set at £74.2 million.

 

3.     That the Council’s contribution of £228,000 in 2017-2018 to the West Midlands Combined Authority; which represents the real terms growth in the central share of business rates owed to the West Midlands Combined Authority be approved.

 

4.     That authority be delegated to the Cabinet Member for Resources in consultation with the Director of Finance to approve amendments to:

a.      The final Business Rates net rate yield as required as a result of changes to the NNDR1 form (National Non-Domestic Rates return) by the Department for Communities and Local Government (DCLG) or data revisions and changes in projections;

 

b.     The Council Tax Base as a result of any data revisions and changes in projections.