Issue - meetings

[To approve the Council Tax Base and Business Rates (NRD) Net Rate Yield 2020-2021]

1.     That the Collection Fund Council Tax Base for 2020-2021 be set at 64,726.80 Band D equivalents.

2.     That the Collection Fund Business Rates, also referred to as Non-Domestic (NDR), Net Rate Yield for 2020-2021 be set at £74.5 million.

3.     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 Ministry of Housing, Communities and Local Government or data revisions and changes in projections.

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

4.     That the outcome of the 2020-2021 Provisional Local Government Finance Settlement be noted.

5.     That it be noted that the final budget report presented to Cabinet on 19 February 2020 would reflect the outcome of the settlement, budget consultation, scrutiny work and detailed budget work for 2020-2021, including a review of all budget reduction proposals and the risks associated with their delivery.

Councillor Louise Miles presented the report on the estimates for the Wolverhampton Collection Fund for 2020-2021, which the Council managed on behalf of local precepting bodies and central government.  The report also provided an update on the provisional finance settlement. The report would inform the budget setting process for 2020-2021 for the Council and precepting bodies.

Resolved:

1.     That the Collection Fund Council Tax Base for 2020-2021 be set at 64,726.80 Band D equivalents.

2.     That the Collection Fund Business Rates, also referred to as Non-Domestic (NDR), Net Rate Yield for 2020-2021 be set at £74.5 million.

3.     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 Ministry of Housing, Communities and Local Government or data revisions and changes in projections.

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

4.    That the outcome of the 2020-2021 Provisional Local Government Finance Settlement be noted.

5.    That it be noted that the final budget report presented to Cabinet on 19 February 2020 would reflect the outcome of the settlement, budget consultation, scrutiny work and detailed budget work for 2020-2021, including a review of all budget reduction proposals and the risks associated with their delivery.