1. That payments to the precepting authorities be approved of their share of the Council Tax surplus in equal instalments.
The estimated outturn in 2016/17 is a cumulative surplus of £1.5 million. Based on their proportion of the 2016/17 council tax bill, as approved by Council in March 2016 the amounts were as follows:
• City of Wolverhampton Council £1.35 million
• West Midlands Police £106,000
• West Midlands Fire Service £53,000
2. That payments to central government and the precepting authority of their share of the Business Rates, also referred to as Non-Domestic Rates (NDR), deficit in equal instalments be approved.
The estimated outturn in 2016/17 is a cumulative deficit of £8.6 million. As prescribed by legislation the amounts are as follows:
• City of Wolverhampton Council £4.2 million
• Central Government £4.3 million
• West Midlands Fire Service £86,000
3. That authority be delegated to the Cabinet Member for Resources, in consultation with the Director of Finance, to confirm any final changes to the forecast outturn reflecting any further information received ahead of the statutory deadline of 31 January 2017.