1. That the payments to the precepting authorities of their share of the Council Tax surplus in equal instalments be approved.
The estimated outturn in 2018-2019 is a cumulative surplus of approximately £1.2 million. Based on their proportion of the 2018-2019 council tax bill, as approved by Council in March 2018 the amounts are as follows:
• City of Wolverhampton Council £1.0 million
• West Midlands Police £86,000
• West Midlands Fire Service £40,000
2. That the apportionment of the payments from the precepting authority of their share of the Business Rates deficit, also referred to as Non-Domestic Rates, deficit in equal instalments be approved.
The estimated outturn in 2018-2019 is a cumulative deficit of approximately £1.1 million; this is as a result of a cumulative surplus totalling £619,000 brought forward from 2017- 2018 and an estimated deficit in 2018-2019 totalling approximately £1.7 million. As prescribed by legislation the amounts are as follows:
• City of Wolverhampton Council £1.1 million deficit
• West Midlands Fire Service £11,000 deficit
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 2019.