Decision details

(a)      That the proposed Medium Term Financial Strategy, including the 2018/19 revenue budget and capital programme, be approved for consultation and referred for consideration to the Overview and Scrutiny Committees and the Scrutiny Commission for consideration;

(b)      That the Director of Finance, following consultation with the Cabinet Lead Member for Resources, be authorised to -

(i)       agree a response to the draft Local Government Finance Settlement;

(ii)      decide on the appropriate course of action for the potential Leicester and Leicestershire 100% Business Rates Retention Pilot in 2018/19 and, subject to the acceptance of the submission made to the Government and the subsequent agreement by all member authorities, to implement this;

(iii)      decide on the appropriate course of action for the Leicester and Leicestershire Business Rates Pool in 2018/19 and, subject to agreement by all member authorities, to implement this;

(c)      That a further report be submitted to the Cabinet on 9^th February 2018.

(KEY DECISION)

REASON FOR DECISION:

To enable the County Council to meet its statutory requirements with respect to setting a budget and Council Tax precept for 2018/19 and to provide a basis for the planning of services over the next four years.

To ensure that the County Council’s views on the Local Government Finance Settlement are made known to the Government.

A submission was made to the Department for Communities and Local Government (DCLG) for a 100% Business Rates Pilot in 2018/19 for the County Council, Leicester City Council, the Combined Fire Authority and all seven District Councils.  The decision of DCLG is expected alongside the Local Government Finance Settlement.

Modelling of a Business Rates Pool with the pooling partners is being undertaken and if the application for the pilot is unsuccessful, a decision on whether to proceed with the Pool will need to be taken 28 days after the release of the draft Local Government Finance Settlement.