(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 9th 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.