Consideration was given to a report of the Cabinet Member for Finance and Corporate / Director of Corporate Services that sought approval to submit a report to Council to agree setting the Business Rate Base 2024-25.

Resolved

That Cabinet approve, for submission to Council on 13^th December 2023:

1. The draft Business Rate baseline figure of £77.171m for 2024/25, subject to any changes which may result from:

·         The provisional Local Government Finance Settlement 2024/25.

·         The issue of the Department for Levelling Up, Housing and Communities (DLUHC) guidance on completion of the 2024/25 Business Rates baseline return (NNDR1), due in January 2024.

2. That the Chief Finance Officer, in consultation with the Cabinet Member for Finance and Corporate, be authorised to conclude and agree the final Business Rates baseline return (NNDR1) due on 31 January 2024, should the final information yet to be received from DLUHC change the baseline figure for 2024/25.

3. That the precepts payment schedule detailed in paragraph 5.2.2 of the report be approved.

Reason for decision

The Non-Domestic Rating (Rates Retention) Regulations 2013 (SI 2013/452) require billing authorities to notify the Secretary of State and their major precepting authority of their calculation of non-domestic rating income for the following financial year and the estimated surplus/deficit on the Collection Fund by 31 January each year.

The figures were produced subject to the DLUHC guidance being published and provided, following which the figure in the report may have to be revisited.

Alternatives considered

Not to consider the Business Rate Base 2024-25 - this option was not recommended as it was a statutory requirement for the Council to calculate and approve a Council Tax base each financial year.