Issue - meetings

Verbal presentation from the Operations Director – CSN resources on the Business Rates Overview. A copy of the presentation is attached for information.

Resolved

(1)  That the presentation be noted.

The Committee considered a verbal presentation from the Operations Director – CSN Resources and the Financial Analyst which provided an overview on Business Rates.

In introducing the presentation, the Financial Analyst advised that the amount of business rates charged depended on the rateable value of the property as calculated by the Valuation Office Agency, the multiplier applied to it, and whether they were eligible for any form of business rate relief. 

During the presentation, the Committee heard that Cherwell District Council collected £93m in Business Rates during 2017/18 and retained £9m; however timing delays meant that this was not reported as income in the 2017/18 budget monitoring.

Following questions from the Committee regarding rates for new businesses, the Operations Director – CSN resources advised that it was not possible to look up Rateable Value in advance of a business opening, due to the  different rates and reliefs that may be applicable based on the nature of individual businesses.

Resolved

(1)  That the presentation be noted.