Issue - meetings

Report of Director of Resources

Purpose of report

To seek approval in principle for the Council to participate in a business rates pool for 2016-2017.

Recommendations

The meeting is recommended:

 1.1        To endorse the principle to join a business rates pool for participating authorities in Oxfordshire, noting the risks and benefits outlined in the report.

1.2       To approve ‘in principle’ the Council’s participation in a pool for the 2016-2017 financial year.

1.3       To grant delegated authority to the Director of Resources, in consultation with the Lead Member for Financial Management, to conclude necessary due diligence and confirm the Council’s final intention on whether or not to participate in a Oxfordshire business rates pool (however constituted) for 2016-2017 by 31 October 2015.

Resolved

(1)          That the principle to join a business rates pool for participating authorities in Oxfordshire, noting the risks and benefits, be endorsed.

(2)          That the Council’s participation in a pool for the 2016-2017 financial year be approved ‘in principle’.

(3)          That delegated authority be granted to the Director of Resources, in consultation with the Lead Member for Financial Management, to conclude necessary due diligence and confirm the Council’s final intention on whether or not to participate in a Oxfordshire business rates pool (however constituted) for 2016-2017 by 31 October 2015.

The Director of Resources submitted a report which sought approval in principle for the Council to participate in a business rates pool for 2016-2017.

Resolved

(1)          That the principle to join a business rates pool for participating authorities in Oxfordshire, noting the risks and benefits, be endorsed.

(2)          That the Council’s participation in a pool for the 2016-2017 financial year be approved ‘in principle’.

(3)          That delegated authority be granted to the Director of Resources, in consultation with the Lead Member for Financial Management, to conclude necessary due diligence and confirm the Council’s final intention on whether or not to participate in a Oxfordshire business rates pool (however constituted) for 2016-2017 by 31 October 2015.

Reasons

For the reasons set out in section 3 of the report it appears likely that the Council’s financial interests will best be maximised by participating in a pooling arrangement. Given the 31 October deadline for confirming the Council’s position and due to the fact that we are still modelling financial scenarios and discussing matters with other local authorities across the County it is necessary and appropriate to grant delegated authority to determine this to the Director of Resources in consultation with the Lead Member for Financial Management.

Alternative options

Option 1: To not approve the recommendations set out above. Based on current guidance this is not an option as we need to make a decision on whether or not to pool by 31 October 2015.