Issue - meetings

Resolved:     (a)       That the proposed new arrangements be noted.

(b)       That Newcastle Borough Council participates in the Stoke on Trent and Staffordshire business rates pool.

(c)        That the final version of the Memorandum of Understanding be agreed by the Council Leader and the Portfolio Holder for Finance and Budget Management in consultation with the Chief Executive and the Executive Director (Resources and Support Services).

A report was presented outlining the new arrangements for business rates retention, which would replace the current National Non domestic Rates (NNDR) grant element of formula grant, and a proposal to form a business rates pool for Staffordshire.

It was stated that the process was not intended to leave any authority worse off than at present and that it was hoped that any concerns would be mitigated through the pooling of risk. The Portfolio Holder for Planning, Regeneration and Town Centres and negotiated a good deal for Newcastle Borough Council and investment plans had been signed off by the Council Leader.

Resolved:     (a)       That the proposed new arrangements be noted.

(b)       That Newcastle Borough Council participates in the Stoke on Trent and Staffordshire business rates pool.

(c)        That the final version of the Memorandum of Understanding be agreed by the Council Leader and the Portfolio Holder for Finance and Budget Management in consultation with the Chief Executive and the Executive Director (Resources and Support Services).