Issue - decisions

That the calculation of the Council’s business rate forecast for the year 2021/22 as set out in this report be approved. The total forecast Business Rate income for 2021/22 is £65.667m, of which the Council will retain £22.115m after allowing for the required tariff payment of £39.612m and the WoE Combined Authority and Fire Authority shares as shown in Table 1 of the report.

That the projected deficit on the collection fund as at the end of 2020/21 related to Business Rates is declared at £42.973m (after adjustment of £1.975m for the 3 year spread allowance). The Council’s share of the deficit to be recovered in 2021/22 is £40.394m, which includes an estimated £39.147m in respect of the enhanced Retail Relief which is compensated through government s31 revenue grant funding.

That £1.975m of the deficit is budgeted for recovery in 2022/23 and 2023/24 in line with the Local Authorities (Collection Fund: Surplus and Deficit) (Coronavirus) (England) Regulations 2020 (SI 2020/1202). The Council’s share is £1.857m.