Issue - decisions

That the calculation of the Council’s business rate forecast for the year 2022/23 as set out in this report be approved. The total forecast Business Rate income for 2022/23 is £56.262m, of which the Council will retain £13.293m after allowing for the required tariff payment of £39.593m 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 2021/22 related to Business Rates is declared at £22.194m (after adjustment of £0.988m for the 3 year spread allowance). The Council’s share of the deficit to be recovered in 2022/23 is £20.863m, which includes an estimated £18.506m in respect of the enhanced Retail Relief, and £4.036m in respect of Covid Additional Relief Fund, with both being compensated through government s31 revenue grant funding.

That £0.988m of the deficit is budgeted for recovery in 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 £0.928m.