Decision details

To approve the resource base for business rates to be used in calculation of the budget for 2019-2020.

RESOLVED –

THAT the following be recommended to Council:-

(i)            That the approach and assumptions for the calculation of the Council’s business rates yield, as set out in Appendix 1 of the report, be approved;

(ii)          That, in accordance with the Non-Domestic Rating (Rates Retention) Regulations 2013, the amount calculated by the London borough of Camden as its business rates yield for the year 2019-20 shall be £656 million as shown in line 17 of Appendix 1 to the report;

(iii)         That authority be delegated to the Executive Director Corporate Services, in consultation with the Cabinet Member for Finance and Transformation, to make any adjustments to the calculation of the estimated business rates yield for the year 2019-20, in order to reflect any technical amendments to the calculations or late regulatory changes made by the Treasury or in respect of the London Pilot Pool; and

(iv)         That authority be delegated to the Executive Director Corporate Services to submit the notification of the calculation of the estimated Non-Domestic Rates income to the Secretary of State and the Greater London Authority.