Issue - meetings

100% Business Rates Retention Pilot - Update

Meeting: 24/07/2018 - Policy and Resources Committee (Item 38)

38 100% Business Rates Retention Pilot - Update pdf icon PDF 81 KB

Additional documents:

Minutes:

Mr Mark Green, the Director of Finance and Business Improvement, updated the Committee on the 100% Business Rates Retention Pilot and the associated projects that had been agreed as a result of the additional funding.

 

The Committee noted the following:

 

·  Spending had been lower than expected on the Members Community Grant Scheme. Mr Green encouraged members to discuss any ideas they had with officers even if it seemed initially that they would be outside of the grant’s original remit.

·  If there was additional funding available as Business Rates income was higher than the forecast or projects were underspent then a decision was required by Policy and Resources on what to use this funding for.

·  The Ministry of Housing, Communities and Local Government had anounced that Kent and Medway authorities would need to apply again to be part of the 2019/2020 pilots. If successful then the pilot was anticipated to be 75% retention of Business Rate growth rather than 100%.

·  Maidstone had put forward feasibility studies for improvements to the Bus Station as the Council’s application to the North Kent Cluster Housing and Commercial Growth Fund.

 

RESOLVED:

 

That the progress with the Business Rates Retention pilot projects be noted.