Issue - meetings

Report of the Interim Director of Resources

Presented by the Corporate Portfolio Holder

The Corporate Portfolio Holder presented the report to Members.

He advised Members that the report outlined the proposed scheme to distribute the £293,000 funding allocated for North West Leicestershire to businesses that had seen increases in the level of business rates they pay following the revaluation which came into effect in April. He informed Members that the funding was announced by the Chancellor in March 2017 and would support businesses for a 4 year period, although the funding for the following 3 years would dramatically reduce.

He highlighted that Local Authorities had the discretion to design their own scheme to support local businesses and that the scheme for North West Leicestershire would support approximately 139 small businesses with an average discount of 23%, adding that the major precepting authorities had confirmed their support with the scheme. He informed Members that following Cabinet approval, the companies who met the criteria would be contacted to award the relief.

It was moved by Councillor N J Rushton, seconded by Councillor A V Smith and

RESOLVED THAT:

1)    The average 23% Discretionary Rate Relief Scheme for 2017/18 be approvedand

2)    Authority be delegated to the Section 151 Officer to amend the scheme based on actual levels of applicants for 2017/18 and future funding allocations for the next 3 financial years to 2020/21

Reason for decision: Requirement of Financial Procedure Rules