Decision

Cabinet recommends to Full Council that:

(1)     Approval be granted for the Council to enter into a 10-year business rates retention arrangement with the Department for Levelling Up, Homes and Communities (DLUHC), the West Midlands Combined Authority (WMCA) and the six other West Midlands metropolitan local authorities.

(2)     That the Director of Finance in consultation with the Monitoring Officer, be authorised to complete any necessary agreements for the retention arrangement referred to in 1.1 above.

(3)     That the Director of Finance be authorised to make an annual payment to the West Midlands Combined Authority of £1.264m in 2023/24, which constitutes the Council’s proportion of the “WMCA Share” of regional business rates income collected in the current year under the existing 100% business rates retention pilot arrangements.

(4)     That subject to approval of recommendation 1.1, the Director of Finance be authorised to make an annual payment to the West Midlands Combined Authority in each year throughout the 10-year period commencing on 1st April 2024, comprising of the Council’s proportion of the “WMCA Share” of regional business rates income collected in that year.