Purpose

To set the estimates for Wolverhampton
Collection Fund 2024-2025, which the Council manages on behalf of
local precepting bodies and central government.

Content

1.     
That the Collection Fund Council Tax Base for 2024-2025 be set at
66,645.60 Band D equivalents.

 

2.     
That the Collection Fund Business Rates, also referred to as
Non-Domestic Rates (NDR), Net Rate Yield for 2024-2025 be set at
£78.6 million.
 

3.     
That authority be delegated to the Cabinet Member for Resources, in
consultation with the interim Director of Finance, to approve
amendments to:

a. 
The final Business Rates Net Rate Yield as required as a result of
changes to the NNDR 1 form (National Non-Domestic Rates return) by
the Department for Levelling Up, Housing and Communities or data
revisions and changes in projections.

b. 
The Council Tax Base as a result of any data revisions and changes
in projections.
 

4.     
That the following extensions to the local Business Rates
Discretionary Relief Policy be approved:

a.  
In respect of charitable and voluntary organisations for one year
from 1 April 2024.

b.  
In respect of Retail, Hospitality and Leisure Business Rates relief
scheme for one year from 1 April 2024.

c.  
In respect of transitional relief for the period from 1 April 2024
to 31 March 2026.

d.  
In respect of supporting small businesses for the period from 1
April 2024 to 31 March 2026.

e.  
In respect of Improvement Relief for the period from 1 April 2024
to 31 March 2029.

 

5.     
That applications for discretionary rate relief should be made
within the financial year for which relief is being sought
effective from 1 April 2024.  Authority
be delegated to the interim Director of Finance in consultation
with the Head of Revenues and Benefits to award relief in
exceptional circumstances for applications received after this
time.

 

6.     
That authority be delegated to the interim Director of Finance in
consultation with the Head of Revenues and Benefits to award relief
in individual cases which satisfy the criteria for the categories
of discretionary rate relief in accordance with Section 47 Local
Government Finance Act 1988.
 

7.     
That the outcome of the 2024-2025 Provisional Local Government
Finance Settlement be noted.