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Issue details

Business Rates Retention (Pilot) – Update

Members of the Committee will recall that the Kent Business Rates Pool (joined by Medway, Dover and Sevenoaks) was successful in a bid to become a 100% Business Rate Retention (BRR) pilot for 2018/19, meaning that 100% of Business Rates growth could be retained in the area, with the Government Levy requirement removed completely.

Locally it was decided that additional income generated from Business Rates growth was to be split 70:30 between a “Financial Sustainability Fund” (FSF) and a “Housing and Commercial Growth Fund” (HCGF). This report covers the FSF.

Decision type: Non-key

Decision status: For Determination

Wards affected: (All Wards);

Decision due: 23 Jul 2019 by Policy and Resources Committee

Lead director: Director of Finance and Business Improvement

Department: Finance and Business Improvement

Contact: Mark Green Mark Green, 01622 602297 Email: markgreen@maidstone.gov.uk.

Public Or Private and Reason if Private: Public

Agenda items

Documents

  • Business Rates Retention (Pilot) – Update