The Head of Finance presented her report providing an update on the progress with regard to the agreed Business Rates Retention Pilot projects as at 31 March 2020.  It was noted that:

·  Income generated from Business Rates growth and retained locally as part of the Business Rates Retention (BRR) pilot in 2018/19 exceeded original expectations with the Financial Sustainability Fund (FSF) element eventually accumulating total funding of £1,130,000 (topped up to £1,316,700) compared to the £640,000 initially anticipated. 

·  Having originally identified 13 one-off projects to be funded from the FSF totalling £640,000 during 2018/19, the Committee subsequently identified 16 additional projects to be funded from the surplus during 2019/20.  All projects were focussed on supporting the delivery of one or more of the Council’s strategic objectives, as set out in the Strategic Plan.

·  Progress towards the delivery of the agreed projects had continued, with total spend of £453,169 against 2018/19 projects and £157,310 against the additional 2019/20 projects.

·  Resources of £426,074 were stated by project leads to be required in order to progress the agreed projects.  Given the financial position facing the Council, it was proposed that these projects be put on hold subject to any existing contractual commitments being fulfilled until the outturn for 2019/20 is considered at the June meeting of the Committee.

·  Funding totalling £280,147 had been identified as no longer required due to projects which have been delivered under budget or which can no longer progress as originally envisaged.  It was proposed that this amount be allocated to general balances to support the Council’s overall financial resilience in response to the challenge and uncertainty presented by the COVID-19 measures.

In response to comments, the Director of Finance and Business Improvement advised the Committee that it would be inappropriate to consider individual projects at this stage.

RESOLVED:

1.  That the progress towards the delivery of the Business Rates Retention Pilot projects, as set out in Appendix 1 to the report of the Head of Finance, be noted.

2.  That the proposed carry forward of £426,074, as set out in Appendix 1 to the report of the Head of Finance, be considered at the June meeting of the Policy and Resources Committee.

3.  That the proposal to allocate funding of £280,147 no longer required to fund agreed projects to general balances be agreed.