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Council Tax 2017/18 - Collection Fund Adjustments

 

 

Meeting: 23/11/2016 - Policy and Resources Committee (Item 124)

124 Report of the Director of Finance and Business Improvement - Council Tax and Business Rates - Projected Collection Fund Surplus/Deficit for 2016/17 pdf icon PDF 80 KB

Additional documents:

Decision:

That the Committee:

1)  Agrees the 2016/17 Council Tax projection detailed in Appendix I of this report and as a result agrees the distribution of the surplus set out in paragraph 4.7 of the report of the Director of Finance and Business Improvement; and

2)  Agrees the 2016/17 Business Rates projection detailed in Appendix II of this report and as a result note the distribution of the deficit set out in paragraph 4.11 of the report of the Director of Finance and Business Improvement.

 

Minutes:

The Committee considered the report of the Director of Finance and Business Improvement on Council Tax and Business Rates – Projected Collection Fund Surplus/Deficit for 2016/17.

 

Members were reminded that the Council was required to maintain a collection fund which accounted for all local tax payments for council tax and business rates.  The income was used to pay precepts to KCC, Kent Fire Authority, Kent Police (Council Tax only), Central Government (Business rates only) and the equivalent requirement of this Council which included the local Parish Precepts.

 

It was noted that there would be a projected surplus of £341,122 for the end of the financial year on the collection fund.  In addition a deficit on the collection fund for business rates would be £5,716,816 which had been due to a significant number of appeals having been received.

 

In response to questions from Members, the Director of Finance and Business Improvement advised that:-

 

·  The deficit would not affect the Council’s reserves and would be accounted for in the closing of accounts.

·  The new rating list for businesses would come into effect from 1st April 2017 and this may see more appeals being generated.

RESOLVED: That

 

1)  The 2016/17 Council Tax projection detailed in Appendix I of this report be agreed and as a result the distribution of the surplus  set out in paragraph 4.7 of the report of the Director of Finance and Business Improvement be agreed; and

2)  The 2016/17 Business Rates projection detailed in Appendix II of the report be agreed and as a result the distribution of the deficit set out in paragraph 4.11 of the report of the Director of Finance and Business Improvement be noted.