(Joint report of Chief Executive and Director of Finance and Transformation)
The joint report set out the background to the Ministry of Housing, Communities and Local Government (MHCLG) invitation to local authorities to submit bids to participate in the Business Rates Retention Pilots 2019/20 which would allow 75% Business Rates Retention to promote financial sustainability and support strategic decision making across a functional economic area. It was noted that the Kent Council Leaders across Kent and Medway supported the submission of the bid for a further year of pilot status.
Following consideration at the Economic Regeneration Advisory Board, the Cabinet Member for Economic Regeneration resolved that:
(1) a bid, with other Kent authorities, for pilot status under the 75% Business Rate Retention Prospectus for 2019/20, be supported; and
(2) the Chief Executive and the Director of Finance and Transformation, in liaison with the Leader and the Cabinet Member for Finance, Innovation and Property, be authorised to ‘sign off’ the final bid submission.