33.1 The Lead Member considered a report by the Chief Operating Officer.
DECISIONS
33.2 The Lead Member RESOLVED:
(1) To approve that East Sussex County Council pilot 75% business rates retention resulting in an anticipated net gain of £1.6m over current pooling arrangements;
(2) To approve that Wealden District Council be nominated as the lead authority;
(3) To approve that the basic principle be agreed that no authority will receive a lower level of funding than they would have received without the pool;
(4) To approve to split resources gained on the growth in business rates on the basis of the split being 26% to East Sussex County Council, 5% to the East Sussex Fire and Rescue Service and the remaining 44% to be split amongst the District and Borough Councils;
(5) To approve the financial stability and economic development split of funding;
(6) To approve that the additional income to East Sussex County Council is included within the Reconciling Policy Performance and Resources and Medium Term Financial Plan for consideration; and
(7) To approve that the finalisation of the Memorandum of Understanding, and all other matters necessary for the establishment of the Pilot are delegated to the Chief Finance Officer, in consultation with the Assistant Chief Executive.
Reasons
33.3 On 13 December 2018 the Ministry for Housing, Communities and Local Government confirmed that the East Sussex Business Rates Retention Pilot bid had been successful. The report sets out the rewards and risks arising from this opportunity and the basis by which partner authorities will work towards meeting the pilot objectives of financial sustainability and economic development.