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Decision details

Council response to London Business Rates Pool Strategic Investment Pot Consultation Report

Decision Maker: Interim Chief Finance Officer

Decision status: Recommendations Approved

Is Key decision?: No

Is subject to call in?: No

Decision:

The Chief Finance Officer confirmed the Council’s support for all projects recommended in the Strategic Investment Pot Consultation Report as prepared by the Lead Authority, the City of London Corporation, pursuant to the authority delegated to him by the Cabinet at its meeting of 16 January 2018.

Reasons for the decision:

Following the decision of the Cabinet on 16 January 2018, the Council now participates in the London-wide Business Rates Retention Pilot for the financial year 2018/19. The London-wide Business Rates Retention Pilot is by agreement with all London Boroughs and approved through the Autumn Statement. The Strategic Investment Pot (SIP) forms part of the London-wide Business Rates Retention Pilot. The establishment of the pool involves the Council being consulted on and responding to the proposed allocation of the SIP by the City of London Corporation (“CoLC”) acting as the Lead Authority. The allocation follows a competitive process where Local Authorities, and groups of Local Authorities were invited to bid for funding.

The Council received the consultation report from the Lead Authority on 31st July 2018, and is required to respond indicating support (or otherwise) for funding for each of the projects in the recommended package by 14 September 2018.

Alternative options considered:

A response is required in line with the Memorandum of Understanding (MoU) the Council has entered into with the participating authorities regarding the Business Rates Retention Pool and its allocation through the SIP process.

The Council could seek to challenge the recommendations set out in the Consultation Report. However, the findings of the report have been reviewed and it is felt that the recommendations fulfil the objectives set out by the SIP prospectus and that the mixture of recommended bids have achieved a balanced package. A successful allocation of funds will allow the various strategic investment projects to begin, demonstrating to Central Government that London government can cooperate and work together, and provide a sound basis for the Government evaluation of the pilot, which is expected in the autumn.

Conflicts of interest - Executive decisions: N/A

Conflicts of interest - Non executive decisions: N/A

Contact: Jon Warlow, Interim Chief Finance Officer Email: jon.warlow@haringey.gov.uk.

Publication date: 28/11/2018

Date of decision: 13/09/2018