On 14 November 2023. Cabinet:-
(i) Noted the performance to date of the existing
West Midlands 100% Business Rates Retention pilot (summarised in Section 3 of
the report);
(ii) Approved the Memorandum of Understanding
(MoU) with Government regarding the offer of 10-year, 100% Business Rate
Retention for the West Midlands, in accordance with the Trailblazing Devolution
Deal (summarised in Section 4 of the report) on the basis that it offers a
broad continuation of the principle of full Business Rate retention which has
financially benefitted the Council to date. This approval is required by the
end of November 2023 to enable this deal to proceed;
(iii) Authorised the Interim Director of Finance
(Section 151 Officer) to sign the MoU on behalf of the Council;
(iv) Authorised the Interim Director of Finance
(Section 151 Officer) to approve the local No Detriment agreement that is to be
agreed with the other Constituent Local Authorities of the WMCA, as described
in paragraph 4.10;
(v) Noted that the provisional value of WMCA
share, which is confirmed on an annual basis, will be agreed by the Section 151
Officers for WMCA and the West Midlands authorities to help place the Combined
Authority on a sustainable financial footing, as set out in paragraph 4.4.6 of
the report.
THE DEADLINE FOR CALL IN IS 1600
HOURS ON MONDAY 20 NOVEMBER 2023.