The Committee received and considered the Interim Section 151 Officers report on the Budget 2016/17.
The Interim Section 151 Officer reported on the Local Government finance Settlement key points, Members were advised that the settlement would last for four years from 2016/17 to 2019/20 and that it would then be subject to a Efficiency Plan.
It was reported that based on Government assumptions the core spending power assumptions for GYBC would be based on the following :-
It was reported that as from 2021 it is is assumed that Revenue Support Grants will no longer be available.
The Section 151 Officer reported on the Local retention of Business Rates, the splitting of Business Rate Revenue and Business Rates relief.
It was reported that the New homes bonus - consultation sets out proposals for a reduction in the number of years for which the bonus is paid from the current 6 year to 4, and that the following penalties would be in place :-
- Local Plan not submitted
- Delay in adoption of Local Plan
- Reductions where homes approved on appeal
It was noted that these changes had been proposed for 2017/18.
The Section 151 Officer reported on the emerging Business Strategy for 2016 and beyond as follows :-
- Strategic Asset Management - The development of a strategic approach to GYBC's assets
- Build the Business Rate Base - the Development of a strategy to support new and growing businesses
- Increase the Council Tax Base
- Make sure the the Council operates as effectively and efficiently as possible.
The representative from the Federation of Small Businesses asked in relation to the Business Rate retention in GYBC and other Authorities.
A Member expressed concern in regard to the DCLG (Department for Communities and Local Government) budget and GYBC.
A question was raised in regard to the Business rates re valuation next year, Jonathan Newman, Town Centre Partnership asked had this impact been taken into account, and was advised that this had not and that any changes would be flagged as a risk.
The representative from the Federation of Small Businesses questioned the retail income for Great Yarmouth, the Section 151 Officer advised that a project was in working progress together with North Norfolk District Council and that once complete further advice could then be given.