Agenda item

Joint Report of the Chamberlain and the Remembrancer.

The Committee considered a joint report of the Chamberlain and the Remembrancer on the progress of the Pilot Scheme for Business Devolution in London.

RESOLVED -That, subject to the approval of the Court of Common Council, approval be given to the following:-

1.     the City Corporation participating in a pilot scheme for a business rates pool in 2018-19 with the Greater London Authority and the London borough councils;

2.     the arrangements for the distribution of revenue within the pool be as set out in the report, subject to recommendation (3) below;

3.     the Chairman of the Policy and Resources Committee being authorised, in consultation with the Chairman of the Finance Committee, to agree to minor variations in the arrangements, if agreed by the other participants in the pool;

4.     the City Corporation act as the lead authority for the pool and for the strategic investment fund to be established under the pooling arrangements;

5.     the Town Clerk, the Chamberlain or the Comptroller & City Solicitor (as appropriate) be authorised, in consultation with the Remembrancer on matters of constitutional or legislative relevance, to take all necessary legal and practical steps for the establishment and administration of the pool and the strategic investment fund, in accordance with the preceding recommendations;

6.     the Chamberlain be authorised to draw upon the City Fund reserve to meet the additional costs incurred in the administration of the pool and the strategic investment fund, including those arising from the Common Council’s role as lead authority, up to one full-time equivalent post, with the amounts drawn down being refunded, and any future costs met, from additional revenue retained under the scheme as it becomes available; and

7.     oversight of the City Corporation’s work in connection with the pool and the strategic investment fund be referred to this Committee regarding governance and the distribution and deployment of resources, and to the Finance Committee regarding financial administration.