Business rates reserve

Michael Edwards made this Freedom of Information request to Wirral Metropolitan Borough Council

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The request was successful.

Dear Wirral Metropolitan Borough Council,
Please could you inform me the total the council currently holds within its Business rates reserve fund?

Yours faithfully,

Michael Edwards

InfoMgr, FinDMT, Wirral Metropolitan Borough Council

1 Attachment

Dear Mr Edwards
 
Thank you for your recent Freedom of Information enquiry in which you
requested “Please could you inform me the total the council currently
holds within its Business rates reserve fund?”
 
In response, we can advise that the council holds £8.5 million in its
Business Rates Reserve.
 
It was reported to Cabinet on 8^th December 2016 that a review was
underway into council reserves and that this reserve would be considered
for release to support the 2017/18 budget (see extract below).
 
An updated position will be available when the papers for the Cabinet
meeting of 20^th February are published online early next week. These can
be accessed at our website [1]www.wirral.gov.uk
 
Extract from 8 December MEDIUM TERM FINANCIAL STRATEGY AND COUNCIL BUDGET
2017/18 Cabinet Report
 
GENERAL FUND BALANCES AND RESERVES
 
3.38 The level of General Fund balances and reserves that the Council
maintains is critical to its financial resilience. It is important
balances and reserves maintained are sufficient to fund costs that occur
be it from planned activities or unexpected events. A review of reserves,
provisions and General Fund balances is being undertaken as part of the
process to set the 2017/18 Budget. This will take account of the financial
risks anticipated to be faced in the coming period 2016/21 and known
commitments and plans. The outcome of the review will be reported to
Cabinet on 20 February 2017 and will be based upon:-
 
RELEASE OF RESERVES      £m       COMMENT
Collection Fund          4.5      Position has to be formally declared by
22 January 2017.
Insurance Fund    2.5      Report to recommend release based on claims
management.
Business Rates Reserve   8.5      Reserve for potential appeals which can
be back-dated and ‘safety net’.
General reserves                 tbc      Any additional sums identified
to be added to General Balances.
 
 
We trust this answers your enquiry in full.
 
Yours sincerely
 
 
 
Lynette Paterson
Senior Information Management Officer
Business Services - Digital
 
Wallasey Town Hall
Brighton Street
Wallasey
Wirral
CH44 8ED 
[2]Tel: 0151 691 8201
[3][Wirral Borough Council request email]
 
 
 
 
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1. http://www.wirral.gov.uk/
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