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Cabinet recommends to Full Council that:
 
(1)     Approval be granted for the
Council to enter into a 10-year business rates retention
arrangement with the Department for Levelling Up, Homes and
Communities (DLUHC), the West Midlands Combined Authority (WMCA)
and the six other West Midlands metropolitan local authorities.
 
(2)     That the Director of Finance in
consultation with the Monitoring Officer, be authorised to complete
any necessary agreements for the retention arrangement referred to
in 1.1 above.
 
(3)     That the Director of Finance be
authorised to make an annual payment to the West Midlands Combined
Authority of £1.264m in 2023/24, which constitutes the
Council’s proportion of the “WMCA Share” of
regional business rates income collected in the current year under
the existing 100% business rates retention pilot arrangements.
 
(4)     That subject to approval of
recommendation 1.1, the Director of Finance be authorised to make
an annual payment to the West Midlands Combined Authority in each
year throughout the 10-year period commencing on 1st April 2024,
comprising of the Council’s proportion of the “WMCA
Share” of regional business rates income collected in that
year.