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Careful consideration was given to a proposed
programme of activity to support the borough’s local economy
using funding through the Business Rate Pool (Shared Growth
Fund). 
 
Under the national business rates retention
scheme, local authorities were able to come
together, on a voluntary basis, to pool their business
rates, giving them scope to generate additional growth through
collaborative effort and to smooth the impact of volatility in
rates income across a wide economic area.  Membership in the pool has enabled the Council to
access the Shared Growth Fund, which is estimated to be at
£1.125m by the end of 2025/26, to finance projects aligned
with local and county strategic priorities. The proposed programme
at Annex 1, was based on local and county wide strategies and had
received approval from Kent County Council.
 
Cabinet had due regard to the financial and
value for money considerations and noted that due to the impending
business rate affects affecting local government finance, it was
currently unknown as to what level of growth, if any, would be
retained through the Pool after 2026/27. Furthermore, due regard
was given to the potential risks across the programme.  These risks would be reviewed on an ongoing basis
and plans put in place to ensure that the impact and likelihood are
minimises where feasible.
 
On the grounds that
there would be investment in the local economy to help support
residents and businesses and the programme would foster sustainable
growth, Cllr Taylor proposed, Cllr Betts seconded and Cabinet
 
RESOLVED: That the proposed Business
Rates Pool (Shared Growth Fund) Programme, as set out in Annex 1,
be approved.