Minutes:
The Chair invited Bevis Ingram (Senior Adviser) to introduce the update.
Bevis highlighted 3 areas of non-covid-19 related activity undertaken by the finance team since the previous Board meeting:
1. Consultation on Public Works Loans Board (PWLB) future lending. Bevis reminded members that the LGA response to the consultation had been agreed at the previous Board meeting and since then the Treasury had been holding workshops with Chief Finance Officers where the LGA’s arguments had been put forward.
2. Contributing to the Treasury review of the Green book.
3. The National Audit Office had produced an auditor guidance note on the local code of practice and officers would be bringing this, and a draft response, to the Lead Members some time during August.
Sarah Pickup (Deputy Chief Executive) reported that the Treasury had today made two major announcements which would impact member councils:
1. The Comprehensive Spending Review which would be a 3-year settlement for revenue and a 4-year settlement for capital, with a deadline for submissions of 24 September. Sarah said that the LGA’s approach would be discussed in more detail at the Spending Review Steering Group meeting taking place this week.
2. A call for evidence on the fundamental review of business rates. Sarah reported that the Executive Advisory Board had agreed that the Further Business Rates Retention and Fair Funding Review Task & Finish Group should be repurposed to look at the review of business rates and wider local government finance reform. A meeting in early August would be arranged if possible. Sarah added that alongside the call for evidence, the Government had confirmed that the business rates revaluation would be deferred until April 2023 (based on April 2021 valuations). Officers would report back to the Board in September with a progress update.
Decision
Members of the Resources Board noted the update.