Cabinet considered the strategic director’s report, which sought agreement to this council acting as the accountable body for the Science Vale Enterprise Zone. The report also asked Cabinet to agree that the Leader will make an individual decision to agree a memorandum of understanding with the Oxfordshire Local Enterprise Partnership and Oxfordshire County Council.
Cabinet noted that a local authority must be nominated as the accountable body for the retained business rates for audit and accounting purposes, and would be required to:
· prepare and revise estimates of additional business rates income generated in the enterprise zone for the local enterprise partnership;
· report actual additional business rates income to the local enterprise partnership;
· agree with the local enterprise partnership, and the county council as the local enterprise partnership’s accountable body, mechanisms to disburse the retained business rates income, in accordance with the local enterprise partnership’s priorities;
Cabinet agreed to the council becoming the accountable body for the Science Vale Enterprise Zone and noted that there would be minimal risk to the council.
RESOLVED: to
(a) agree that Vale of White Horse District Council acts as accountable body for the Science Vale Enterprise Zone; and
(b) agree that the leader of the council, as cabinet member for finance, will make an individual cabinet member decision to agree a memorandum of understanding with the Oxfordshire Local Enterprise Partnership and Oxfordshire County Council, in consultation with the strategic director, head of legal and democratic services and the head of finance.