Common use of Rationale and Objectives Clause in Contracts

Rationale and Objectives. 4.1 The North and West Yorkshire Pool exists to benefit the individual members and to further the aims of the North and West Yorkshire region as a whole. The Pool has two key objectives:  To support the financial sustainability of the member authorities, both at an individual and a regional level;  To support regional economic growth by providing support to and working in collaboration with regional partners, with a focus on the following themes: o Reducing Digital Isolation o Inclusive Growth o Culture, Sport and Major Events o Business Support, Trade and Investment o Enabling Housing Growth 4.2 Member authorities will retain 75% of growth above business rates baseline income, with the remaining 25% being paid to government. The Pool will receive from members one third of the 75% of growth above business rates baseline income. 4.3 This Pool income will be shared out so that member authorities receive two thirds of the additional income generated through 75% business rate retention, one third in proportion to their share of total growth achieved above the 75% baseline and one third in proportion to population, the remaining third of additional income being retained by the Pool. The only exceptions to this are set out in Section 8, below. 4.4 Any variation to the arrangements set out in 4.2 and 4.3, above, will require the formal agreement of the North and West Yorkshire Business Rates Pool Joint Committee.

Rationale and Objectives. 4.1 The North and West Yorkshire Pool exists to benefit the individual members and to further the aims of the North and West Yorkshire region as a whole. The Pool has two key objectives:  To support the financial sustainability of the member authorities, both at an individual and a regional level;  To support regional economic growth by providing support to and working in collaboration with regional partners, with a focus on the following themes: o Reducing Digital Isolation o Inclusive Growth o Culture, Sport and Major Events o Business Support, Trade and Investment o Enabling Housing GrowthGrowth o Carbon Reduction 4.2 Member authorities will retain 75% of growth above business rates baseline income, with the remaining 25% being paid to government. The Pool will receive from members one third of the 75% of growth above business rates baseline income. 4.3 This Pool income will be shared out so that member authorities receive two thirds of the additional income generated through 75% business rate retention, one third in proportion to their share of total growth achieved above the 75% baseline and one third in proportion to population, the remaining third of additional income being retained by the Pool. The only exceptions to this are set out in Section 8, below. 4.4 Any variation to the arrangements set out in 4.2 and 4.3, above, will require the formal agreement of the North and West Yorkshire Business Rates Pool Joint Committee.