Report to: General Committee                                                        Report Date: April 23, 2007

 

 

SUBJECT:                          2007 Markham Village B.I.A. Operating Budget

PREPARED BY:               Fuwing Wong, Manager of Financial Planning

 

 

 

RECOMMENDATION:

That the report entitled “2007 Markham Village B.I.A. Operating Budget” dated April 23, 2007 be received;

 

And that the Operating Budget in the amount of $247,593 for the Markham Village B.I.A. be approved;

 

And that the Special Tax Rate levy, in the amount of $186,045, for the Markham Village B.I.A. members be included in the 2007 Tax Levy By-law;

 

And that Staff be authorized and directed to do all things necessary to give effect to this resolution.

 

EXECUTIVE SUMMARY:

Not applicable

 

 

FINANCIAL CONSIDERATIONS:

Not applicable

 

1. Purpose                     2. Background                      3. Discussion                        4. Financial        

 

5. Others (Environmental, Accessibility, Engage 21st, Affected Units)             6. Attachment(s)

 

PURPOSE:

To obtain Council approval on the Markham Village B.I.A. 2007 Operating Budget.

 

 

BACKGROUND:

The Markham Village Business Improvement Area (B.I.A.) is a geographical area encompassing Main Street of Markham and some adjacent streets.  The association co-ordinates promotion of the businesses within the area.

 

The Markham Village B.I.A. has submitted a budget in the amount of $247,593 (Exhibit 1 attached).  For comparison purposes, the Markham Village B.I.A.’s 2006 budget was $284,650 (Exhibit 2 attached).

 

Funding of the 2007 Operating Budget will be as follows:

  • $186,045 by means of a Special Tax Rate for those businesses within the Business Improvement Area.  This does not affect the General Tax Rate;
  • $14,070 as a surplus from 2006;
  • $12,478 from a Federal government grant for summer students; and
  • $35,000 from sponsorships and promotions.

 

Expenses budgeted for 2007 by Markham Village B.I.A. are:

  • Administration expenses of $111,838, which includes payroll, rent, office supplies, telephone and internet, and meeting expenses;
  • Promotion and event related expenses of $33,923;
  • Advertising expenses of $47,332;
  • Beautification expenses of $50,000; and
  • Security expenses of $4,500.

 

The Board of Management of the Markham Village B.I.A have reviewed and approved the budget.

 

The authority to establish this tax rate and to levy taxes for the Markham Village B.I.A. will be included in the 2007 levying by-law.

 

 

OPTIONS/ DISCUSSION:

Not applicable

 

 

ENVIRONMENTAL CONSIDERATIONS:

Not applicable

 

 

ACCESSIBILITY CONSIDERATIONS:

Not applicable

 

 

ENGAGE 21ST CONSIDERATIONS:

Not applicable

 

 

BUSINESS UNITS CONSULTED AND AFFECTED:

Not applicable

 

 

RECOMMENDED

                            BY:    ________________________          ________________________

                                      Barb Cribbett, Treasurer                     Andy Taylor, Commissioner

                                                                                                of Corporate Services

 

 

 

ATTACHMENTS:

Exhibit 1 – Markham Village Business Improvement Area Proposed 2007 Budget

Exhibit 2 – Markham Village Business Improvement Area 2006 Budget