Report to: General Committee                                Date Report Authored: March 24, 2010

 

 

SUBJECT:                         2010 Markham Village B.I.A. Operating Budget

PREPARED BY:              Veronica Siu, Acting Manager of Financial Planning          ext. 2232

 

 

 

RECOMMENDATION:

1)      That the report entitled “2010 Markham Village B.I.A. Operating Budget” dated May 17, 2010 be received;

 

2)      And that the 2010 Operating Budget in the amount of $251,107 for the Markham Village B.I.A. be approved;

 

3)      And that the Special Tax Rate levy, in the amount of $215,327, for the Markham Village B.I.A. members be included in the 2010 Tax Levy By-law:

 

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

 

EXECUTIVE SUMMARY:

Not applicable.

 

 

PURPOSE:

To obtain Council approval on the Markham Village B.I.A. 2010 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 approved a budget in the amount of $251,107 (Exhibit 1 attached).  Compared to the 2009 budget, revenues decreased by ($26,112) driven by a reduction of ($31,071) in Event Promotion offset by an increase in Member’s Tax Levy by $13,144.   Expenses on the other hand decreased by ($26,112) driven by reductions in the Professional & Audit Fees by ($30,000) and Event Promotions by ($29,625), offset partially by an increase in Salaries & Benefits by $31,209 

 

Funding of the 2010 Operating Budget will be as follows:

  • $215,327 by means of a Special Tax Rate for those businesses within the Business Improvement Area.  This does not affect the General Tax Rate;
  • $24,414 from event promotions;
  • $10,000 from a Federal government grant for summer students;
  • $3,475 from discretionary advertising and;
  • Offset by $2,109 from the 2009 deficit.

 

 

 

Expenses budgeted for 2010 by Markham Village B.I.A. are:

  • Administration expenses of $132,275, which includes salaries & benefits, office expenses and professional and audit fees
  • Street beautification expenses of $24,124;
  • Discretionary advertising expenses of $47,833;
  • Event promotion related expenses of $40,275; and
  • Tax write-offs of $6,600.

 

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 2010 levying by-law.

 

OPTIONS/ DISCUSSION:

Not applicable.

 

FINANCIAL CONSIDERATIONS AND TEMPLATE: (external link)

Not applicable.

 

HUMAN RESOURCES CONSIDERATIONS

Not applicable.

 

ALIGNMENT WITH STRATEGIC PRIORITIES:

Not applicable.

 

BUSINESS UNITS CONSULTED AND AFFECTED:

Not applicable.

 

RECOMMENDED BY:

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ATTACHMENTS:

Exhibit 1 – Markham Business Improvement Area Proposed 2010 Budget & Approved 2009 Budget

 

 

Markham%20Village%202010%20Budget%20app1.xls