Report to: General Committee Date
Report Authored:
SUBJECT: 2010 Unionville B.I.A. Operating Budget
PREPARED BY: Veronica Siu, Acting Manager of Financial Planning ext. 2232
RECOMMENDATION:
1) That the report entitled “2010 Unionville B.I.A. Operating Budget” dated May 17, 2010 be received;
2) And that the 2010 Operating Budget in the amount of $237,384 for the Unionville B.I.A. be approved;
3) And that the Special Tax Rate levy, in the amount of $199,500, for the Unionville 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 Unionville B.I.A. 2010 Operating Budget.
BACKGROUND:
The Unionville Business
Improvement Area (B.I.A.) is a geographical area encompassing the
The Unionville B.I.A. has approved a budget in the amount of $237,384 (Exhibit 1 attached). The 2010 budget has been revised to include details on the individual promotion events within revenues and expenses.
Revenues increased by $11,392 versus the 2009 budget, driven by increases in fundraising and other revenues by $5,000 and prior year surplus by $6,392. And on the expense side, there was an increase of $11,392 driven by higher event promotion budget by $25,700 offset partially by a reduction in discretionary advertising by $14,308.
Funding of the 2010 operating budget, in the amount of $199,500, will be by means of a
Special Tax Rate for those businesses within the Business Improvement Area. This does not affect the General Tax Rate. For budget and tax levy calculation purposes, the $237,384 proposed operating budget includes $20,000 from advertising and promotion revenue, $10,000 from fundraising and other revenues, and $7,884 due to the B.I.A.’s 2009 Operating surplus.
Major expenses budgeted for 2010 by Unionville B.I.A. are:
- Discretionary advertising expenses of $127,559
- Event promotion expenses of $77,000
- Street beautification expenses of $15,000
The Board of Management of the Unionville B.I.A. have reviewed and approved the budget.
The authority to establish this tax rate and to levy taxes for the Unionville 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:
ATTACHMENTS:
Exhibit 1 – Unionville
Business Improvement Area Proposed 2010 Budget & Approved 2009 Budget