BIA analysis - strengths, weaknesses, opportunities and threats
2.0
Market Analysis
2.1
Market research and analysis
2.2
Retail sales analysis
2.3
BIA outlook
3.0
BIA Program of Activities
3.1
Promotion and advertising
3.2
Public relations
3.3
Streetscaping
3.4
Commercial research
3.5
Training - seminars and conferences
3.6
Festivals and events
3.7
Administration
4.0
Organization Plan
4.1
Structure of BIA
4.2
Organization chart
4.3
Outside resources
5.0
Financial Plan
5.1
Funding requirements
5.2
Current and future funding requirements - capital, operating and maintenance
5.3
Sources of funding
6.0
Overall Schedule
6.1
Realistic schedule showing timing of major events
6.2
Impact of schedule changes on plan
7.0
Critical Risks and Problems
Appendix 1 - Historical Financial Data
Existing Commitments
Financial Statements for three years
Capital Expenditure Budget for past year
Operating Expenditure Budget for past year
Appendix 2 - Acknowledgements
Sample: Annual General Meeting (AGM) Notice (including simplified budget)
The Annual General Meeting notice is typically mailed on one page and printed double-sided with the meeting coordinates on the front and the proposed budget on the flip side.
The statements should be prepared on the basis of generally accepted accounting principals for local governments as prescribed by the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants.
Revenues and expenditures should be recorded using the accrual basis of accounting.
Fixed asset expenditures should be recorded as an operating expenditure in the year of acquisition.
2. Requirements
signed audit report
balance sheet
statement of revenue, expenditure and operating surplus
statement of changes in financial position
Notes to the financial statements - Notes to the financial statements should be consistent with those of previous years and should include:
description of the purpose of the BIA
significant accounting policies
details of outstanding special charges
details of components of the expenditure for special charges
insurance requirements
outstanding commitments with respect to the capital streetscape program.
3. Submission Deadline
Audited financial statements are due each year by March 14.
To assist your BIA in the preparation of your annual Financial Statements, the City of Toronto's Accounting Services will mail a list of transactions that took place between your BIA and the City.
The City of Toronto's Audit Committee has requested that BIAs provide their Audited Financial Statements no later than April 30 annually. BIAs that do not submit their Audited Financial Statements by June 30 will not receive their third levy instalment until the Audited Financial Statements are provided.
4. Board of Management Meetings & Monthly Treasurer's Reports
BIA Board of Management monthly meeting agendas must include a Treasurer's Report containing, but not limited to, the following information:
levies received from the City to date
expenditures incurred to date not cost shared by the City (note that the City's Capital Cost Share billing is approximated every 6 months)
report on actual expenditures incurred to date compared to the approved budget projection.
Each Board should determine the level of detail required for reporting on the above.
GST/HST Rebates
The procedure to file a GST rebate claim is as follows:
Your BIA completes and submits the consent forms (PDF) and submits it to:
Alex So, Senior Financial Analyst
City of Toronto
Accounting Services, Financial Reporting
Telphone: 416-392-6821
E-mail: aso@toronto.ca
Once BIA consent form has been received the City of Toronto applies for municipal status for your BIA.
The Canada Revenue Agency (CRA) approves the municipal status for the BIAs.
Once approved, the BIAs must register with the local office by calling 1-800-959-5525 with the full name, e.g. "The Board of Management for the Main Street Business Improvement Area"
Once registered, the BIA will file a municipal rebate claim (for invoices dated up to June 30, 2010 - 100% GST rebate, and for invoices dated after June 30, 2010, 100% GST rebate plus 78% of the 8% Ontario part of HST) to the Summerside Office, using Form GST66E and Form RC7066.
