Hillcrest Village Business Improvement Area (BIA)

- 1998 Operating Budget

 The Toronto Community Council recommends the adoption of the following report (July 13, 1998) from the Commissioner of Economic Development, Culture and Tourism:

 Purpose:

 Approval of Business Improvement Area (BIA) annual budgets is required by Council as per Section 220 of the Municipal Act, as amended.

 Funding Sources, Financial Implications and Impact Statement:

 No City funding is required since Business Improvement Area operating budgets are raised by a special levy on members.

 Recommendations:

 It is recommended that:

(1)the Economic Development Committee certify to City Council the expenditure estimates of the Hillcrest Village Business Improvement Area for the year 1998 in the amount of $7,000, and be advised that no levy is required,

 (2)the expenditure estimates of the above Business Improvement Area be adopted; and

 (3)A copy of this report be forwarded to the Budget Committee for its information.

 Comments:

 The Hillcrest Village Business Improvement Area held their Annual General Meeting on May 4, 1998, where they approved a budget in the amount of $7,000 for the expenditure of beautification items.

 The budget is made up of funds held previously by the Business Improvement Area and surplus held by the City. There is no levy required for the Hillcrest Village BIA.

The following table adjusts the gross budgets to arrive at net budgets for special levying purposes for the Business Improvement Area:

 1997 1998 Budget

Budget Request

 HILLCREST VILLAGE

 Expenditure Estimates0 7,000

Miscellaneous Revenue0 0

BIA=s Prior Years

(Surplus) / Deficit 0 (7,000)

 Net Expenditure Budget0 0

 Contact Name:

 Ingrid Girdauskas

(tel.) 392-1134

(fax) 392-0675

(e-mail) igirdaus@city.toronto.on.ca

Appendix A

 Operating Budget of the Hillcrest Village BIA

For the year 1998

 Budget Summary 1997

1997 Council 1998

Projected ApprovedBudget

Actual RequestRequest

$$ $

 Revenue and Surplus0 0 7,000

 Expenditures:

 Administration0 0 320

 Capital0 0 6,680

 Maintenance0 0 0

 Promotion and Advertising0 0 0

 Contingency 0 0 0

 Total Expenditures0 0 7,000

(GST Included)

 (Surplus/Deficit)0 0 0