1999 Business Improvement Area Budgets

Supplementary Report No. 5: Village of

Islington Business Improvement Area

The Economic Development and Parks Committee recommends the adoption of the following report (September 13, 1999) from the Chief Financial Officer and Treasurer:

Purpose:

This report brings forward the proposed 1999 operating budget for the Village of Islington Business Improvement Area (BIA) for Council's approval. Council approval of these budgets is required by the Municipal Act to permit the City to collect funds on behalf of the BIAs through a special tax levy.

Funding Sources, Financial Implications and Impact Statement:

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

Recommendations:

It is recommended that:

(1)the Economic Development and Parks Committee adopt and certify to City Council the 1999 expenditures of the Village of Islington Business Improvement Area of $15,570.00;

(2)a copy of this report be forwarded to the Policy and Finance Committee for its information;

(3)the levy and collection of a special charge for the 1999 taxation year for the Village of Islington Business Improvement Area be authorized;

(4)authority be granted for the introduction of the necessary bill in Council; and

(5)the appropriate City officials be authorized and directed to take the necessary action to give effect thereto.

Village of Islington BIA Budget:

The Village of Islington BIA's draft 1999 budget proposes a 24 percent ($2,995.00) increase in expenditures and required tax levy. This budget was approved by the BIA's Board of Management on May 19, 1999. The Village of Islington BIA's proposed 1999 budget, including the net 1999 levy requirement, is set out below.

Village of Islington BIA Budget Summary

199819981999

ApprovedProjectedBudget

BudgetActualRequest

$ $ $

Revenue:

- Prior Years' Surplus0NA0

- Net Levy Requirement11,005.00NA15,570.00

- Other Revenue0NA0

Total:11,005.00NA15,570.00

Expenditures

- Administration775.00220.00770.00

- Capital000

- Maintenance11,800.007,689.0014,800.00

- Promotion and Advertising000

- Contingency000

Total:12,575.007,909.0015,570.00

(Surplus)/Deficit1,570.00NA0

Appendix "A" sets out the status of BIA budget submissions

Contact Names:

Mr. Joe Borowiec, Budget Services Division, Finance Department, 397-4298; Ms. Ingrid Girdauskas, Senior Commercial Area Advisor, Small Business and Local Partnerships,

392-1134.

 Appendix "A"