An Annual General Meeting (AGM) of a BIA is a meeting of its members which takes place once a year to address the legal and procedural requirements of the corporation and addresses the budget for the following calendar year. In addition to following the proper procedures of running a meeting, there are other specific requirements necessary for the AGM that include:
- Quorum of the board is the minimum requirement to call the Annual General Meeting to order regardless of the number of general members in attendance.
- Reports from the directors on the proposed program of activities and budget for the coming year are required.
- A report from the auditor including financial statements is required.
- Nomination of board members is required every four years in conjunction with municipal elections.
- A BIA’s annual budget, as approved by its general membership, must be submitted to the Toronto BIA Office before final Council approval. The BIA board of management must consider Council and the Economic Development & Culture Division committee meeting schedules when scheduling its AGM. Council meeting dates are set annually. The Toronto BIA Office will provide each BIA with the annual schedule including critical dates to assist you with your AGM planning. For further information contact the Toronto BIA Office at 416-392-1291 or biaoffice@toronto.ca.
