1999 Business Improvement Area Budgets Supplementary

Report No. 2 - Long Branch Business Improvement Area

(Ward 2 - Lakeshore-Queensway)

The Economic Development Committee recommends the adoption of Recommendations (1) and (3) of the report (April 19, 1999) from the Chief Financial Officer and Treasurer.

The Committee reports, for the information of Council, having forwarded a copy of the foregoing report to Budget Committee for its information.

The Economic Development Committee submits the following report (April 19, 1999) from the Chief Financial Officer and Treasurer:

Purpose:

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

Source of Funds:

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

Recommendations:

It is recommended that:

(1)the Economic Development Committee adopt and certify to City Council the 1999 expenditures of the Long Branch Business Improvement Area of $85,750;

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

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

Long Branch BIA Budget:

The Long Branch BIA's proposed 1999 budget was approved by its Board of Directors on March 16, 1999 and by its general membership on April 7, 1999, and further approved, as revised to reflect delays in commencing expenditures budgeted in 1998, by the Board of Directors on April 16, 1999.

Appendix A sets out the Long Branch BIA's proposed 1999 budget, including the net 1999 levy requirement.

Appendix B sets out the current status of BIA budget submissions.

Contact Name:

Joe Borowiec, Budget Services Division, Finance Department, 397-4298

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Appendix A

Long Branch BIA Budget Summary

1998

Approved

Budget

$

1998

Projected

Actual

$

1999

Budget

Request

$

Revenue:

- Prior Years' Surplus

- Net Levy Requirement

- Other Revenue

Total:

5,500

50,000

1,500

57,000

0

50,000

6,261

56,261

33,546

50,000

2,204

85,750

Expenditures:

- Administration

- Capital

- Maintenance

- Promotion & Advertising

- Contingency

Total:

5,750

18,000

18,250

15,000

0

57,000

2,015

0

12,804

7,896

0

22,715

15,750

28,000

17,000

25,000

0

85,750

(Surplus)/Deficit

0

(33,546)

0

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APPENDIX B

A -Budget Reported Previously

B -Budget Included in this Report

C -Budget awaiting approval at annual general membership meeting

NA -No budget submitted