Loading...
HomeMy WebLinkAboutFCS-18-030 - Downtown Kitchener BIA and Blemont BIA 2018 Budgets - 2018 Tax Rate By-lawREPORT TO: COUNCIL DATE OF MEETING: April 16, 2018 SUBMITTED BY: Joyce V. Evans, Deputy City Treasurer, Director of Revenue 519-741-2200 x 7895 PREPARED BY: John Sonser, Revenue Analyst; 519-741-2200 x 7954 WARD(S) INVOLVED: Ward(s) 8 & 10 DATE OF REPORT: April 10, 2018 REPORT NO.: FCS-18-030 SUBJECT:Downtown Kitchener BIA and Belmont BIA 2018 Budgets Referenced in the 2018 Tax Rate By-law ___________________________________________________________________________ RECOMMENDATION: That the 2018 Budgets for the Downtown Kitchener BIA and the Belmont BIA be approved pursuant to Section 205 (2) of the Municipal Act, 2001 EXECUTIVE SUMMARY: In the past the Business Improvement Area (BIA) proposed budgets were provided to the City and the levy rates would be approved through the tax rate by-law. Changing the process to seek a separate approval by Council, improves transparency. BACKGROUND: Section 205 (2) of the Act states that the board of management shall submit the budget to council by the date and in the form required by the municipality and the municipality may approve it in whole or in part but may not add expenditures to it. REPORT: The Downtown Kitchener BIA 2018 Budget Levy Request is $1,279,000, approved by the Board November 22, 2017 (refer to Appendix A – Downtown Kitchener Business Improvement Area). The Belmont BIA 2018 Budget Levy Request is $40,671, approved by the Board March 14, 2018 (refer to Appendix B – Belmont Business Improvement Area). *** This information is available in accessible formats upon request. *** Please call 519-741-2345 or TTY 1-866-969-9994 for assistance. 3 - 1 ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN: The recommendation of this report supports the achievement of the city’s strategic vision through the delivery of core service. FINANCIAL IMPLICATIONS: The 2018 BIA levy, once approved, will be used to determine BIA tax rates to be incorporated into the 2018 tax rate By-law. COMMUNITY ENGAGEMENT: INFORM – This report has been posted to the City’s website with the agenda in advance of the council / committee meeting. PREVIOUS CONSIDERATION OF THIS MATTER: Not applicable ACKNOWLEDGED BY: Jonathan Lautenbach, Chief Financial Officer, Financial Services 3 - 2 Appendix A DOWNTOWN KITCHENER BUSINESS IMPROVEMENT AREA BudgetProjectedBudget 201720172018 REVENUE BIA Levy$ 1,082,000$ 1,082,017$ 1,279,000 Other Revenue (Grant/Other) 34,613100,000 Total Revenue $ 1,082,000$ 1,116,630$ 1,379,000 EXPENSES Admin & General 562,000 5 77,702567,500 Downtown Improvement Projects250,000 Marketing475,000 4 67,928561,500 Total Expenses $ 1,037,000$ 1,045,630$ 1,379,000 Net Revenue (Expense)$ 45,000$ 71,000$ - Accumulated Surplus, beginning of year 145,908 1 45,908216,908 Accumulated Surplus, end of year$ 190,908$ 216,908$ 216,908 *Note: figures provided by the Downtown Kitchener BIA December 22, 2017 3 - 3 Appendix B BELMONT BUSINESS IMPROVEMENT AREA BudgetProjectedBudget 201720172018 REVENUE BIA Levy$ 40,671$ 40,671$ 40,671 Other Revenue (Events)1,7212,0211,756 Total Revenue $ 42,392$ 42,692$ 42,426 EXPENSES Admin & General 33,74328,722 35,478 Improvement Projects44,945 36,9451,945 Marketing4,3873,4905,546 Total Expenses $ 78,054$ 39,177$ 77,969 Net Revenue (Expense)$ (35,662)$ 3 ,515$ (35,543) Accumulated Surplus,beginning of year 36,50440,186 40,019 Accumulated Surplus,end of year$ 40,0194,524$$ 4 ,476 *Note: figures provided by the Belmont BIA November 24, 2017 3 - 4