HomeMy WebLinkAboutFIN-20-043 - Downtown Kitchener BIA and Belmont BIA 2020 BudgetsREPORT TO:COUNCIL
DATE OF MEETING:May 11,2020
SUBMITTED BY:Saleh Saleh, Director of Revenue,519-741-2200 x 7346
PREPARED BY:John Sonser, Revenue Analyst, 519-741-2200 x 7954
WARD (S) INVOLVED:Ward(s) 8 & 10
DATE OF REPORT:May 4,2020
REPORT NO.:FIN-20-043
SUBJECT:Downtown Kitchener BIA and Belmont BIA 2020Budgets
Referenced in the 2020Tax Rate By-law
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RECOMMENDATION:
That the 2020Budgets for the Downtown Kitchener Business Improvement Area (BIA)
and the Belmont Business Improvement Area (BIA)be approved pursuant to Section 205
(2)of the Municipal Act, 2001.
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 2020Budgetwas reviewedby the Board onNovember 27,2019
andincludesthe following:
Levy$ 1,379,000
Other revenue$ 20,000
Expenses$ 1,399,000
(refer to Appendix A Downtown Kitchener BIA)
The Belmont BIA 2020Budget was reviewedby the Board onApril22,2020and includes the
following:
Levy$ 40,665
Other revenue$ 7,800
Expenses$ 54,863
***This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994for assistance.
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(refer to Appendix B Belmont Business Improvement Area).
The BIAs may adjust their detailedbudgetallocations based on COVID-19 response priorities
as the year unfolds.
Approving the budget is the last piece required to be able to levy taxes on behalf of the BIAs.
ALIGNMENT WITH CITY OF KITCHENER STRATEGIC PLAN:
through the delivery of core service.
FINANCIAL IMPLICATIONS:
The 2020BIA levy, once approved, will be used to determine BIA tax rates to be incorporated
into the 2020tax rate by-law.
COMMUNITY ENGAGEMENT:
INFORM nce of the
council / committee meeting.
ACKNOWLEDGED BY: Jonathan Lautenbach, Chief Financial Officer, Financial Services
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Appendix A
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*Figures and commentsprovided by the Downtown KitchenerBIA March 3, 2020
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Appendix B
BELMONT BUSINESS IMPROVEMENT AREA
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*Figures and comments provided by the BelmontBIA April 22,2020
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