The levy that provides the BID’s funding is governed by a set of BID rules.
Essentially, when the BID is approved at ballot all eligible businesses will pay 1% of their rateable value to fund the action plan set out in this Business Plan.
The BID will be in place for five years and all retail, leisure, food and beverage and office businesses at or above the £160,000 threshold of rateable value level will be liable for contributing to the BID.
The BID Rules
|Property Voluntary Contributions||60,000||61,800||63,654||65,564||67,531||318,549|
|Voice & Representation||95,000||97,850||100,786||103,809||106,923||504,368|
|Environment & Place||250,000||257,500||265,225||273,182||281,377||1,327,284|
|Engagement & Communication||250,000||257,500||265,225||273,182||281,377||1,327,284|
|Administration & Management||200,000||206,000||212,180||218,545||225,102||1,061,827|
Notes to Budget
Budget figures are indicative based on the anticipated levy income using 2017 rateable values. Assumed 3% annual inflationary increase and 100% levy collection rate. Levy income may fluctuate in relation to occupancy and is subject to the market at the time of the ratings assessment.
Allocations reflect current priorities; these may change causing variances and re-allocations across the five year term. Any material variations of the budget will be approved by the Board. Contingency based upon 10% of BID levy.
Our management and overhead will be maintained beneath the industry benchmark of 20%, currently reflecting 19% of expenditure. We seek to leverage voluntary income, which will help enable more of our members’ contributions to be allocated to work programmes, which directly benefit business and the local area in general.
08. WEST FITZROVIA
Through an Operating Agreement with the Council, a process will be put in place to monitor the collection of the BID levy over the duration of the five-year tenure.
Within one month of the ballot result, the Fitzrovia Partnership BID and the Council will set up a Monitoring Group. There will be at least two meetings of the group each financial year throughout the BID term. At each meeting the monitoring group will:
Leveraging additional Non-BID Levy Funding
The Fitzrovia Partnership BID will seek to grow its number of voluntary members and in particular leverage its activity towards the delivery of additional funding to support ongoing work programmes. This is with particular regard to public funding opportunities, property owners and commercial/corporate partners.