Finances 2013-14
THE BID FINANCES
This page will inform you about how Winchester Business Improvement District (BID) is funded. A public folder in which all the BID financial information, including Directors annual reports and budgets for the latest financial years is available here.
If you require any further information please don't hesitate to contact us on 01962 841000 or email chris.turner@winchesterbid.co.uk
THE BID LEVY, LIABILITY AND COLLECTION 2013-14
To meet the range of projects within this business plan an annual levy of 1.5% will apply.
Winchester City Centre Partnership will provide Winchester City Council with regular updates for the life of the BID detailing income, expenditure and cash flows under the BID. The Winchester City Centre Partnership Management Board will receive monthly financial reports and an external auditor will oversee the accounts each year.
The BID area cannot be altered without an Alteration Ballot. The budget headings and project costs can be altered within the constraints of the revenue received through the BID levy. The BID Board will be empowered to move funds between budget headings.
ADDITIONAL FUNDS
In addition to the levy for non-domestic ratepayers, the BID will seek to attract voluntary contributions from landlords and property developers, and additional match funding against key projects from the public sector.
The BID will also seek external funding from a range of other sources, both governmental and business; the BID will particularly seek funding from the European Union and other project funders.
Any such funding will be additional to the costs outlined in this current proposal and will serve to broaden the actions of the BID. Additional resources will be agreed and determined by the City Centre Partnership’s management board.
THE COST TO EACH BUSINESS
At a 1.5 % levy, the indicative costs to a business are:
Rateable Value Annual Levy @ 1.5% Weekly Cost Daily Cost
£5,000 £75 £1.63 £0.23
£10,000 £150 £3.25 £0.46
£20,000 £300 £6.50 £0.93
£50,000 £750 £16.25 £2.32
£100,000 £1,500 £32.50 £4.63
£250,000 £3,750 £81.25 £11.58
£300,000 £4,500 £97.50 £13.89
LEVY COLLECTION
Winchester City Council is required to collect and recover the levy based on the rules for Non- Domestic Rates and will make a charge for the cost of collecting the levy. The cost for collecting the levy is estimated at £14,000 p.a.
The levy will be based on the current Rating List as at the 1st February of the year of the collection of the levy.
Levy payers will be advised of the amount of levy in the ballot information or you can check rateable values by contacting us or go online at www.voa.gov.uk
The levy will normally be collected in March of each year and is based on the occupier of each hereditament on 1 February of each year