BID financing

First year budget

The Plymouth BID provides exceptional value for money - uniquely - the Council’s contribution covers all of the BID’s management and administration costs. Plymouth’s BID is based on a BID levy of 1% of every business property’s rateable value. Matched with Plymouth City Council and property owner contributions, this will generate £2.1 million for BID projects over the BID’s 5-year life. This will double current annual city centre expenditure on works and services.

2005/2006 income

• 1% BID Levy - £250,000
• Local Authority contribution - £178,000
• City centre team seconded staff - £100,000
• Property owners contribution - £100,000
• Total income - £628,000

2005/2006 expenditure

• BID projects - £394,000
• Management and administration costs - £127,000
• City centre team seconded staff - £100,000
• Balance - £7,000
• Total expenditure - £628,000

Plymouth BID Company draft 5 year budget and summary

Income 2005 to 2006

• 1% BID Levy - £250,000
• Plymouth City Council contribution - £278,000
• Property owners contribution - £100,000
• Total income - £628,000

Income 2006 to 2007

• 1% BID Levy - £256,000
• Plymouth City Council contribution - £285,000
• Property owners contribution - £102,000
• Total income - £643,000

Income 2007 to 2008

• 1% BID Levy - £263,000
• Plymouth City Council contribution - £292,000
• Property owners contribution - £105,000
• Total income - £660,000

Income 2008 to 2009

• 1% BID Levy - £269,000
• Plymouth City Council contribution - £299,000
• Property owners contribution - £108,000
• Total income - £676,000

Income 2009 to 2010

• 1% BID Levy - £276,000
• Plymouth City Council contribution - £306,000
• Property owners contribution - £110,000
• Total income - £692,000

Income total (all years)

• 1% BID Levy - £1,314,000
• Plymouth City Council contribution - £1,460,000
• Property owners contribution - £525,000
• Total income - £3,299,000

Expenditure 2005 to 2006

• Promotion - £134,000
• Cleaner - £125,000
• More attractive - £43,000
• More welcoming - £20,000
• Safer - £72,000

Expenditure 2006 to 2007

• Promotion - £129,000
• Cleaner - £75,000
• More attractive - £57,000
• More welcoming - £20,000
• Safer - £126,000

Expenditure 2007 to 2008

• Promotion - £79,000
• Cleaner - £55,000
• More attractive - £117,000
• More welcoming - £30,000
• Safer - £136,000

Expenditure 2008 to 2009

• Promotion - £29,000
• Cleaner - £55,000
• More attractive - £107,000
• More welcoming - £110,000
• Safer - £126,000

Expenditure 2009 to 2010

• Promotion - £29,000
• Cleaner - £55,000
• More attractive - £127,000
• More welcoming - £100,000
• Safer - £126,000

Expenditure total (all years)

• Promotion - £400,000
• Cleaner - £365,000
• More attractive - £451,000
• More welcoming - £280,000
• Safer - £586,000

Total project expenditure

• 2005 to 2006 - £394,000
• 2006 to 2007 - £407,000
• 2007 to 2008 - £417,000
• 2008 to 2009 - £427,000
• 2009 to 2010 - £437,000
• All years - £2,082,000

Management/administration

• 2005 to 2006 - £227,000*
• 2006 to 2007 - £233,000*
• 2007 to 2008 - £239,000*
• 2008 to 2009 - £245,000*
• 2009 to 2010 - £251,000*
• All years - £1,195,000*

Total

• 2005 to 2006 - £621,000
• 2006 to 2007 - £640,000
• 2007 to 2008 - £656,000
• 2008 to 2009 - £672,000
• 2009 to 2010 - £688,000
• All years - £3,277,000

Net BID company balance

• 2005 to 2006 - £7,000
• 2006 to 2007 - £3,000
• 2007 to 2008 - £4,000
• 2008 to 2009 - £4,000
• 2009 to 2010 - £4,000
• All years - £22,000

Notes: The Council will also continue to provide the services it currently has budgeted for in 2004/2005 over the five year life of the BID.

* = Inclusive of City Council funded City Centre Management Team staff.

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