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First year budget
The Plymouth BID provides exceptional value for money - the Council's contribution covers all of the BID's management and administration costs. Plymouth's BID is based on a BID levy of 1.162 per cent of every business property's rateable value.
Matched with Plymouth City Council and property owner contributions, this will generate c£3 million for BID projects over the BID's five year life. In addition, match funding of planned BID projects will further increase the scale of expenditure and investment. (The 2005 to 2010 BID - unique in the UK - levered £5 for every £1 of BID levy received)
2010 to 2011 income
- 1.162 per cent BID levy - £350,000
- Local Authority contribution - £220,000
- City centre team seconded staff - £55,000
- Property owners contribution - £95,000
- Total income - £720,000
2010 to 2011 expenditure
- BID projects - £590,000
- Management and administration costs - £120,000
- Total expenditure - £710,000
Plymouth BID Company draft five year budget and summary
Income 2010 to 2011
- 1.162 per cent BID levy - £350,000
- Plymouth City Council contribution - £220,000
- Property owners contribution - £95,000
- City Centre Team seconded staff - £55,000
- Total income - £720,000
Income 2011 to 2012
- 1.162 per cent BID levy - £350,000
- Plymouth City Council contribution - £220,000
- Property owners contribution - £95,000
- City Centre Team seconded staff - £55,000
- Total income - £720,000
Income 2012 to 2013
- 1.162 per cent BID levy - £350,000
- Plymouth City Council contribution - £220,000
- Property owners contribution - £95,000
- City Centre Team seconded staff - £55,000
- Total income - £720,000
Income 2013 to 2014
- 1.162 per cent BID levy - £350,000
- Plymouth City Council contribution - £220,000
- Property owners contribution - £95,000
- City Centre Team seconded staff - £55,000
- Total income - £720,000
Income 2014 to 2015
- 1.162 per cent BID levy - £350,000
- Plymouth City Council contribution - £220,000
- Property owners contribution - £95,000
- City Centre Team seconded staff - £55,000
- Total income - £720,000
Income total (all years)
- 1.162 per cent BID levy - £1,750,000
- Plymouth City Council contribution - £1,100,000
- Property owners contribution - £475,000
- City Centre Team seconded staff - £275,000
- Total income - £3,600,000
Expenditure
Expenditure 2010 to 2011
- Projects - £590,000
- Management and admin - £120,000
Expenditure 2011 to 2012
- Projects - £590,000
- Management and admin - £120,000
Expenditure 2012 to 2013
- Projects - £590,000
- Management and admin - £120,000
Expenditure 2013 to 2014
- Projects - £590,000
- Management and admin - £120,000
Expenditure 2014 to 2015
- Projects - £590,000
- Management and admin - £170,000
Expenditure total (all years)
- Projects - £2,950,000
- Management and admin - £650,000
Notes: The Council will also continue to provide the services it currently has budgeted for in 2010 to 2015 over the five year life of the BID.