The BID process is governed by Government legislation and regulations. As such, once a majority vote has been achieved in both individual properties and Rateable Value, the BID levy becomes mandatory on all eligible occupiers.
The rules for the BID levy are as follows:
The NWEC Board may alter the BID arrangements without an alteration ballot so long as the Board consults on such alteration with the City Council and any alterations do not:
Any such alterations to the BID arrangements must not conflict with the Local Government Act 2003 or the Business Improvement District (England) Regulations 2004.
Details available at www.newwestend.com
A reduction in BID levy from 1% to 0.65% has been introduced to support members and offset the majority of increase seen from the revaluation of Business Rates. This results in a 5%* income reduction for New West End Company.
The budget needs to allow for a contingency for any future variance in the business rates due to development work and resolution of business rates disputes. £1.4m is being targeted through additional income.
We are exploring different ways of working to target cost reductions and to increase New West End Company efficiency and effectiveness.
|Partnership & Other Services Income||482|
|Insight & Research||385|
|Christmas Lights & Capital Cost||753|
|Management cost as % of total income||8%|
West End Company - 3 year Income projection
|Partnership & Other services Income||482||482||482|
|NOTE: BID Levy increases by 3% for inflation Y-o-Y.
All other income remains flat.