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Budget

In the five year plan of the Downtown Victoria Business Association, the 2013 budget is identified as being $951,576.

Income:

BIA levy $975,365  

Expense:

Administration $ 321,870.45 (33%)
Clean, Safe & Beautification $ 273,102.20 (28%)
Marketing & Events $ 341,377.75 (35%)
Networking & Partnership $ 39,014.60 (4%)
Total Expense $ 975,365 (100%)

The current annual budget of the DVBA has been developed using a Business Improvement Area levy rate of less than 60 cents per $1000 of assessed value for all class 5 & 6 commercial properties, except hotels. All hotels within the BIA boundaries are assessed at less than 30 cents per $1000 of assessed value, in recognition of their financial contribution to tourism promotion through payment of a room tax.

Since 2005, the BIA levy ratio has progressively dropped from 80 cents/$1000 to 60 cents/$1000 for class 5 & 6 commercial properties and from 40 cents/$1000 to 30 cents/$1000 for hotels.  In the coming five years, it is anticipated that the BIA levy ratio will continue to drop in a manner similar to the first five years.

The following are the proposed annual budgets for the 2010-2014 DVBA mandate, based on an increase of 2.5% per annum:

2010 2011 2012 2013 2014
$883,633 $905,724 $928,367 $951,576 $975,365

 

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