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Budget

In the five year plan of the Downtown Victoria Business Association, the 2014 budget is identified as being $975,365.

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.

From 2005 - 2013, the rate has progressively dropped: when the DVBA began in 2005, the rate was $0.80/$1000 for commercial properties and $0.40/$1000 for hotels.  In 2013, the levy rate was $0.62934 per $1000 of assessed value, and the owners of hotels within our boundaries paid half that at $0.3147 per $1000 of assessed value. 

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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