Page 30 - OBID Business Plan 2024

Finances/Budget

1. A cautious approach has been adopted to budgeting for
the BID term.

2. A levy collection rate of 95% has been assumed.

3. The average annual levy available to be spent by the BID for
the term is £132,000.

4. Annual surpluses act as a contingency provision on
expenditure, and together with the availability of reserves,
provide for an anticipated reserve of £13,000 by the
end of the term. This equates to 10% of average annual
expenditure.

5. Operating costs of the BID are estimated as 8% of total
expenditure.

6. Set up costs of £20k relating to the development of the
new BID will need to be repaid during the term.

Indicative budget

BID Management costs are split between the three project
themes according to an estimate of time resource required
for each theme acknowledging that, none of the projects or
services can be delivered without a staffing resource. Any
reserves at the end of each year are carried forward to the
next year.

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