CONCLUSION
Under The Cities Act, City Council is required to approve the proposed budget for Regina Downtown Business Improvement District (Regina Downtown). Regina Downtown has submitted an operating budget of $1,333,400 for approval.
BACKGROUND
The purpose of this report is to submit Regina Downtown’s 2018 Budget. Regina Downtown Business Improvement District members fund 100% of these costs through fees paid, which are collected by the City of Regina. The proposed 2018 budget is included in Appendix A.
In 1981, City Council created what is now called the Regina Downtown Business Improvement District pursuant to Bylaw 2003-80. The purpose is to promote and enhance the City’s downtown for businesses operating in the district and improve the quality of life for those who use and visit downtown. Regina Downtown’s activities are guided by a board of directors according to the responsibilities and obligations in Sections 25 and 26 of The Cities Act and Bylaw 2003-80.
Section 26 of The Cities Act, requires that the Business Improvement District Board submit to City Council for approval, the estimated revenues and expenditures for the current year.
DISCUSSION
Appendix A provides information on the 2018 budget submission for Regina Downtown as well as information on the programs and service provided. Revenues are down from 2017 as a result of a decrease in transfers from reserves.
Total projected revenue for the year is $1,333,400. The proposed levy for 2018 to the Regina Downtown members is $1,089,200 based on a levy rate of 0.5822 mills. The levy for Regina Downtown is applied to the assessment of commercial property within the BID area.
The total proposed operating expenditures are $1,277,564 resulting in a projected surplus of $55,834. Assessment appeals continue to pose some uncertainty for Regina Downtown. Within the projected expenditures, there is a $50,000 provision for estimated appeal assessments. This estimate is based on information provided by the City of Regina.
The total accumulated surplus for Regina Downtown is projected to be $778,841 for the end of 2018. This is comprised of $382,402 in unappropriated surplus and reserves and $396,439 in tangible capital assets. This is a projected increase of $55,835 over 2017.
RECOMMENDATION IMPLICATIONS
Financial Implications
There are no budget implications for the City of Regina.
The proposed expenditures of $1,277,564 for Regina Downtown are funded through the business improvement district levy and other revenue sources. The 2018 proposed levy rate for the Regina Downtown is up from the 2017 rate of 0.5708 mills.
The Regina Downtown assessment levy is billed and collected by the City of Regina. Amounts collected are disbursed to Regina Downtown.
Environmental Implications
None related to this report.
Policy and/or Strategic Implications
None related to this report.
Other Implications
None related to this report.
Accessibility Implications
None related to this report.
COMMUNICATIONS
A copy of this report has been provided to Regina Downtown. The Regina Downtown 2018 Budget is posted to the Regina.ca website as part of the regular process for posting material prior to a public meeting.
DELEGATED AUTHORITY
The recommendations contained in this report require City Council approval.
Respectfully submitted, 
| Respectfully submitted, 
|
June Schultz, Director Finance | Barry Lacey, Executive Director Financial & Corporate Services |
Report prepared by:
Trevor Black, Manager, Budget & Financial Services