The purpose of this report is to submit the Regina’s Warehouse Business Improvement District 2021 Budget and proposed levy for approval. A copy of the proposed budget for 2021 is included in Appendix A.
Under The Cities Act, City Council is required to approve the proposed budget for Regina’s Warehouse Business Improvement District (RWBID). RWBID has submitted a deficit operating budget due to the COVID-19 pandemic, with a planned transfer from the operating reserve to balance the budget for City Council approval.
Section 26 of The Cities Act requires that the RWBID submit to City Council for approval the estimated revenues and expenditures for the current year.
The proposed 2021 budget expenditures of $367,538 is funded through the RWBID levy, grants and reserves. As 2020 was a revaluation year, the 2021 levy of 0.54573 mill for RWBID was set to keep the levy revenue neutral from 2020.
The RWBID assessment levy is billed and collected by the City of Regina. Amounts collected are disbursed to RWBID.
None with respect to this report.
A copy of this report has been provided to the RWBID. The RWBID 2021 Budget is posted to the Regina.ca website as part of the regular process for posting material prior to a public meeting.
The RWBID activities are guided by a board of directors according to the responsibilities and obligations in Section 25 and 26 of The Cities Act and Bylaw 2003-15.
The proposed budget is attached as Appendix A. In 2020, RWBID increased support to the businesses within the district and this work will continue in 2021 to support economic recovery.
Total revenues are budgeted at $363,809 comprised of $262,809 from the property tax levy applied to the assessment of commercial property within the business improvement district, and $101,000 in grants. In 2021, RWBID is budgeting to use $3,729 of operating reserves to offset the projected excess of expenditures over revenues.
Revenues proposed to be collected from the levy in 2021 remain essentially the same as 2020. However, as 2020 was a revaluation year, the impacts of the revaluation require RWBID’s 2021 levy to change to 0.54573 mills in 2021 from 0.50396 mills in 2020 in order for revenues raised from the levy to remain revenue neutral.
In 2003, City Council passed Bylaw 2003-15 to create Regina’s Old Warehouse Business Improvement District. Effective January 28, 2007, City Council approved the change of the District’s name to Regina’s Warehouse Business Improvement District. The RWBID activities are guided by a board of directors according to the responsibilities and obligations in Section 25 and 26 of The Cities Act and Bylaw 2003-15.
The recommendation contained in this report requires City Council approval.
Respectfully Submitted, Respectfully Submitted,
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