Item - 2015.ED2.5

The Economic Development Committee recommends that:

1.  City Council adopt and certify the 2015 recommended expenditures and levy requirements of the following Business Improvement Areas as contained in the report (February 11, 2015) from the Deputy City Manager and Chief Financial Officer:

This report brings forward Business Improvement Area (BIA) annual operating budgets for approval by City Council as required by the City of Toronto Act, 2006.  City Council approval is required to permit the City to collect funds through the tax levy on behalf of the BIAs.

Complete budgets and supporting documentation received by January 28, 2015 have been reviewed and are reported here. BIA Operating Budgets received after this date will be brought forward in later reports.  Of the 78 established BIAs, 50 BIA Budgets are pending City Council approval on February 10, 2015; 25 BIA Budgets are submitted for approval in this report; one BIA Budget will be brought forward as a supplementary report on February 26, 2015; two BIAs are pending submissions; and one BIA is inactive.

The recommendations in this report reflect 2015 Operating Budgets approved by the respective BIAs’ Boards of Management and have been reviewed by City staff to ensure BIA budgets reflect Council’s approved policies and practices.

This supplementary report brings forward 2 (Midtown Yonge and Mount Dennis) Business Improvement Area (BIA) 2015 Operating Budgets, to be considered with the 25 BIA Operating Budgets in report No. 2, for approval by Council as required by the City of Toronto Act, 2006.  Council approval is required to permit the City to collect funds through the tax levy on behalf of the BIAs.