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How we have spent to improve the area so far
 As a result of the successful Business Improvement District ballot in January 2005, the financial basis for Better Bankside changed markedly from 1st April 2005. Previously, Better Bankside had operated as a pilot programme – one of five in central London – exploring how Business Improvement Districts might work in the UK. During this time Better Bankside derived its income partly from government through the London Development Agency, and partly from voluntary contributions from local businesses. (Audited Accounts for the year 2004 – 2005 are posted in our download area.)
When the Business Improvement District was formally established on 1st April 2005 the income to Better Bankside effectively doubled:
INCOME
|
Levy income |
Collected for the company by L. B. Southwark | |
Total Levy collectable |
£524,654.90 | |
Amount collected by 31st Dec 2005 |
£516,216.25 | |
Collection rate |
98.39% |
Non-levy income
In addition to the income that is derived from the levy Better Bankside is developing other sources of income:
- Voluntary subscriptions from businesses which are non-levy paying because they are below £10,000 rateable value or outside the BID geographical area
- Voluntary contributions to corporate social responsibility
- Voluntary landowners contributions
- Approximately £30,000 had been collected to 31/12/2006
EXPENDITURE
Businesses voting in the ballot were asked to decide on the basis of a printed Proposal that was distributed to each voter. In Better Bankside’s Business Improvement District Proposal – published ahead of the ballot in September 2004 – Better Bankside indicated the way it planned to spend the money raised through the BID levy. The budgeted and forecast figures for year 2005/06 are shown alongside each other.
|
Service Area |
%age Levy Planned |
%age Levy Year Forecast | |
Cleansing |
17 |
15.06 | |
Safety |
21 |
10.33 [1] | |
Environment and Greening |
24 |
7.83 [2] | |
Area Promotion |
8 |
7.47 | |
Business Club |
5 |
5.16 | |
Corporate Social Responsibility |
8 |
8.05 [3] | |
Core costs |
17 |
17 [4] | |
Total |
100 | 71 [5] |
[1] 50% saving as a result of running Warden Service jointly with Pool of London Partnership and London Borough of Southwark
[2] Capital project budget unallocated this year – retained for commitment next year
[3] Excludes additional expenditure from non-levy income
[4] Excludes additional expenditure from non-levy income
[5] Resultant high carry over figure of 29% attributable to saving made on Warden Service and lag in investment in start up phase |
