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Budget

In the five year plan of the Downtown Victoria Business Association, the 2015 budget is identified as being $994,872.

Income:

BIA levy $994,872  

Expense:

Administration $ 328,307.76 (33%)
Clean, Safe & Beautification $ 258,666.72 (26%)
Marketing & Events $ 318,359.04 (32%)
Research & Analysis $ 49,743.60 (5%)
Networking & Partnerships $ 39,794.88 (4%)
Total Expense $ 994,872.00 (100%)

The current annual budget of the DVBA has been developed using a Business Improvement Area levy rate of less than 60 cents per $1000 of assessed value for all class 5 & 6 commercial properties, except hotels. All hotels within the BIA boundaries are assessed at less than 30 cents per $1000 of assessed value, in recognition of their financial contribution to tourism promotion through payment of a room tax.

From 2005 - 2013, the rate has progressively dropped: when the DVBA began in 2005, the rate was $0.80/$1000 for commercial properties and $0.40/$1000 for hotels.  In 2013, the levy rate was $0.62934 per $1000 of assessed value, and the owners of hotels within our boundaries paid half that at $0.3147 per $1000 of assessed value. 

The following are the proposed annual budgets for the 2015-2019 DVBA mandate, based on an increase of 2% per annum:

2015 2016 2017 2018 2019
$994,872 $1,014,077 $1,035,065 $1,055,766 $1,076,882

 

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