Finance & Budgets
The Wolverhampton BIDs annual budget is generated through the BID levy is over £500,000 per year. This money funds all of the activities of the BID, see below how the money is spent across our operations and four key objectives.
- It has been assumed that 96% of the billed levy will be collected each year. This collection rate will be applied throughout the BID term and is based on experience in levy collection over the previous 5 years collection rate achieved.
- The budgeted income from levy collection in the first year is approximately £536,230
- An industry standard contingency has been applied at 5% for expenditure.
- The Council’s costs of collecting, administering and enforcing the BID levy shall be recalculated each year as the lower of 3% of the levy or £35 per hereditament.
- Total additional income is estimated at £80,000 per annum or 15% of BID levy income over the BID term. The additional income is based on the BID’s previous 5 years record in generating income from the management of the City Radio link scheme, management of promotional spaces within the city centre and sponsorship from businesses.
- The BID intends to offer a voluntary membership scheme for smaller businesses that would not be liable to pay the levy.
- The BID will continue to run any commercial activities and undertake other income generation activities that aim to supplement the BID levy income and deliver better value for money for all BID services.
Wolverhampton BID Budget 2020-2025
|Income||Year 1||Year 2*||Year 3*||Year 4*||Year 5*||Total|
|Expenditure||Year 1||Year 2*||Year 3*||Year 4*||Year 5*||Total|
|Staff & Management||£73,000||£73,000||£73,000||£73,000||£73,000||£365,000|
|Clean, Safe & Welcoming||£170,540||£170,540||£170,540||£170,540||£170,540||£852,700|
|Marketing & Promotion||£177,090||£177,090||£177,090||£177,090||£177,090||£885,450|