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Governance

BID Levy and Rules Finance & Budgets Governance
It is fundamentally important that the BID has a clear and transparent governance structure, the key points of which are below:

Key Points

  1. The not for profit Wolverhampton BID Company which manages the BID will continue to operate.
  2. Any surplus profits must be spent on delivering services and projects in the BID area, agreed by the businesses and by the Board of Directors.
  3. The Wolverhampton BID Company’s Board of Directors will continue to operate. The Board will remain a representative group of levy paying businesses.
  4. The Board of Directors will be directly accountable to BID levy payers and will be responsible for delivering the projects and services that are set out within this BID Business Plan.
  5. The BID will be managed on a daily basis by a BID Managing Director to ensure that all projects are delivered efficiently and effectively and in accordance with the vision of this plan.
  6. The Board will have the ability to vary the service delivery and expenditure allocated according to the changing demands of levy payers.
  7. Those businesses within the BID area that have a Rateable Value of under £10,000 and those outside of the BID area will be encouraged to support the work of the BID through a voluntary membership scheme.
  8. An Operating Agreement, which includes the Council’s baseline service statements has been agreed with City of Wolverhampton Council. A copy of this document can be found at enjoywolverhampton/bid
  9. Notice of intention to hold a ballot was given to the Secretary of State on 29th January 2019.
  10. Notice of ballot will be sent to participating businesses by City of Wolverhampton Council within the required statutory period.
  11. The BID will continue to monitor its performance against annual objectives and will report to levy payers at least once a year.
  12. The BID will provide regular business updates, a periodic newsletter and a financial statement will be distributed to businesses along with the BID levy invoice annually.
  13. Following a successful YES vote, the Wolverhampton BID Company will start the BID term from 1st April 2020, running for a term of 5 years.