Blackpool Tourism BID

Finance

The levy that provides the TBID's funding is governed by a set of BID rules. Essentially, when the TBID is approved at ballot all eligible businesses will pay 1% of their rateable value to fund the action plan set out in this TBID proposal. The BID will be in place for five years and all leisure, accommodation, retail and food and drink organisations at or above the £10,000 rateable value level would be liable to contribute to the TBID.

The BID Rules


Term

The TBID term will be a period of five years from April 1, 2021 until March 31, 2026

Levy

The TBID levy will be applied to rated properties in the TBID district with a rateable value of £10,000 or more

Rate

The levy will be a fixed rate of 1% rateable value as at April 1, 2021 using the 2017 list for all eligible ratepayers, rising to 1.25% in 2023 and 1.5% in 2025

Inflation

The levy will assume an annual growth rate for inflation of 3% to be applied on April 1 each year

Rules

The TBID levy will not be increased other than as specified in the levy rules

Ballot

The TBID levy rules and TBID area cannot be altered without an alteration ballot

Rate Relief Scheme

The TBID levy will not be affected by the small business rate relief scheme

Hereditaments

There is no distinction to be made between occupied or unoccupied hereditaments

Properties

Properties that come into the rating list during the TBID term will be subject to the levy from the effective date that the property is brought into the rating list and the rateable value effective at that time

Closed Year Rule

Where the rateable value for an individual hereditament changes and results in a lower levy, then this comes into effect only from the start of the financial year in which the change is made and no refunds will be made for previous years

VAT

There will be no VAT charged on the TBID levy

Budget


Notes To Budget

Budget figures are indicative based on the anticipated levy income using 2017 rateable values. Assumed 3% annual inflationary increase and 100% levy collection rate. Levy income may fluctuate in relation to occupancy and is subject to the market at the time of the ratings assessment.

Allocations reflect current priorities; these may change causing variances and re-allocations across the five-year term. Any material variations of the budget will be approved by the Board. Contingency based upon 10% of TBID levy.

Our management and overhead will be maintained beneath the industry benchmark of 20%, currently reflecting **% of expenditure. We seek to leverage voluntary income, which will help enable more of our members’ contributions to be allocated to work programmes, which directly benefit business and the local area in general.


Operating Agreement

Through an Operating Agreement with Blackpool Council, a process will be put in place to monitor the collection of the TBID levy over the duration of the five-year tenure.

Within one month of the ballot result, the Blackpool TBID and Blackpool Council will set up a Monitoring Group. There will be at least two meetings of the group each financial year throughout the TBID term. At each meeting the monitoring group will:


  • Review the effectiveness of collection and enforcement of the TBID levy
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  • Assess the information provided by the Blackpool TBID and Blackpool Council to each party and make recommendations and/or adjustments
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Leveraging additional Non-BID Levy Funding

The Blackpool TBID will seek to grow its number of voluntary members and in particular leverage its activity towards the delivery of additional funding to support ongoing work programmes. This is with particular regard to public funding opportunities, property owners and commercial/corporate partners

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Acknowledgements.

Project Steering Group & Partners.