Item - 2022.EC28.3

The Economic and Community Development Committee recommends that:

1. City Council adopt and certify the 2022 recommended Operating Budgets and Levy requirements of the following Business Improvement Areas:

2. City Council adopt and certify the 2022 recommended Operating Budgets and Levy requirements for Bloor Annex Business Improvement Area, subject to approval by the Business Improvement Area's General Membership at its Annual General Meeting scheduled for March 24, 2022:

This report brings forward Business Improvement Area annual Operating Budgets for approval by City Council as required by the City of Toronto Act, 2006.  City Council approval is required to permit the City to collect funds through a special tax levy on the commercial and industrial properties within the respective Business Improvement Area boundaries.

There are currently 85 established Business Improvement Areas in the City of Toronto. City Council previously approved the 2022 Operating Budgets for 52 Business Improvement Areas through Report 1 at its meeting on February 2-3, 2022 (Item EC27.2). Included in this Report 2 is the 2022 Operating Budgets for 31 Business Improvement Areas for City Council approval. One Business Improvement Area, Historic Queen East, is inactive and one Business Improvement Area, Bloor Street, will not require an operating budget as the Business Improvement Area will be dissolved. A separate report entitled "Bloor Street Business Improvement Area - Dissolution of Board of Management and Repeal of Designating By-law" prepared by Interim General Manager, Economic Development and Culture is presented at the same Economic and Community Development Committee meeting scheduled for March 24, 2022. No City funding is required since the financing of Business Improvement Area Operating Budgets is raised by a special levy on the commercial and industrial properties within the respective Business Improvement Area boundaries.

The recommendation in this report reflects the board-adopted 2022 Operating Budgets by the respective Business Improvement Area Boards of Management and General Membership. Complete budgets and supporting documentation have been reviewed by City staff to ensure that the 2022 Operating Budgets for Business Improvement Areas reflect Council’s approved policies and practices.

It is noted that the 2022 recommended Operating Budget for the Bloor Annex Business Improvement Area is yet to be adopted by the General Membership. The Annual General Membership meeting is scheduled for March 24, 2022. In the event that the General Membership disagrees, City staff will bring forward a final report at the next opportunity to seek City Council approval of the 2022 Operating Budget for this particular Business Improvement Area.

Covid-19 impacts, including reduced levels of activity/expenditures, resulted in significantly increased net contributions to accumulated surplus reserves for most Business Improvement Areas during 2021. Accordingly, most Business Improvement Areas have been able to budget for withdrawals from the same reserves to minimize or eliminate Business Improvement Area levy increases for 2022.