Item - 2023.EC2.2

The Economic and Community Development Committee recommends that:  

1.  City Council adopt and certify the 2023 recommended Operating Budgets and Levy requirements of the following Business Improvement Areas:

This report brings forward Business Improvement Area (BIA) 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. The Business Improvement Area is an association, independently managed from the City and operated by local businesses and property owners, joining together to organize, finance, and deliver capital streetscape improvements, and to promote economic development in a district with its own governance structure as set out in Chapter 19 of the Toronto Municipal Code and the City of Toronto Act, 2006.

There are currently 84 established Business Improvement Areas in the City of Toronto. The Economic and Community Development Committee has previously approved the 2023 Operating Budgets for 50 Business Improvement Areas through Report 1 at its meeting on January 11, 2023 and that report is currently with Council for approval on February 7-9, 2023. Included in this Report 2 is the 2023 Operating Budgets for 27 Business Improvement Areas for City Council approval. Financing of individual Business Improvement Area Operating Budgets is raised by a special levy on the commercial and industrial properties within the respective Business Improvement Area boundaries.

Council has not established a specific policy requiring a Business Improvement Area maintain a certain amount in their accumulated surplus. Should a Business Improvement Area find itself in a deficit, be dissolved or becomes inactive, Council has the authority to collect funds required and liabilities including interests, through the Business Improvement Area levy under Chapter 19 of the Toronto Municipal Code. If a board is dissolved and the liabilities exceed the assets assumed by the City, Council shall recover the difference.

The recommendation in this report reflects the board-adopted 2023 Operating Budgets by the respective Business Improvement Areas’ Boards of Management and General Membership. Complete budgets and supporting documentation have been reviewed by City staff to ensure that the 2023 Operating Budgets for Business Improvement Areas reflect Council’s approved policies and practices.