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BIA financial management

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Financial management is an important aspect of any BIA, and includes financial planning and budgeting.

Financial Planning​


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​Boards and their staff should create a financial plan after the strategic plan is complete. The financial plan becomes part of the business plan, and includes:

  • a needs assessment
  • a prioritisation of needs
  • program development, including events and projects
  • a budget showing program, event and project costs

**Budgets brought forward to Council must be balanced. Board members are liable for any expenditure that is not included in a Council approved budget​.**

Budgeting​


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The purpose of an annual budget is to outline proposed projects and related costs that the BIA will incur that year. Budget objectives should be clear and well-defined.

Every year, the board creates a proposed annual budget that must be balanced, as required by the Business Improvement Area Regulation​.

Projects included in a budget may include:

  • placemaking,
  • streetscaping,
  • increasing safety and cleanliness,
  • addressing parking concerns,
  • events, and
  • local development.

The budget is reviewed by the taxpayers/membership and only expenditures approved through the budget by Council may be incurred.

The budget is reviewed by the taxpayers/membership and submitted to Council for approval. Only expenditures included in the budget approved by Council may be incurred.

The City of Calgary provides each BIA with a budget template that must be completed annually and submitted to The City’s BIA Business Strategist. BIAs typically qualify for a Goods and Services Tax (GST) remittance.

Information on charging GST, registering for an account, filing returns and remitting GST can be found on the Government of Canada’s website.

Funding Eligibility


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Some funding organizations may require applicants to have society status​ for eligibility. Since BIAs in Alberta are not registered societies, this may have an impact.

BIAs may pursue a partnership with a registered society, such as a community association, which would act as the fiscal agent for grant applications when society status is required.

BIAs can also enter into a joint venture with another organization to organize fundraising campaigns.

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