Finances

HOLBA will secure £9.7M of ringfenced investment, to deliver a robust five-year improvement plan for the district. 

The Piccadilly & Jermyn Street Business Improvement District will be funded, primarily, by the businesses operating within it. It will also draw on other public and private income streams to finance specific schemes and projects.  

Five-year budget 2025 – 2030

Property Owner

 

 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 Total 
Income        
BID Levy £1,334,130 £1,548,290 £1,594,739 £1,642,581 £1,691,858 £1,742,614 £9,554,212 
Other  £69,659 £10,995 £10,995 £10,995 £10,995 £48,495 £162,134 
Total £1,403,789 £1,559,285 £1,605,734 £1,653,576 £1,702,853 £1,791,109 £9,716,346 
        
Expenditure        
Corporate Communications £84,392 £81,074 £83,506 £86,011 £88,591 £91,249 £514,823 
External Affairs £50,943 £50,085 £51,587 £53,135 £54,729 £56,371 £316,849 
Placeshaping £210,798 £177,205 £182,521 £187,997 £193,637 £199,446 £1,151,605 
Promoting £371,172 £335,970 £346,049 £356,430 £367,123 £378,137 £2,154,881 
Managing £444,415 £446,832 £460,237 £474,044 £488,266 £502,914 £2,816,708 
BID Renewal £57,852 £9,581 £9,869 £10,165 £10,470 £67,067 £165,003 
Core Costs £335,072 £243,590 £250,898 £258,425 £266,177 £274,163 £1,628,325 
Contingency £66,707 £77,415 £79,737 £82,129 £84,593 £87,131 £477,711 
Total £1,621,351 £1,421,751 £1,464,404 £1,508,336 £1,553,586 £1,656,477 £9,225,905 

 

Budget assumptions 

  • The budget figures are indicative and based on the anticipated levy income using 2023 rateable values. 
  • There is an assumed 0.03% annual inflationary increase. 
  • The BID levy income reflects 100% of the amount that will be invoiced; a 5% allowance has been made for non-collection in each year.
  • The levy income may fluctuate and is subject to the market at the time of the ratings assessment.
  • The other income is the minimum level of projected additional funding. 
  • The projects and services expenditure reflect the current priorities. These may change, causing variances across the five-year term. 
  • Any material variations will be approved by our board.
  • Core costs will cover the company’s operational costs with the intention of maintaining them beneath the industry benchmark of 20%.