|
| |
Marketing Information Services |
Admin. |
Security |
Sanitation |
Social Service |
Capital Projects |
2007 Budget
Total |
| Support and Revenues |
|
|
|
|
|
|
|
| Assessment |
|
|
|
|
|
|
5,000,000 |
| Other revenue (interest, contributions) |
|
|
|
|
|
|
50,000 |
Net support and revenue
|
5,050,000
|
| |
|
|
|
|
|
|
|
| Personnel |
|
|
|
|
|
|
|
| Executive Salaries |
|
323,400 |
163,200 |
156,600 |
12,000 |
|
655,200 |
| Supervisors/Dispatchers/Support |
59,050 |
|
163,050 |
149,100 |
|
21,050 |
392,250 |
| Hourly Staff |
|
5,000 |
602,600 |
570,600 |
|
|
1,178,200 |
| Medical Benefits |
18,000 |
32,000 |
190,000 |
228,000 |
3,000 |
7,500 |
478,500 |
| Payroll taxes |
6,500 |
36,100 |
97,500 |
92,000 |
1,300 |
2,300 |
235,700 |
| State Insurance |
1,500 |
3,500 |
32,000 |
38,000 |
1,200 |
1,200 |
77,400 |
| Pension |
1,800 |
9,900 |
27,900 |
26,300 |
400 |
600 |
66,900 |
| Outside Contractors / Consultants |
110,000 |
|
20,000 |
100,000 |
|
|
230,000 |
Total Personnel Expenses
|
196,850
|
409,900
|
1,296,250
|
1,360,600
|
17,900
|
32,650
|
3,314,150
|
| Other Expenses |
|
|
|
|
|
|
|
| Supplies/Equipment |
|
|
35,000 |
60,000 |
|
|
95,000 |
| Recruitment |
|
|
2,500 |
1,500 |
|
|
4,000 |
| Uniforms |
|
|
20,000 |
20,000 |
|
|
40,000 |
| Insurance |
|
|
35,000 |
78,000 |
|
|
113,000 |
| Project Expenses |
438,000 |
|
|
|
70,000 |
247,000 |
755,000 |
Total Direct Expenses
|
638,850
|
409,900
|
1,388,750
|
1,520,100
|
87,900
|
279,650
|
4,321,150
|
| General Operating |
|
|
|
|
|
|
|
| Rent, Utilities and Leasehold Costs |
|
|
|
|
|
|
300,000 |
| Insurance |
|
|
|
|
|
|
40,000 |
| Telephone |
|
|
|
|
|
|
15,000 |
| Postage |
|
|
|
|
|
|
5,000 |
| Messenger |
|
|
|
|
|
|
1,000 |
| Office Supplies |
|
|
|
|
|
|
5,000 |
| Dues & Subscriptions |
|
|
|
|
|
|
8,000 |
| Repairs & Maintenance |
|
|
|
|
|
|
18,000 |
| Local Travel |
|
|
|
|
|
|
1,500 |
| Meetings & Conferences |
|
|
|
|
|
|
10,000 |
| Printing & Annual Report |
|
|
|
|
|
|
27,000 |
| Professional Fees |
|
|
|
|
|
|
27,000 |
| Equipment |
|
|
|
|
|
|
32,000 |
| Office Support |
|
|
|
|
|
|
153,710 |
| Medical |
|
|
|
|
|
|
21,000 |
| Payroll taxes / State Insurance |
|
|
|
|
|
|
15,400 |
Total General Operating Expenses
|
679,610
|
| Allocation based on District Plan |
101,942 |
95,145 |
237,864 |
231,067 |
13,592 |
0 |
|
| |
15.0% |
14.0% |
35.0% |
34.0% |
2.0% |
0.0% |
|
Total Program Expenses
|
736,792
|
505,045
|
1,626,614
|
1,751,167
|
101,492
|
279,650
|
5,000,760
|
| |
|
|
|
|
|
|
|
Excess revenues over expenses
|
49,240
|
There are 573 block lots in the Fashion Center Business Improvement District in 9 whole and 16 partial blocks. The number of lots in the district increased this past year as new condominium buildings opened in the district. The total assessed value of the commercial properties in the district for Fiscal Year 2007 – 2008 was $1,638,914,007.
The FCBID’s $5,000,000 budget was funded through 2 assessments last year. The first assessment in July 2007 was funded by applying a multiplier of .0024813 to the
assessed value of each property in order to fund the first $4,360,000 of the FCBID budget. In January 2008, there was a supplemental assessment using a multiplier of .0003642 to fund the remaining $640,000, which represented last year’s budget increase. The rate for 2008 – 2009 will be higher or lower, depending upon the higher or lower total assessed value of commercial property in the district and the final budget for the FCBID as approved by the City.
The Fashion Center BID charge for the upcoming year 2008 – 2009, is set at the end of May and is based on the City’s final assessment roll published at that time. There is no provision in the State law for rebates of the district charge to owners who, through certiorari proceedings subsequent to the end of May, successfully reduce their assessed value for the current year or for any period of years prior to the end of May of the current year. A reduced district charge to an individual property with reduced assessed value is reflected in a lower district charge for the budget year immediately following. The Fashion Center BID adheres to this principle and follows precedent set by the other New York City and State Business Improvement Districts.
The Fashion Center District Management Association, Inc. may supplement its assessment income by applying for government grants or seeking corporate contributions for funding of its programs in the coming year.
The 2008 – 2009 budget, which is shown herein, is being presented with $5,000,000
in assessment income, the same amount as the previous year’s budget. This budget was approved and submitted to the City by the Fashion Center BID Board of Directors.
The FCBID has retained a contingency fund for use in the event of an unexpected interruption in cash flow. This contingency fund is $1.8 million, which is approximately 4.3 months of operational expenses.
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