Business Improvement Areas - 2024 Operating Budgets - Report 1

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, of which 60 BIAs 2024 Operating Budgets are submitted for City Council approval through this report. No City funding is required since the financing of individual Business Improvement Area Operating Budgets is raised by a special levy on the rateable commercial and industrial properties within the respective Business Improvement Area boundaries. Under current Chapter 19 of the Toronto Municipal Code, the Business Improvement Areas By-law does not have specific provision requiring a BIA maintain a certain amount in their accumulated surplus. Should a Business Improvement Area find itself in a deficit, be dissolved or becomes inactive, City Council has the authority to collect funds required and liabilities including interests, through the Business Improvement Area levy as stipulated under the By-law. If a board is dissolved and the liabilities exceed the assets assumed by the City, Council shall recover the difference. As directed by City Council at its meeting on July 19, 2022, the General Manager, Economic Development and Culture will conduct additional review and consultation on other issues impacting Business Improvement Areas. To ensure prudent stewardship of public resources and further strengthen financial management and oversight, the issue of maintaining a minimum balance requirement in the Business Improvement Area accumulated surplus reserves will be part of the By-law review. Based on the outcome of the review, City staff will present recommendations including the potential for amendment to the current Chapter 19 of the Toronto Municipal Code, and report back to Council by the second quarter of 2024. The recommendation in this report reflects the board-adopted 2024 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 2024 Operating Budgets for Business Improvement Areas reflect Council's approved policies and practices.

Park 84,208 79,283 Bloor West Village 652,755 436,888 Bloor-Yorkville 5,695,925 4,571,938 Broadview Danforth 398,616 323,811 Cabbagetown 709,038 426,867 Chinatown 974,269 595,566 Church-Wellesley Village 395,203 297,262 CityPlace and Fort York 598,541 447,298 College Promenade 268,908 234,252 Corso Italia 334,298 252,674 Danforth Mosaic 486,575 365,883 Downtown Yonge 3,752,179 3,040,255 Dupont by the Castle 187,405 147,134 Eglinton Hill 112,028 29,662 Fairbank Village 591,421 314,172 Financial District 2,013,328 1,305,554 Forest Hill Village 254,643 196,857 Gerrard India Bazaar 320,980 151,822 Greektown on the Danforth 1,385,862 433,190 Harbord Street 36,557 21,432 Hillcrest Village 283,743 229,514 Kennedy Road 266,177 256,945 Kensington Market 247,060 206,608 Korea Town 259,029 77,163 Lakeshore Village 156,781 110,736 Lawrence Ingram Keele 242,300 190,002 Liberty Village 581,400 422,657 Little Italy 739,764 402,269 Little Portugal Toronto 775,557 414,690 Midtown Yonge 307,588 189,874 Mimico by the Lake 71,178 55,394 Mimico Village 52,970 37,137 Mirvish Village 179,108 86,302 Mount Pleasant Village 339,679 250,039 Parkdale Village 333,959 234,150 Regal Heights Village 144,784 47,193 Riverside District 490,244 257,822 Rogers Road 90,815 41,196 Roncesvalles Village 788,973 346,508 Rosedale Main Street 372,434 239,726 St. Clair Gardens 137,852 100,844 St. Lawrence Market Neighbourhood 1,940,121 1,552,321 The Eglinton Way 736,328 290,037 The Junction 440,536 376,586 The Kingsway 611,647 274,113 The Waterfront 2,448,477 2,140,958 Toronto Downtown West 5,249,826 4,192,240 Uptown Yonge 416,110 268,610 Village of Islington 253,268 169,028 West Queen West 390,906 359,946 Weston Village 272,866 148,363 Wexford Heights 724,729 254,448 Wychwood Heights 114,783 21,661 Yonge Lawrence Village 280,201 247,209 Yonge North York 1,258,655 1,003,664 York-Eglinton 734,344 127,773 Total 43,038,006 30,038,096 2. City Council elect to have the subclasses for the commercial and industrial property classes apply for 2024, and to apply the respective Business Improvement Area special levy rate reductions to the subclasses, all as set out in Appendix C.