HullBID is funded by all businesses and organisations, including the local authority, within the BID area, and each pays a levy - in addition to business rates - which equates to 1% of the rateable value of a business premise. Once a BID has successfully been voted in by ballot, the levy becomes mandatory for all eligible businesses, irrespective of sector. Annual levy payments are collected by the local authority and funds are passed onto HullBID to use for projects and services.
For a BID to be approved, a postal ballot takes place which needs to deliver a majority in both the number of businesses and the collective rateable value of the business premises. This ensures that the interests of large and small businesses are protected.
Each BID generally operates for a maximum of five years before a renewal ballot. During February and March 2016, a renewal ballot took place when all eligible non-domestic ratepayers in the BID area were invited to vote in favour of, or against, HullBID continuing for a further five-year term. The renewal ballot was conducted independently by Hull City Council.
Since the mandate was secured, the term will run 1 November 2016 until 31 October 2021.
The levy raises approximately £370,000 per annum. Voluntary contributions, grants, events revenue and other funding bring in additional income. In the past two (five-year) terms, HullBID generated an additional £2million in funding and support over and above the levy.
The funds are allocated by HullBID to address the priorities identified by BID member businesses. To learn more about HullBID’s priorities visit our ‘What We Do’ page.
