Managing BID Finance

Efficient handling of BID finances balances need for diligence with levy money with effective budgeting

Robust and transparent financial systems and control of the budget and cash flow are essential for any Business Improvement District

Although the Billing Authority is responsible for the collection, administration and recovery of the BID Levy and accountable for managing the BID Revenue account, the BID has a responsibility to monitor its income and expenditure and demonstrate value for money to its levy payers.

pfbb UK works with you, your accountants and your Billing Authority to ensure that you have the right systems in place to establish audit trails for financial accountability, rigorous cash flow management and budget control.

This is achieved in a number of ways:

  • Creating detailed and comprehensive levy criteria as part of the development of your BID Proposal to ensure that besides ensuring compliance with the BID Regulations your Billing Authority is equipped to administer levy collection as effectively as possible.
  • Agreeing a detailed and appropriate Operating Agreement with your Billing Authority.
  • Introducing a comprehensive and detailed levy collection monitoring report which is included, agreed and signed off in your Operating Agreement.
  • Working with you to design and implement appropriate policies and protocols to administer BID finances. These include on-line banking facilities.
  • Providing advice for on-line banking which meet robust safe guarding and security requirements appropriate for the administration of the BID finances. (Not all banks are able to meet these requirements).