45-15 SID Budget Narrative 2015.pdf

1 2015 Budget Narrative Revenue This year’s recommended budget totals $220,000 and remains the same as last year’s budget. The revenue is based on a combination of Special Improvement Assessments, Township of West Orange Contributions, Fundraising Efforts and Fund Balance from the 2013 budget year. The assessment portion totals $104,644.551 and is determined utilizing a 3 tier system as authorized by the ordinance2. The tiers are based on the type of commercial properties located in the downtown corridor. There are a total of 181 property owners that provide commercial/retail space to over 300 businesses. These businesses consist of Restaurants, Retail Stores and Personal & Professional Services Companies. The rate of assessment for each property remains unchanged from last year. This year’s income is broken out into the following categories; Township contribution of Cash and In-Kind3 Services, Fundraising Efforts generated from the Mayors 5K Run, the Farmers Market, Interest income and remaining Fund Balance4. Assessment Income $104,644.55 Township Contribution – Cash $40,809.00 Township Contribution – In Kind $28,000.00 Prior Year Surplus $34,946.45 Fundraising Efforts FM & 5K $11,500.00 Interest Income $100.00 TOTAL Revenue $220,000.00 1 Final assessment amount February 2014 2 Ordinance # 1534-98 3 In kind = $28,000 for office space and supplies 4 Fund Balance – Amount expected to remain in checking account at the end of 2014

2 Expenses 1. Total Administration & Office Operations Expenses relating to the Township’s contribution include rent, utilities, telephone, postage, printing, supplies and contribution towards the overall budget. The Special Improvement District (SID) office is located on the lower level of Township Hall. Township Contributions Cash $40,809.00 In-Kind office expenses $28,000.00 TOTAL Twp Contribution $68,809.00 Total Administration & Office Operations $93,460.00 This sum includes $28,000 in In-Kind expenses received from the Township. The expenses relating to Administration and Office Operations are as follows: Executive Director $55,000.00 Payroll Fees & Taxes $6,400.00 Director expenses5 $500.00 Annual Report & Bank Fees $60.00 Staff Support/Intern $1,000.00 Equipment, Printing & Supplies $2,500.00 Sub Total $65,460.00 In-Kind $28,000.00 Total Administration and Office Operations $93,460.00 2. Professional Services & Insurance $8,525.00 The Downtown West Orange Alliance has allocated the following expenses for Professional Services. Director’s & Officers’ Insurance $1,325.00 Disability/Workman’s Comp. $800.00 5 Expenses = Cell Phone, Local Travel and Board Meeting Supplies

3 Accountant/Auditor $5,900.00 Legal Fees $500.00 Total Professional Services & Insurance $8,525.00 3. Economic Development $15,000.00 Monies budgeted in this category provide for business sustainability, retention and recruitment. During the 2015 budget year the Downtown WO Alliance will continue to focus on Business Retention and provide a strong foundation for support along the Main Street Corridor. Joseph Fagan will continue hosting “Discover West Orange” the TV Show. We are proud to report, that during the 2014 season several episodes were picked up by Channel 12 and PBS. Recently Joe has expanded each episode with on-location reporting and this has added to the show’s broad appeal. Additionally with on-location reporting we have been able to showcase our individual business owners in a new and different way. Business Retention $15,000.00 TOTAL $15,000.00 4. Marketing & Promotions $23,815.00 As in past years the Alliance will continue to support several special events to draw people into the downtown corridor. This year’s budget supports a total of $15,000 for special events that include Holiday Open House, The Edison Day Street Fair, The Farmers Market, and The Mayors 5K Run. The remaining $8,815 will be directed toward advertising and promotion support utilizing; The Outlook, Shop WO Tax Card, Website and TV show productions. Special Events $15,000.00 Newsletter & Business Promo’s $4,215.00 TV Show $1,500.00 Website Hosting & Design $600.00 Outlook, Tap & Chronicle $1,500.00 Shop WO Card $1,000.00 TOTAL Marketing & Promotions $23,815.00

4 5. Visual Improvement $74,200.00 This is one of the largest areas and most exciting pieces of our budget. Over the past several months the DWOA has gained a lot of exposure with members of our community. We continue to see residents and business owners getting involved and supporting the goals and programs sponsored by the alliance. The Downtown Alliance continues to direct funds to better serve our Business Community. A large part of the 2015 budget will continue to support our Branding initiative. The DWOA continues to support Maintenance within the downtown corridor and this line item remains at $20,000. Landscaping and beautification are also part of creating a downtown that is pleasing and a place to visit and shop. The Alliance will continue to assist Business & Property Owners with the matching façade improvement grant program. In 2013 we saw record matching grants in excess of $17,000.00 Banners $ 5,000.00 Façade Grant Program $ 20,000.00 Holiday Decorations $ 10,200.00 Landscaping/Streetscape $ 15,000.00 Maintenance Worker $ 20,000.00 Branding Campaign $ 4,000.00 TOTAL Visual Improvement $ 74,200.00 6. Organization $5,000.00 The Organization category provides for expenses that maintain the structure of the Alliance. In addition it supports budget items for greater name recognition and goodwill within our community. It is important for the Alliance to continue to have positive relationships with local organizations such as The Thomas Edison National Historical Park, The Chamber of Commerce & The Rotary Club. It is a goal of the Alliance to attend meetings and functions and become working partners with other

5 members of our community. In addition the Alliance will participate in all training and resources offered by the Main Street NJ organization. During the past year we have had more residents attend training offered by Main St NJ than in any other year. This budget provides for an increase for attendance at trade shows & seminars to aid in the development & further education for our business owners and residents. Community Events $ 100.00 Donations/St. Patrick’s Day Parade $ 300.00 Dues & Subscriptions $ 600.00 Main Street NJ/Conference $ 2,500.00 Membership Drive $ 500.00 Trade Shows/Seminars $ 1,000.00 TOTAL Organization $ 5,000.00 SUMMARY The Downtown Alliance Board of Trustees is committed to promoting and supporting the business’ and property owners along the Main Street Corridor. We will remain steadfast in evaluating every program we support and each dime we spend to assure there’s a benefit to our business and property owners and the community at large. REVENUE SID Assessments $ 104,644.55 Township Contribution $ 68,809.006 Fund Balance $ 34,946.45 Other Income $ 11,600.007 TOTAL REVENUE $ 220,000.00 EXPENSES 1. Administration & Office Operations $ 93,460.00 2. Professional Services & Insurance $8,525.00 3. Economic Development $ 15,000.00 6 Includes In-Kind contributions of $28,000 7 Income from 5K Run, Farmers Market & Interest

6 4. Marketing $ 23,815.00 5. Visual Improvement $ 74,200.00 6. Organization $ 5,000.00 TOTAL EXPENSES $220,000.00