20-19 DWOA 2019 BUDGET NARRATIVE.pdf

1 Downtown WO Alliance 2019 Budget Narrative Revenue This year’s budget totals $238,000 and provides for an efficient and effective year full of planning, promotion and organization. The revenue contained in this budget is derived from a combination of Special Improvement Assessments, Township of West Orange Contributions, Fundraising Efforts and Surplus from the 2018. The assessment portion of this budget totals $101,000.001 utilizing a 3- tier system as sanctioned by ordinance2. The tiers are based on the type and location of the commercial properties located in the downtown corridor. There is a total of 180 properties3 that provide commercial space for over 300 businesses. These businesses consist of Restaurants, Retail Stores, Personal and Professional Services companies. This year’s income is broken out into the following categories; Township contribution of Cash and In-Kind4 Services, Fundraising efforts generated from the Mayors 5K Run (5K), Street Fair (SF) & Interest income and Surplus5. Assessment Income $ 101,000.00 Township Contribution Cash $ 40,809.00 Township Contribution In-Kind $ 28,000.00 Prior Year Surplus $ 20,000.00 Fundraising Efforts SF, 5K & others $ 48,091.00 Interest Income $ 100.00 TOTAL 0 $238,000.00 Expenses 1. Total Administration & Office Operations Expenses relating to the Township’s contribution include; rent, utilities, telephone, postage, printing, supplies and monetary contribution towards the overall budget. The Special Improvement District (SID) office is located in Township Hall. Cash Contribution $40,809.00 In-Kind office expenses $28,000.00 Total Twp Contribution $68,809.00 Total Administration & Office Operations $ 103,440.00. 1 Estimated assessment amount as of December 2018 2 Ordinance # 1534-98 3 Block & Lots adjustments 4 In-kind = $28,000 for office space and supplies 5 Surplus = Estimated funds remaining at the end of 2018