8-22 DWOA Budget Narrative.pdf

1 Downtown West Orange Alliance 2022 Budget Narrative Revenue This year’s budget totals $286,000 and provides for an efficient and effective year full of planning, marketing, promotion, and organization strategy. The total cash allocation of this year’s budget is $258,000.00. 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 2021. We were able to resume a few of the events we had planned for this past year but unfortunately, we were unable to hold the West Orange Street Fair. In addition, we had a much smaller 5K run than in past years. As a result, fundraising was down. We are hopeful that in 2022 will bring back all events and have more in person opportunities to meet up downtown. The assessment portion of this budget totals $133,000.001 utilizing a 3- tier system as sanctioned by ordinance2. The tiers are based on the type and location of the commercial properties within 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 Service 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) and funds carried from the previous year5. Assessment Income $ 133,000.00 Township Contribution Cash $ 65,809.00 Township Contribution In-Kind $ 28,000.00 Prior Year Surplus $ 17,000.00 Fundraising 5K Run $ 5,000.00 Fundraising Efforts Events $ 37,091.00 Interest Income $ 100.00 TOTAL $ 286,000.00 In - Kind (-28,000.00) Total Cash Budget $ 258,000.00 1 Estimated assessment amount as of December 2021 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 2021