PADBID sees funding deficit backfilled, levy increased
The Prince Albert Downtown Business Improvement District (PADBID) has erased some red ink from the books, as city council approved two proposals to help balance funding shortfalls.
Council agreed to increase a levy on businesses in the downtown area used to funnel cash to the PADBID from four to 5.8 per cent and backfill a $5,482 funding shortfall from 2017. The money will come from fiscal stabilization.
The move comes after property reassessment last year led to a significant drop in taxes for many downtown property owners and cut deep into funding for the organization. This syphoned thousands of dollars from revenue streams as PADBID receives a majority of funding through the levy, which for years has been set at four per cent of the commercial mill rate. The increase will generate around $78,000 in 2018 and put PADBID on par for their budget. The old rate would have only brought in around $53,700.
In a presentation to council in April, PADBID board chair Stacy Coburn said the shortfall, if not relieved, would “really impede us from moving forward,” and hinder future planning and operations.