Great Yarmouth Business Improvement District Annual Levy 2024/25
Dear BID payer
Please find enclosed your invoice for the 2024/25 annual Business Improvement District Levy. This represents year four of the fourth five-year term of gyBID following a successful ballot of eligible businesses on 18th March 2021. The levy is set as 1.75% of rateable value of all non-domestic properties with a rateable value of £9,000 and above located within the BID area. Where frontages of properties are located within managed shopping centres or west of Haven Bridge, then a 0.5% reduction is applied. Following three years without an increase, this year’s annual levy is increased by 6.7% based on the Consumer Prices Index (CPI) for September 2023. This ensures that the BID levy will deliver the agreed projects outlined in the gyBID business plan, a copy of which can be found at www.gybid.co.uk
The following information brings BID levy payers up to date on how much levy was collected during the previous year of the current BID term and how it has been spent. Great Yarmouth Borough Council (GYBC) is responsible for the collection of the gyBID levy from business ratepayers in the BID area. During the last financial period £135,794 of BID levy was collected giving a current collection rate of 97.9% for 2023/24, however, it is acknowledged that the collection process is still ongoing as GYBC continue to recover the levy amounts as yet unpaid.
The Town Centre Partnership Co. (Great Yarmouth) Ltd (TCP) receives the BID Levy from GYBC to deliver the gyBID projects as per the agreed business plan. During 2023/24 the TCP spent £86,839 on the ‘Safe and Clean’ projects including street wardens, town centre CCTV and the ShopSafe crime reduction scheme, and £16,186 on the ‘Friendly’ projects including the Christmas Fayre and Lights Switch-On, town centre events, social media and marketing initiatives. Additional income generated by the Town Centre Partnership was used to support additional projects, town centre management and operational costs giving an overall investment of £170,348 in Great Yarmouth town centre by the Partnership. A detailed set of the Company’s audited accounts will be published and made available to all gyBID levy payers with the Annual Report following the Annual General Meeting to be held in November.
If you have any queries regarding Great Yarmouth Improvement District and the projects on which the levy is spent, please contact the Great Yarmouth Town Centre Partnership on 01493 745828.
If you have queries regarding the payment of this invoice, please contact Great Yarmouth Borough Council on 01493 846244.
Jonathan Newman
Town Centre and BID Manager
Great Yarmouth Town Centre Partnership