The Operating Agreement is the official document established between the BID and the Council, outlining the procedures for the collection and enforcement of the BID Levy.

The directors submit their report and the unaudited financial statements of the company for the year ending March 31, 2024.

This policy outlines the rules and procedures for acquiring goods, services, or works from third-party suppliers for Wakefield BID to ensure the best interests of BID levy payers are protected.

Objectives:

1. Ensure value for money in procurement.
2. Maintain fairness and transparency, complying with legal and ethical standards.
3. Promote local businesses while ensuring open competition.
4. Provide a clear audit trail for all decisions.

Guiding Principles:

• Transparency: All procurement documents and decisions are recorded to demonstrate fairness.
• Equal Treatment: All suppliers have equal opportunities to bid, regardless of location.
• Proportionality: Only necessary information is required from suppliers.
• Non-Discrimination: Contracts are awarded based on value and commercial practice, not location.

Supplier Selection Priority:
Preference in supplier selection should follow this order:

1. Suppliers within the Wakefield BID area.
2. Suppliers outside the Wakefield BID area but still within Wakefield.
3. Suppliers within Yorkshire.
4. Suppliers within the UK.
5. International suppliers.

Spending Authority:

• Up to £5,000: Three quotes required; approved by the Executive Director or designated officer.
• £5,000 – £50,000: Three or more quotes required; approval by the Board with a majority decision.
• Over £50,000: Formal tender process with at least three bidders; approval by the Board with a majority decision.

Selection and Evaluation:

• Selection is proportional to contract value and considers Value for Money, quality, cost, and other relevant factors.
• Direct supplier selection is permitted only for highly specialised, confidential services or when continuity is essential, with Board approval by majority.

Order Process:

• Official purchase orders must be raised and approved according to spending limits.
• Goods and services must be verified upon receipt, and invoices matched to orders.

Contract Monitoring and Variations:

• Contracts are monitored to ensure timely and budgeted delivery.
• Minor changes can be approved by the Executive Director, while significant changes require Board approval by majority.

Final Authority:
All purchasing decisions require final approval by the Board, secured by a majority vote.

This policy ensures that Wakefield BID’s procurement processes are fair, transparent, and deliver value for money to support its objectives and the interests of levy payers.

The Board of Directors for Wakefield BID convenes at least quarterly. Meeting minutes are available upon request.