The Wakefield Business Improvement District (BID) is a not-for-profit initiative that relies on a sustainable and collaborative funding model to support its activities and projects. Here’s how it works:

BID Levy

The primary source of funding for Wakefield BID is the BID Levy, a small additional charge on top of business rates. This levy is collected from all eligible businesses within the defined BID area:

• Who Pays the Levy?
  All businesses within the BID area that have a rateable value above a certain threshold are required to contribute. The exact amount of the levy is calculated as a small percentage of each business’s rateable value.

• How is the Levy Used?
  The funds collected through the levy are invested directly back into the BID area. These funds are used for a variety of projects and services aimed at improving the business environment, enhancing safety and cleanliness, marketing the area, and driving footfall to the city centre.

Additional Funding

Beyond the BID Levy, Wakefield BID may also secure additional funding from various sources:

• Grants and Sponsorships:
  We actively pursue grants and sponsorship opportunities to supplement our budget and extend the impact of our initiatives.

• Voluntary Contributions:
  Businesses outside the BID area or those below the rateable value threshold can choose to make voluntary contributions to support the BID’s work.

• Partnerships:
  We collaborate with local authorities, community groups, and other stakeholders to fund joint projects that benefit the wider community.

Transparency and Accountability

Transparency is key to the BID’s operations. All funds raised are managed with strict accountability to ensure they are spent effectively and efficiently:

• Annual Budget Reports:
  We publish detailed annual reports that outline how funds have been allocated and the impact of our initiatives.

• Business Input:
  As a business-led partnership, our funding decisions are guided by the needs and priorities of the businesses within the BID area. Regular consultations and surveys ensure that your contributions are making a meaningful difference.

Making Every Penny Count

The Wakefield BID is dedicated to delivering real value to its members. Through strategic investments and careful management, we aim to create a thriving city centre that benefits everyone. Your contributions help us achieve this vision, ensuring that Wakefield remains a great place to live, work, and visit.