200521 BIA AGD1
Tillsonburg
Business Improvement Area
AMENDED Meeting Agenda
Board Meeting of
Thursday, May 21st, 2020
TELECONFERENCE
Time: 10:00 am - noon
1.CALL TO ORDER:Time: _______
QUORUM:Count members present
Guests present:________________________________________________________________
2.ADOPTION OF THE AGENDA:
a.moved by: ______________seconded by: _____________
“And resolved that the agenda as amended for the BIA Board of
Management meeting for Thursday, May 21st, 2020 be adopted”.
3.DISCLOSURE OF PECUNIARY INTEREST AND THE GENERAL NATURE THEREOF:
4.ADOPTION OF THE MINUTES from the board meeting of March 26th, 2020
a.moved by: _______________seconded by: _______________
“And resolved that the minutes, as prepared for the OPEN SESSION
meeting of March 26th, 2020 be adopted”.
5.EVENTS AND MARKETING CO-ORDINATOR’S REPORT:
a.Social media update
b.My Town, My Downtown messaging
c.Marketing & Advertising plan for balance of year 2020: Open discussion.
d.The EMC will be working on new graphic lawn signs to be deployed around the
down focusing on shopping local/downtown.
e.The EMC will be designing new “thank-you” signage for all of the pots and planters
to recognize the sponsors.
f.The truck will be decaled in due course pending restrictions on business re-openings.
g.The original plan to spend on-air with BIA funds is planned to be put on hold given
the resources being allocated by the various economic development agencies in
Oxford County and surrounding region.
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h.Michael Holly of the Tillsonburg Thunder Hockey team would like to do a drive-thru
RIBFEST on September 25th, 26th, 27th - the ED suggested that the event be held
downtown to gain BIA support. This may be a great way to transition back to
“open for business” and would benefit the downtown core.
6.BEAUTIFICATION COMMITTEE REPORT & UPDATE: The ED has met on-site with
Tillsonburg Garden Gate to review the beautification plan elements. There are at least two
sponsors who will be covering the cost of the 2020 flower and pot program. TGG picked
up all the pots and planters as of May 20th and they will be deployed by end of week May
29th. The remaining beautification initiatives for 2020 are all on hold in an effort to reduce
expenses. The street furniture and umbrellas may be deployed in a muted fashion upon
clarity of the re-opening parameters. The BIA staff would like board direction about
deployment of the various street furniture and umbrellas. (discussion)
7.FINANCIAL REPORT:
Funds on deposit at CIBC: as at 04/30/2020: $70,876.78
Funds on deposit at FirstOntario: as at 04/30/2020: $66,837.62
Total funds on hand as of 04/30/2020: $137,714.40
Net change from previous month: +$10,285.42 (favourable)
Accounts receivable:
Town of Tillsonburg – HST rebate from 2019 $11,712
Town of Tillsonburg – damage to BIA assets $1,804.20
Town of Tillsonburg – credit missing from acct $1,797 (RONA confusion)
The 2019 draft financial statements are attached for review by the Board of Management.
The ED and BIA bookkeeper will be reviewing these for final adjustment(s) and then will
forward to the town’s Treasurer for inclusion in the town’s financial statements. In order to
act on further cost containment measures, the ED recommends that the Board of
Management considers passing another resolution to support any/all application for financial
assistance to other levels of government. (discussion)
MOTION ON COST REDUCTION AND CONTAINMENT:
Moved by: _____________________ and Seconded by: ______________________
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“And resolved that the Board of Management of the BIA recognizes
the severity of the COVID-19 health crisis and directs the BIA staff to
reduce all costs; including human resources until further notice. This
includes a reduction across the board with the exception of fixed
costs such as debenture payments, truck lease & office rent”.
8.EXECUTIVE DIRECTOR’S REPORT:
a.The BIA staff have been active on a daily basis with communication to the members
via various channels. The ED has participated in several ZOOM teleconferences.
b.The Lucky Chinese Buffet restaurant is permanently closed as of May 7th, 2020.
c.Town/MOU update: The town will be taking a report to council on May 25th, 2020
recommending a 2020-only payment of $26,605 which will provide the revenues
necessary to effect the contractual obligations in the downtown area.
d.The ED has undertaken an extensive re-write of the 2020 budget and financial
projection for the year – see attached PDF. This financial forecast has been updated
to include an allocation for tax write-offs for 2020 which have normally not been
projected or accounted for. We have used an aggressive approach of eliminating
most capital and non-discretionary spending for 2020 which will result in a full-year
balanced budget. Given the challenging revenue environment; it is not plausible to
expect the additional revenues originally planned for. We will continue to apply for
funding programs that my offset some of the assumed costs for labour in 2020.
e.The student labour will be re-activated to assist with the summer season. There will
be a proper PPE plan and protocol in place for all BIA employees.
f.The ED has been engaged with our members to provide ambassadorial duties to
assist with the application and information regarding available business support
programs. To date, there is a general positive attitude and many BIA members are
actively working to re-open forthwith pending governmental directives.
g.Hand sanitizer bulk purchase for BIA member use: (discussion) The ED recommends
that we bulk purchase for BIA member use; pallet quantities of hand sanitizer to be
made available for ease of transition to re-opening the economy. There are many
businesses that are spending an inordinate amount of time and effort purchasing
these items which are necessary for the re-opening of the economy. The BIA can
act as a central repository and distribution site to reduce costs and interruption to
our BIA membership.
h.Tourism Oxford/BIA best practices on restaurant recovery plan – discussion. There
is a motion for consideration to be sent to the Town of Tillsonburg in aid of allowing
restaurants to have “on-street” and “on-sidewalk” tables/chairs and other street
furniture to allow for additional capacity to offset capacity losses for their
restaurant’s in-house dining and bar areas. This has been approved in other
jurisdictions across Ontario the other Business Improvement Zones and Business
Improvement Districts around the world.
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MOTION:
“And resolved that the Board of Management of the BIA requests that
the Town of Tillsonburg permits the use of “on-street” and “on-
sidewalk” pop-up seating and outdoor patios to aid in the recovery of
the hospitality sector in the downtown core area”.
MOTION:
“And resolved that the Board of Management of the BIA
adopts/approves the revised 2020 financial forecast & budget with a
revised total revenue projection of $212,075 and revised total
expense projection of $212,075 resulting in a balanced budget for
2020; without the use of reserves”.
MOTION:
“And resolved that the Board of Management of the BIA approves the
purchase of hand sanitizer and PPE (masks) to be sold on a cost
recovery basis with the items to be placed onto the balance sheet as
inventory with revenues being recorded as income”.
MOTION:
“And resolved that the Board of Management of the BIA requests that
the Province of Ontario extends the Liquor Licence Act changes
commensurate with the COVID-19 health crisis whereby licenced
premises are permitted to continue the sale of beer, wine and spirits
for all take-out and delivery orders for off-site consumption”.
9.BIA EMERGENCY RELIEF FUNDING PROGRAM: This program remains in place for the time
being. There have been 4 original enquiries resulting in 2 successful loan applications being
approved for each of the two BIA businesses below: (both cheques were hand delivered)
i.Melodie White of Boss Leaf: $785
ii.Lindsay Tribble of On Our Way Massage Therapy & Wellness Clinic: $1,130
There have been no applications received since the initial two approved as per the above.
The program will be left open until otherwise directed by the board. The 2020 financial
forecasts assume a modest uptake on this program for the balance of 2020. The full-year
financial projections will be updated as needed to reflect program activities. The Board of
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Management will recall that the Town of Tillsonburg approved redirection of $62,000 in
total FIP funds for the program.
10.MOUD with the Town of Tillsonburg: The Board Chair and ED had two tele-conferences to
review the MOU suggestions including revisions made in response to the COVID-19
situation. The Town has agreed to our recent revisions. This one-time 2020 MOU, if
approved by Town Council on May 25th; would see the town pay the BIA $26,605. These
payments would be made to the BIA using the same quarterly schedule for the regular levy
amounts due. The ED will be working on a 2021 MOU that will need to be approved by the
Board of Management prior to the town’s budget deliberations in the fall of 2020.
11.Façade Improvement Program project update: There are still 2 interested parties who would
like to action their projects including Dr. Nguyen at Baldwin Street Dental and Shane Curtis
for the building at the corner of Oxford & Harvey Street. There are still funds in reserve
that could be used for these 2 properties. The Board of Management will need to provide
BIA staff with direction on how to proceed with these interested parties. The Board Chair
asked that this item be added to the agenda for discussion.
12.ROUNDTABLE: open discussion.
13.NEXT MEETING: Thursday, June 18th, 2020 – TIME AND VENUE TBD pending COVID-19.
14.MOTION TO ADJOURN: Time of adjournment: __________
a.moved by: _______________b.seconded by: ________________
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Tillsonburg
Business Improvement Area
Meeting Minutes
Board Meeting of
Thursday, March 26th, 2020
TELECONFERENCE
Time: 10:00 a.m.
1.CALL TO ORDER:Time:
QUORUM:YES - Count members present 7/9
C. Pepper, M. Renaud, C. Tomico, K. Slattery, J. Tilson, M. Van Geer Truyde, M. Tedesco,
D. Rasokas, D. Gilvesy
Regrets: A. Hicks, C. Heutinck
2.ADOPTION OF THE AMENDED AGENDA:
a.moved by: D. Gilvesy seconded by: M. Van Geer Truyde
“And resolved that the agenda as prepared for the BIA Board of
Management meeting for Thursday, March 26th, 2020 be adopted”.
“Carried”
3.DISCLOSURE OF PECUNIARY INTEREST AND THE GENERAL NATURE THEREOF:
4.ADOPTION OF THE MINUTES from the board meeting of February 20th, 2020
a.moved by: M. Tedesco seconded by: J. Tilson
“And resolved that the minutes, as prepared for the OPEN SESSION
meeting of February 20th, 2020 be adopted”.
“Carried”
b.moved by: M. Veer Geer Truyde seconded by: D. Gilvesy
“And resolved that the minutes, as prepared for the CLOSED SESSION
meeting of February 20th, 2020 be adopted”.
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“Carried”
5.EVENTS AND MARKETING CO-ORDINATOR’S REPORT: The EMC delivered a detailed
report including the curated boxes being sold via the Shopify platform. The EMC shared her
video screen with the presentation of what was accomplished for the month.
6.BEAUTIFICATION COMMITTEE REPORT & UPDATE: The ED has asked M. Fenn & C. Nagy
to join the committee to reconstitute the committee along with the Board Chair. The
program will continue for 2020. We will undertake similar efforts to last year. We are still
awaiting a decision from the town on the MOUD funding and agreement which has a
significant bearing on what we do. We will be spending carefully & responsibly. The ED
was clear about muting the efforts for 2020. M. Tedesco spoke about not putting the
furniture. C. Pepper spoke about the MOU and that there is no resolution as of yet; and
she queried if I had yet spoken with the new clerk. The ED has not made any
commitments. The ED commented . The Board Chair then spoke about the initial meeting
of the MOU meeting with the town back in February. Since that time, the Board Chair has
said there has been a change in tone. Comment was then made about expectations in
both the view of the town and the view of the BIA. C. Pepper spoke again about there
being no resolution on the existing MOU negotiations. The Board Chair spoke about
perhaps installing 50% of the planters compared with last year. The Board Chair also
articulated that we need to communicate things clearly and succinctly. Several comments
were made about ensuring we make Broadway look alive. The EMC suggested we have
clear signage in the pots as to who is paying for them to be clear to managed expectations.
7.FINANCIAL REPORT: The treasurer reviewed the financial report as was prepared by the
ED. The Treasurer was clear about that we should be expecting our full first quarter
payment from the Town of Tillsonburg. The Treasurer presented the revised budget which
removed the $11,600 for the month of April. The Treasurer also removed monies from the
reserves account; beautifications and general operating expenses. The end result of these
changes. is revenue neutral which anticipates no deficit. Funds on deposit at CIBC: as at
02/29/2020: $72,333.33; Funds on deposit at FirstOntario: as at 02/29/2020: $66,524.82
Total funds on hand as of 02/29/2020: $138,858.15. D. Gilvesy suggested that we
extend the levy payment suspension into the entire month of May. Discussion ensued.
Accounts receivable: Town of Tillsonburg – HST rebate from 2019: $20,063; Town of
Tillsonburg – levy for 1st quarter: $34,862.50; Town of Tillsonburg – damage to BIA assets
$1,804.20; Town of Tillsonburg – credit missing from acct: $1,797; Town of Tillsonburg –
Sobey’s development fee $5,000 (2019+2020).
D. Gilvesy suggested that we reallocate FIP monies to be used for emergency relief
programs to the satisfaction of the Board.
a. moved by: D. Gilvesy seconded by: D. Rasokas
“Carried”
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“And resolved that the BIA Board of Management hereby requests that the Town of
Tillsonburg approves the reallocation of the 2020 FIP funds to be used for
emergency relief programs in the BIA”
8.EXECUTIVE DIRECTOR’S REPORT: The ED reviewed the report and highlighted that the
office rent is an issue and has increased significantly vs. what was in the original approved
budget. The chart below summarizes as to how this will be dealt within the confines of
existing budget footprint.
Account: Description: Original budget:
Forecasted
actual:
Better/worse
than budget:
7130 Vehicle
insurance $1,225 $638 $587
5000 Christmas lights $2,500 Nil $2,500
6320 Marketing misc. $5,460 $1,000 $4,460
Total: $1,820
7650 Office rent $3,600 $5,400 ($1,800)
8300 Capital projects $23,000 $7,000 $16,000
Other income $55,220 TBD
BIA staff have undertaken the following cost-savings measures and budgetary adjustments
commensurate with the removal of the funding for April 2020:
1.All advertising on hold except for no-cost social media.
2.All capital spending is on hold.
3.All office supply purchases are on hold.
4.All FIP projects are on hold.
5.All FIP design services are on hold. ED spoke with D. Frei March 20th.
6.Any remaining discretionary funds are on hold pending resolution of the health crisis.
9.MOUD with the Town of Tillsonburg: There were no comments on the report.
10.Façade Improvement Program project update: The ED reviewed the update and the Board
Chair
11.A: COVID BUDGET DISCUSSION: The original discussion on waiving another month of levy
for the month of May 2020 was pulled since we passed a separate resolution.
a.Moved by: D. Rasokas Seconded by: D. Gilvesy
“And resolved that the BIA Board of Management hereby requests that the Town of
Tillsonburg approves the reallocation of the $62,000 of FIP funds to be used for
emergency relief programs in the BIA”
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“Carried”
B.: COVID COMMUNICATION: The Board Chair spoke about the importance of the
communication regarding the health crisis and the relief programs that are available. D.
Gilvesy suggested that the information being disseminated should be coordinated so that
the information is made more simple for businesses and BIA members. The Board Chair
suggested that the ED would transition to more of an ambassadorial role to help people get
their applications. There was a suggestion of task force to be created to deal with COVID-
19 on it’s own. This will include Councillor D. Gilvesy.
12. ROUNDTABLE: C. Pepper requested that we keep her in the loop with everything. D.
Gilvesy thanked C. Pepper and the SLT for their efforts during the crisis as they are working
long hours.
13.NEXT MEETING: Thursday, April 23rd, 2020 – 10:00 am via VIDEO TELECONFERENCE.
14.MOTION TO ADJOURN: Time of adjournment: 11:57 a.m.
a.moved by: M. Van Geer Truyde
“Carried”
Draft for discussion purposes onlyTillsonburg Business Improvement Area
Financial Statements
December 31, 2019
Draft for discussion purposes onlyTillsonburg Business Improvement Area
Index to Financial Statements
December 31, 2019
Page
INDEPENDENT AUDITORS' REPORT 1 - 2
FINANCIAL STATEMENTS
Statement of Financial Position 3
Statement of Changes in Net Financial Assets 4
Statement of Operations 5
Statement of Cash Flow 6
Notes to Financial Statements 7 - 9
Draft for discussion purposes onlyINDEPENDENT AUDITORS' REPORT
To the Members of Tillsonburg Business Improvement Area
Qualified Opinion
We have audited the financial statements of Tillsonburg Business Improvement Area (the Association),
which comprise the statement of financial position as at December 31, 2019, and the statements of
changes in net financial assets, operations, and cash flow for the year then ended, and notes to the
financial statements, including a summary of significant accounting policies.
In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion
section of our report, the accompanying financial statements present fairly, in all material respects, the
financial position of the Association as at December 31, 2019, and the results of its operations and its
cash flow for the year then ended in accordance with Canadian Public Sector Accounting Standards.
Basis for Qualified Opinion
In common with many not-for-profit organizations, the association derives revenue from donations and
other, the completeness of which is not susceptible of satisfactory audit verification. Accordingly, our
verification of these revenues was limited to the amounts recorded in the records of the association and
we were not able to determine whether any adjustments might be necessary to revenue, annual surplus,
accumulated surplus, and net financial assets. Our audit opinion on the financial statements for the year
ended December 31, 2018 was modified accordingly because of the possible effects of this limitation of
scope.
We conducted our audit in accordance with Canadian Generally Accepted Auditing Standards. Our
responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit
of the Financial Statements section of our report. We are independent of the Association in accordance
with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we
have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the
audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit
opinion.
Other Matters
Budget figures are provided for comparative purposes and have not been subject to audit procedures.
Accordingly, we do not express any opinion regarding the budget figures.
The financial statements for the year ended December 31, 2018 were audited by another auditor who
expressed an unmodified opinion on those financial statements on September 9, 2019.
Responsibilities of Management and Those Charged with Governance for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with Canadian Public Sector Accounting Standards, and for such internal control as
management determines is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Association's ability to
continue as a going concern, disclosing, as applicable, matters relating to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Association or to
cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Association's financial reporting
process.
(continues)
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Draft for discussion purposes onlyIndependent Auditors' Report to the Members of Tillsonburg Business Improvement Area (continued)
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with Canadian Generally Accepted Auditing Standards will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these financial statements. As part of an audit in accordance with
Canadian Generally Accepted Auditing Standards, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Association’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Association’s ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s
report to the related disclosures in the financial statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the Association to cease to continue
as a going concern.
Evaluate the overall presentation, structure, and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in
a manner that achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in internal
control that we identify during our audit.
Millard, Rouse & Rosebrugh LLP
May 15, 2020 Chartered Professional Accountants
Tillsonburg, Ontario Licensed Public Accountants
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Statement of Financial Position
As at December 31, 2019
2019 2018
FINANCIAL ASSETS
Cash $94,965 $220,270
Investments (Note 3)65,856 75
Accounts receivable 3,608 -
Due from Town of Tillsonburg 6,248 -
HST recoverable 11,712 4,450
$182,389 $224,795
LIABILITIES
Accounts payable $10,130 $4,429
Deposits - BIA bucks 775 775
Due to Town of Tillsonburg -4,847
Employee deductions payable 136 -
11,041 10,051
ACCUMULATED SURPLUS AND NET FINANCIAL
ASSETS
Unrestricted fund 29,018 80,718
Restricted fund (Note 4.)142,330 134,026
171,348 214,744
$182,389 $224,795
See accompanying notes
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Statement of Changes in Net Financial Assets
Year ended December 31, 2019
Unrestricted Restricted
Fund Fund 2019 2018
Accumulated surplus and net
financial assets - beginning of
year $80,718 $134,026 $214,744 $136,040
Annual surplus (deficit)(51,700)8,304 (43,396)78,704
ACCUMULATED SURPLUS AND NET
FINANCIAL ASSETS - END OF
YEAR $29,018 $142,330 $171,348 $214,744
See accompanying notes
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Statement of Operations
Year ended December 31, 2019
Budget
2019 2019 2018
REVENUE
Tax levy - Town of Tillsonburg $136,621 $128,354 $127,217
Facade improvement plan 25,000 25,000 25,000
AGM and other 13,264 5,790 292
Grants and donations 2,500 5,600 6,025
Interest 2,220 1,535 77
179,605 166,279 158,611
Expenses
AGM -3,206 -
Debt payments 11,628 24,167 8,989
Maintenance and beautification 13,250 55,554 6,785
Marketing and events 18,250 11,461 7,806
Operational 89,673 73,520 29,593
Special projects 50,500 41,767 26,734
183,301 209,675 79,907
ANNUAL SURPLUS (DEFICIT)$(3,696)$(43,396)$78,704
See accompanying notes
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Statement of Cash Flow
Year ended December 31, 2019
2019 2018
OPERATING ACTIVITIES
Annual surplus (deficit)$(43,396)$78,704
Changes in non-cash working capital:
Accounts receivable (3,608)4,794
Accounts payable 5,701 5,010
Prepaid expenses -245
HST payable (recoverable)(7,262)4,062
Due to Town of Tillsonburg (11,095)23,246
Employee deductions payable 136 -
(16,128)37,357
Cash flow from (used by) operating activities (59,524)116,061
FINANCING ACTIVITY
Repayment of long term debt -(2,000)
INCREASE (DECREASE) IN CASH (59,524)114,061
Cash - beginning of year 220,345 106,284
CASH - END OF YEAR $160,821 $220,345
CASH CONSISTS OF:
Cash $94,965 $220,270
Investments 65,856 75
$160,821 $220,345
See accompanying notes
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Notes to Financial Statements
Year ended December 31, 2019
1.NATURE OF OPERATIONS
The Tillsonburg Business Improvement Area is a local board of the Town of Tillsonburg, created
under terms of the Municipal Act to oversee the improvement, beautification, and maintenance of
municipally-owned land, buildings, and structures in the designated area beyond that provided at the
expense of the municipality generally and to promote the area as a business and shopping area.
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements of the Tillsonburg Business Improvement Area are the representation of
management prepared in accordance with accounting policies prescribed for Ontario municipalities
and their local boards by the Ministry of Municipal Affairs and Housing and by the Public Sector
Accounting and Auditing Standards Board of the Chartered Professional Accountants of Canada
which are Canadian Generally Accepted Accounting Principles.
Basis of presentation
Revenue and expenses are reported on the accrual basis of accounting. The accrual basis of
accounting recognizes revenue as it becomes available and measurable; expenses are recognized
as they are incurred and measurable as a result of receipt of goods or services and the creation of a
legal obligation to pay.
Fund accounting
The Tillsonburg Business Improvement Area follows the principles of fund accounting. The
Tillsonburg Business Improvement Area operates with one general fund. The general fund records
amounts used for the day to day operations. The board has internally restricted the use of funds for
the facade improvement plan. See note 4.
Revenue recognition
The Tillsonburg Business Improvement Area follows the restricted fund method of accounting for
contributions.
Restricted contributions related to the facade improvement plan operations are recognized as
revenue of the restricted fund in the year in which the contributions are received.
Unrestricted contributions are recognized as revenue of the general fund in the year received or
receivable if the amount to be received can be reasonably estimated and collection is reasonably
assured.
Tangible capital assets
Tangible capital assets are small in nature such as office equipment and computer hardware and
software. The historical cost and accumulated amortization for tangible capital assets are not
recorded as the net book value as of December 31, 2019 is not significant. Tangible capital assets
are reported as expenses on the Statement of Operations in the year of acquisition. Due to their
nature, business area improvements are not considered to be tangible capital assets of the
association.
(continues)
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Notes to Financial Statements
Year ended December 31, 2019
2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Measurement uncertainty
The preparation of financial statements in conformity with Canadian Public Sector Accounting
Standards requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of the
financial statements, and the reported amounts of revenues and expenses during the period. Such
estimates are periodically reviewed and any adjustments necessary are reported in earnings in the
period in which they become known. Actual results could differ from these estimates.
3.INVESTMENTS
Investments include a guaranteed investment certificate (GIC) and by its nature approximates its
market value. The GIC will mature in February 2021 and has an interest rate of 2.80%.
2019 2018
Guaranteed investment certificate $65,776 $-
Shares in credit union 80 75
$65,856 $75
4.RESTRICTED FUNDS
During the year the following activity occurred within restricted funds:
2019 2018
Facade Improvement Plan
Opening balance $134,026 $110,636
Contributions during the year 50,000 50,000
Qualifying expenditures during the year (41,696)(26,610)
Restricted funds - closing balance $142,330 $134,026
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Draft for discussion purposes onlyTillsonburg Business Improvement Area
Notes to Financial Statements
Year ended December 31, 2019
5.COMMITMENTS
Infrastructure Commitment
The Town of Tillsonburg incurred debt on behalf of the Tillsonburg Business Improvement Area
related to infrastructure improvements. The Tillsonburg Business Improvement Area has committed
to reimburse the Town of Tillsonburg for the principal and interest payments on this debt. The
outstanding commitment as at December 31, 2019 was $4,495 (2018 - $13,268). The commitment
will be complete with the last semi-annual blended payment being in March of 2020.
LED Streetlight Commitment
The Town of Tillsonburg incurred debt on behalf of the Tillsonburg Business Improvement Area
related to the acquisition of LED streetlights. The Tillsonburg Business Improvement Area has
committed to reimburse the Town of Tillsonburg for the principal and interest payments on this debt.
The outstanding commitment as at December 31, 2019 was $103,500 (2018 - $115,000). The
commitment will be complete in December of 2028 and payments over the next 5 years are as
follows:
2020 - $14,810
2021 - $14,423
2022 - $14,046
2023 - $13,669
2024 - $13,297
Office
The Tillsonburg Business Improvement Area has entered into an agreement to lease office space
from the Tillsonburg District Chamber of Commerce at a monthly rate of approximately $500. The
amounts are expensed as incurred and the lease is renewed annually under similar terms.
Facade Improvement Plan
The Tillsonburg Business Improvement Area enters into facade improvement agreements with
property owners in the designated business improvement area. As at December 31, 2019, there were
two holdbacks totaling $1,478. These amounts were paid in January 2020.
6.Comparative figures
Some of the comparative figures have been reclassified to conform to the current year's presentation.
9
Page 1 of 8
2020 MEMORANDUM OF UNDERSTANDING – COVID 19 REVISION
BETWEEN
TILLSONBURG BUSINESS IMPROVEMENT AREA
AND
THE CORPORATION OF THE TOWN OF TILLSONBURG
1.0 STATEMENT OF INTENT:
The Town of Tillsonburg (Town); representing the Community at large, and the Downtown
Business Improvement Association (BIA); representing the service, industrial, institutional
and commercial community in the Downtown Core and enter into the Memorandum of
Understanding to establish a working partnership/relationship to further enhance that
goal. The BIA Board of Management and Executive Director believes that the BIA can
deliver a more robust and higher level of service with the Downtown Core cleanliness,
aesthetics and experience and this agreement reflects that commitment. For other
services provided including the installation and removal of Christmas lights; banners; and
other goods and services - the BIA will effect a separate agreement with the 3rd party.
2.0 GUIDING PRINCIPLES:
The following guiding principles will direct the deliberations of the Town and BIA in
achieving that goal.
2.1 Assist business entrepreneurs to establish and thrive in the Core on an ongoing
basis.
2.2 Provide through the Town’s Economic Growth Strategy a framework for growth,
management and development.
2.3 Initiate improvement projects that will enhance the Community profile of the Core.
2.4 Provide financial incentives and technical resource assistance as requested and/or
needed.
2.5 Encourage and support the BIA management board and staff in their endeavours.
2.6 Promote and raise the profile of the Core in surrounding communities as the place
to visit and shop.
2.7 Develop plans for continuous improvement of all capital assets and beautifications.
2.8 Coordinate annual operating and capital plans between the parties, where feasible
and practical.
2.9 Develop communication protocols and procedures to enhance the effectiveness of
BIA operations in the Downtown Core.
2.10 Provide for the annual review of by-laws to ensure consistency between Town and
BIA strategic objectives.
2.11 BIA and Town to review and agree upon capital projects prior to the Town’s
budget approval by Town Council.
Page 2 of 8
3.0 MANDATES:
BIA:
The BIA as set out in the Municipal Act, has been established to promote (a) the Core as
the major business and shopping area of the Town and (b) the improvement,
beautification and maintenance of municipally-owned land, buildings, and structures in
the area beyond that provided (incremental to) the expense of the municipality.
TOWN:
The Town of Tillsonburg, as set out in the Official Plan, is obligated to maintain, develop
and create a strong, healthy and vibrant Downtown Core consistent with the Corporate
strategic plan and best-practices as demonstrated by similar small urban towns & cities in
Canada.
4.0 CONDITIONS PRECEDENT:
The parties agree to the following conditions:
4.1 Capital projects of a minor nature as set out above will be the responsibility of the
BIA to fund under separate levy subject to a business plan being presented to
Council which includes the ongoing operating costs associated therewith. A list of
project assets to date is provided in Appendix A.
4.2 Operating costs between the parties will be in accordance with the approved
schedule attached as Appendix B.
4.3 Any additional charges or costs other than those contained in this agreement must
be agreed to by the parties prior to procurement and/or issuance of a purchase
order.
4.4 The approved/budgeted BIA levy is to be paid in 4 equal installments calculated
as the approved annual gross levy budget divided by 4. These payments are to be
made on:
- March 15th June 15th
- Sept 15th December 15th
4.5 Any invoiced charges to the BIA must be accompanied with proper back-up
documentation including the scope of work and staff time as per this agreement.
4.6 The only deductions to be made from the BIA levy payments are any tax
adjustments applicable to the BIA zone. These adjustment(s) must contain the
appropriate back-up documentation including property address and roll number.
4.7 Payments for debentures are to be invoiced to the BIA when paid for by the Town.
The BIA will pay said debenture payments within 30 days of receipt.
4.8 A BIA representative and the Town’s Revenue Manager are to meet at least twice
yearly to review the assessment roll for changes and updates.
4.9 The BIA and Town agree to provide “change of use” information between the
parties on an as-needed basis with respect to properties contained within the BIA
zone (i.e. a Church no longer be used as a “house of worship”.
Page 3 of 8
4.10 The payment for services provided by the BIA and paid for by the Town are to be
billed in 4 equal installments as follows:
May 15, 2020 - $6,651.25 July 15, 2020 - $6,651.25
Sept 15, 2020 - $6,651.25 Nov 15, 2020 - $6,651.25
5.0 AMENDMENTS:
Amendments to the agreement will require the mutual consent of the parties and will be
considered at the annual review meeting to take place in November of each year. The BIA
Board of Management must approve all proposed amendments.
6.0 TERMS OF THE AGREEMENT:
6.1 The agreement will be reviewed annually and will be in effect from the
commencement date to December 31st of 2020.
6.2 The annual review will take place in September of each year and prior to the
approval of the Town and BIA budgets for the upcoming fiscal year.
TILLSONBURG BUSINESS IMPROVEMENT ASSOCATION
__________________________ __________________
By: Date:
THE CORPORATION OF THE TOWN OF TILLSONBURG
__________________________ __________________
By: Date:
__________________________ __________________
By: Date:
Page 4 of 8
APPENDIX A: BIA ASSETS
1.0 STREET FURNITURE:
1.1 Benches – cast iron and wood slat construction - 29
1.2 Glass top tables (36” x 36”) – 40
1.3 Glass top side tables (20” x 20”) – 15
1.4 Black aluminum chairs – 160
1.5 Nylon brown chairs - 60
1.6 Hexagon picnic tables - 3
2.0 SMOKING CONTROL:
2.1 Butt stop – stand alone unit – 5
2.2 Butt stop – wall mount – 5
3.0 POTS & PLANTERS:
3.1 Narrow/tall single planter - 24
3.2 Large brown pots – 20
3.3 Square planters - 2
4.0 GARBAGE CONTAINERS:
4.1 Black steel double unit – 11
4.2 Barrel style with red lid – 1
4.3 Rubbermaid – round style with lid – 2
4.4 Rubbermaid – square with lid – 2
4.5 Rubbermaid – square with recycling lid – 1
5.0 SHADE STRUCTURE & SUPPORTS:
5.1 7’ umbella – 55
5.2 9’ umbella – 6
5.3 Umbrella bases – large – 60
5.4 Umbrella bases – small – 24
6.0 OFFICE EQUIPMENT:
6.1 IT – laptop computers – 2
6.2 IT – desktop computers – 2
6.3 IT – colour printers – 2
6.4 IT – iPhones – 2
6.5 IT – label maker – 1
6.6 Furniture – tables – 1
6.7 Furniture – office chairs – 2
6.8 Office miscellaneous – 17
Page 5 of 8
7.0 STREETSCAPE IMPROVEMENTS:
7.1 Broadway node reconstruction circa 2004:
7.1.1 Interlocking stone-works
7.1.2 Cast iron tree grates
7.1.3 Trees
7.1.4 Accessible ramps
7.1.5 Tree guards
7.1.6 Power outlets
7.2 Heritage LED light fixtures circa December 2018:
7.2.1 Contribution to capital cost for procurement
differential: ($114,000 comprised of 70 fixtures)
8.0 ELECTRONIC BULLETIN BOARDS & DISPLAYS
8.1 EBB at Venison & Broadway
8.2 EBB at Mineral Springs
8.3 LG 47WB 50BRB-B flat panel HD TV (1 each)
Page 6 of 8
APPENDIX B: COST OF SERVICES – OPERATING & CAPITAL – 2020 COVID REVISION
TOWN
1.0 BIA COURTESY BENCHES $2,975
Purchase, installation, storage & maintenance
of all benches in the BIA zone which includes
seasonal installation, (spring); maintenance during
spring, summer and early fall; and collection &
storage in the winter months.
Operational responsibility: 100% BIA with the
Town paying $2,975 to the BIA annually.
2.0 WASTE & RECYCLE REMOVAL: $9,750
Collect, remove and disposal of waste and recycling
in the Downtown Core with the exception of the units
located at the Tillsonburg Town Centre Mall campus area.
This also includes the collection, removal and disposal of
dumped waste items in Downtown alleys, Downtown
parking lots & other public spaces including Library Lane.
The BIA will be responsible for its own dumpster, labour,
scheduling, service levels and disposal of collected items.
Operational responsibility: 100% BIA with
Town paying $9,750 to the BIA annually.
3.0 LANDSCAPING SERVICES $3,080
STREET POTS, PLANTERS, TREES
Purchase and install all trees, replace damaged
or dead trees/foliage on an annual basis. Includes
as-needed pruning and foliage removal.
The BIA will assume the cost of the plant materials,
Maintenance & care for the large Town pots located at
the clock tower, major intersections & other areas in
the Downtown BIA zone.
Purchase and install all seasonal pots, planters,
hang baskets, (includes the cost of all specimens of
flowers, greenery, pot accents and signage.
*Note: this does not include the cost of cutting or
caring for grassed areas which remains in the purview
of the Town.
Remove all weeds from grates, curbs, sidewalks, alleys,
walkways, public areas, parkettes, traffic signals, nodes,
& interlocking stone areas.
Operational responsibility: 100% BIA with
Town paying $3,080 to the BIA for 2020.
Page 7 of 8
4.0 WATERING/IRRIGATION $6,530
Includes watering/irrigation of all pots,
plants, baskets, planter units &
urns in the BIA defined zone including those owned
by either the BIA or Town of Tillsonburg.
This service includes the cost of water, fertilizer,
hoses, nozzles, pumps & other equipment that is
required to undertake this effort.
Operational responsibility: 100% BIA with
Town paying $6,530 to the BIA for 2020.
5.0 STREET SIGNS/BLADES $0
100% responsibility of the BIA with (for 2020 only)
The Town providing $1,500 per annum
for replacement and/or new street signage
that meets AODA standards.
DEFERRED TO 2021
This service includes the design, approval,
procurement, installation, maintenance & repair
of all Downtown street blade signs on an annual
basis.
Note: For 2020; commence transition to proper
AODA standards for 10 main Broadway signs with
the remaining replacements to be phased-in
commensurate with future budgets & business
plans.
100% BIA responsibility with the Town paying
the BIA $1,500 for 2020.
6.0 SIDEWALK & GUTTER CLEANLINESS & $4,270
MANUAL STREET-SWEEPING
The BIA will perform day-to-day sweeping
in all downtown areas of the commercial
corridor. The Town to provide annual funding
of $4,270 representing 50% of the cost of
this service for 2020.
This service includes all labour costs; cost of removal
of garbage, cost of equipment, cost of PPE &
supervision of student labour including an operational
plan and system for BIA staff to follow.
This service also includes the one-time, annual spring
clean-up from the winter thaw.
Page 8 of 8
7.0 CAPITAL PROJECTS: $0
The Town to provide the BIA with 2020 funding (for 2020 only)
of $3,000 towards BIA capital projects for the
downtown Core area with an equal or greater
contribution by the BIA for 2020.
DEFERRED TO 2021
2020 capital purchases include:
a) Additional smoking control units (2)
b) Additional waste receptacles units (2)
c) Contribution to remaining BIA capital projects
(or replacements), as listed separately above.
Note: The BIA has used the 2013 cost platform as the base with a 2.5% annual inflation
factor plus adjustment for actual costs experienced in 2019.
TOTAL 2020 FUNDING FROM THE TOWN TO BIA: $26,605
Tillsonburg BIA - 2020 BIA Budget Financial Summary with proposed MOUD v3 (May 11th, 2020)
Summary of
Revenues & Expenditures 2018 Actual
Audited
2019
Budget
2019
Projected
(forecast)
2020
Proposed
Budget
2020
projection
w.MOUD
2021
budget w
SBLP/mall
2022
budget
Revenues: +26,605
BIA Levy (taxation) 127,217 136,621 136,621 139,450 139,450 76,300 77,825
Fixed levy – 200/248 B-way 70,000 71,400
Tax write-offs -7,000
Town contribution to Façade
Program 25,000 25,000 25,000 31,000 31,000 31,000 31,620
Other income & funding inc.
SJS, sponsorships 3,525 13,264 19,137 55,220 15,000 60,000 61,200
MOUD funding 26,605 40,000 40,000
HST rebate 13,111 15,000 20,063 14,336 3,220 15,000 15,300
Interest income 77 2,220 960 1,010 1,300 1,100 1,215
Rock Developments-Sobey’s
agreement 2,500 2,500 2,500 2,500 2,500 2,500 2,500
Contribution from accumulated
surplus 0 0 30,000 46,000 0 0 0
Total Revenues: 171,722 194,605 234,281 289,516 212,075 295,900 299,240
Levy as % of total revenues 74.1% 70.2% 53.7% 47.6% 65.7% 49.4% 49.9%
Expenditures:
General, administrative +
operations (including payroll,
office expense)
29,593 84,673 84,377 125,691 120,071 142,100 144,230
Debt principle & interest 8,989 11,628 25,067 22,504 22,504 14,423 14,045
Debt P&I payment as a % of levy: 7.1% 8.5% 18.3% 16.1% 16.1% 12.3% 9.4%
HST (1.76%) 100% of GST, 78%
of PST 14,251 20,000 21,808 15,583 3,500 15,825 15,915
Capital, repair & special
projects 6,734 500 15,978 23,000 10,000 22,000 17,250
Marketing, events &
advertising 7,806 18,250 9,191 24,000 10,000 22,000 24,000
Façade Improvement Program 25,000 50,000 47,748* 62,000 46,000 62,000 62,000
Beautifications – plants, street
furniture, umbrellas 6,785 13,250 53,000 11,000 0 11,700 12,000
Capital reserve (*NEW) 0 0 0 2,869 0 2,926 2,985
Operating reserve (*NEW) 0 0 0 2,869 0 2,926 2,985
Total Expenditures: 94,158 194,605 257,169 289,516 212,075 295,900 294,410
Net Revenue/(Deficit) +77,564 0 -22,888 0 0 0 +3,830
Summary of Accumulated (cash based) *timing of payment for FIP
projects
*final payment of $4,495 *final payment of $4,495
Beginning Balance 106,284 192,783 220,345 167,457 182,389 135,071 140,923
Change in accum Surplus +114,061 0 -30,000 -40,262 0 +5,852 +3,830
Ending Balance 220,345 192,783 167,457 127,195 182,389 140,923 144,753
Tillsonburg BIA
PROFIT AND LOSS
April 2020
Accrual Basis 1/2
TOTAL
APR 2020 APR 2019 (PY)JAN - APR, 2020 (YTD)
INCOME
4000 Donations - GRK 3,100.00
4050 Other Revenue 3,198.52
4850 Sales of Product Income 569.91 1,426.58
REVENUE
4100 Taxes - regular 34,862.50 34,862.50
4150 AGM 123.89
4200 Donations - Sobeys 1,250.00 1,250.00
4450 Interest Income 160.99 14.32 1,072.02
4600 Share Dividend 5.00
4750 Urban Design - FIP Program 31,000.00
Total REVENUE 36,273.49 14.32 68,313.41
Total Income $36,843.40 $14.32 $76,038.51
GROSS PROFIT $36,843.40 $14.32 $76,038.51
EXPENSES
BEAUTIFICATIONS
5000 Christmas Lights & Decorations 98.21
5200 Street Furniture 7,984.89
5750 FIP 38,477.50
Total BEAUTIFICATIONS 46,560.60
MARKETING/PROMOTION
6200 General Advertising 23.00 638.12 466.20
6300 Christmas Promotions/Crawl 1,200.00
6305 Marketing and Events 353.23 406.19
6320 Marketing Miscellaneous 368.30
6600 Block Party Turtlefest 2,500.00 2,500.00
Total MARKETING/PROMOTION 2,876.23 638.12 4,940.69
OPERATIONS
7000 Bank Service Charges 127.28 25.00 317.16
7050 Debt Interest 36.13 36.13
7110 Vehicle Operating Costs 515.16 1,716.06
7150 Executive Director 568.79 3,333.33 12,684.17
7160 Events & Marketing Co-ordinator 3,076.92 769.20 12,867.68
7170 Hourly Part Time Staff 1,073.96
7190 Employee Benefits 260.13
7200 Accounting - Professional Fees 6,298.09
7210 Bookkeeping 170.00 120.00 760.00
7220 Employer Payroll Taxes 451.79 2,029.68
7300 Debt Principal 4,422.82 4,422.82
7450 Office Expense 508.23
7460 Telephone Expense 278.57 278.57
7500 Computer and Internet Expenses 88.73 3,072.75
7600 Quickbooks Software 182.85
7650 Rent 0.00 1,371.36
Tillsonburg BIA
PROFIT AND LOSS
April 2020
Accrual Basis 2/2
TOTAL
APR 2020 APR 2019 (PY)JAN - APR, 2020 (YTD)
Total OPERATIONS 9,736.19 4,247.53 47,879.64
Total Expenses $12,612.42 $4,885.65 $99,380.93
PROFIT $24,230.98 $ -4,871.33 $ -23,342.42
Tillsonburg BIA
BUDGET VS. ACTUALS: 2020 BIA BUDGET - FY20 P&L
January - April, 2020
Accrual Basis 1/2
TOTAL
ACTUAL BUDGET
Income
4000 Donations - GRK 3,100.00
4050 Other Revenue 3,198.52 18,408.00
4850 Sales of Product Income 1,426.58
REVENUE
4100 Taxes - regular 34,862.50 46,483.32
4150 AGM 123.89 166.68
4200 Donations - Sobeys 1,250.00 833.32
4350 HST Rebate 4,778.68
4450 Interest Income 1,072.02 336.68
4600 Share Dividend 5.00
4750 Urban Design - FIP Program 31,000.00 10,333.32
Total REVENUE 68,313.41 62,932.00
Total Income $76,038.51 $81,340.00
GROSS PROFIT $76,038.51 $81,340.00
Expenses
8000 SPECIAL PROJECTS
8300 Capital Projects 3,833.32
8350 Special Projects Contingency 3,833.32
Total 8000 SPECIAL PROJECTS 7,666.64
BEAUTIFICATIONS
5000 Christmas Lights & Decorations 98.21 833.32
5100 Trees 833.32
5200 Street Furniture 7,984.89 833.32
5250 Banners/Flags 550.00
5300 EBB Restoration 83.32
5550 Keep Downtown Beautiful 533.32
5750 FIP 38,477.50 20,666.80
Total BEAUTIFICATIONS 46,560.60 24,333.40
MARKETING/PROMOTION
6200 General Advertising 466.20 1,333.32
6300 Christmas Promotions/Crawl 1,200.00 666.68
6305 Marketing and Events 406.19
6318 Marketing Production 1,333.32
6320 Marketing Miscellaneous 368.30 1,820.00
6350 Seasonal Promotions 1,666.68
6500 Santa Claus Parade 416.68
6600 Block Party Turtlefest 2,500.00 666.68
6700 Communications 96.68
Total MARKETING/PROMOTION 4,940.69 8,000.04
OPERATIONS
7000 Bank Service Charges 317.16 113.00
7050 Debt Interest 36.13 1,118.68
7110 Vehicle Operating Costs 1,716.06 191.80
7130 Vehicle Insurance 408.32
Tillsonburg BIA
BUDGET VS. ACTUALS: 2020 BIA BUDGET - FY20 P&L
January - April, 2020
Accrual Basis 2/2
TOTAL
ACTUAL BUDGET
7150 Executive Director 12,684.17 17,500.00
7160 Events & Marketing Co-ordinator 12,867.68 13,333.32
7170 Hourly Part Time Staff 1,073.96 2,833.32
7190 Employee Benefits 260.13
7200 Accounting - Professional Fees 6,298.09 1,108.00
7210 Bookkeeping 760.00 480.00
7220 Employer Payroll Taxes 2,029.68 2,253.68
7230 Wages & Benefits 2,656.00
7300 Debt Principal 4,422.82 5,303.00
7350 HST Expense 5,194.32
7450 Office Expense 508.23 200.00
7455 ADP Payroll Service 390.00
7460 Telephone Expense 278.57 171.80
7500 Computer and Internet Expenses 3,072.75 80.00
7600 Quickbooks Software 182.85 58.40
7650 Rent 1,371.36 1,200.00
Total OPERATIONS 47,879.64 54,593.64
Total Expenses $99,380.93 $94,593.72
NET OPERATING INCOME $ (23,342.42)$ (13,253.72)
NET INCOME $ (23,342.42)$ (13,253.72)
CIBC Account Statement
TILLSONBURG BUSINESS IMPROVEMENT
AREA
The names shown are based on our current records, as of May 18, 2020.
This statement does not reflect any changes in account holders and
account holder names that may have occurred prior to this date.
For Apr 1 to Apr 30, 2020
Account number
66-36217
Branch transit number
03072
Account summary Contact information
Opening balance on Apr 1, 2020 $20,330.82
Withdrawals -23,915.92
Deposits +34,042.11
Closing balance on Apr 30, 2020 =$30,457.01
1 800 465 CIBC (2422)
Contact us by phone for questions
on this update, change of personal
information, and general inquiries,
24 hours a day, 7 days a week.
TTY hearing impaired
1 800 465 7401
Outside Canada and the U.S.
1 902 420 CIBC (2422)
www.cibc.com
Transaction details
Date Description Withdrawals ($)Deposits ($)Balance ($)
Apr 1 Opening balance $20,330.82
Apr 1 MISC PAYMENT
000000816616021
CORP TOWN OF TILLSONBURG
31,343.67 51,674.49
Apr 6 DEPOSIT 644.00 52,318.49
WITHDRAWAL 10.00 52,308.49
DEPOSIT 604.00 52,912.49
CORRECTION 604.00 52,308.49
CHEQUE 34812711 93 409.70 51,898.79
Apr 7 PRE-AUTH DEBIT
000000000000000
PAYROLL PWE BUSINESS PAD
3,641.00 48,257.79
Apr 9 CHEQUE 75638393 98 2,068.22 46,189.57
Apr 13 CHEQUE 34161879 92 220.00 45,969.57
CHEQUE 34161915 96 170.00 45,799.57
CHEQUE 78542192 90 389.85 45,409.72
(continued on next page)
10774E BUS-2018/09 Page 1 of 2
Transaction details (continued)
Date Description Withdrawals ($)Deposits ($)Balance ($)
Apr 13 Balance forward $45,409.72
Apr 16 E-TRANSFER102383646062
MARK A RENAUD
4506*********969
1,450.44 46,860.16
CHEQUE 72564836 91 8,882.39 37,977.77
CHEQUE 75782630 94 352.77 37,625.00
CHEQUE 75851594 89 203.40 37,421.60
Apr 20 CHEQUE 34442589 3 2,500.00 34,921.60
CHEQUE 75589010 100 380.50 34,541.10
Apr 22 PRE-AUTH DEBIT
000000000000000
PAYROLL PWE BUSINESS PAD
1,646.45 32,894.65
CHEQUE 34082841 95 225.00 32,669.65
Apr 27 CHEQUE 72129311 99 1,604.58 31,065.07
Apr 29 RENT/LEASE
GM FINANCIAL CANADA LEASING
573.06 30,492.01
Apr 30 ACCOUNT FEE 35.00 30,457.01
Closing balance $30,457.01
Important: This statement will be considered correct if you do not report errors, omissions or irregularities in entries and
balances to CIBC in writing within 30 days from last date of the statement period covered by a previously issued regular
statement where such period included the date the entry was, or should have been, posted.
This rule does not apply to improper credits to your account. Your rights under your business account operation agreement to
verify and notify CIBC of account errors, omissions or irregularities do not apply to this statement which is for information or
replacement purposes only.
*Foreign Currency Conversion Fee:
If you withdraw foreign currency from a bank machine located outside Canada, you are charged the same conversion rate
CIBC is required to pay plus an administration fee, which is disclosed in the CIBC's current Business Account Service Fees
brochure, a copy of which is available at any CIBC branch in Canada (this is in addition to any transaction fee applicable to the
withdrawal and the network fee).
TM Trademark of CIBC
® Registered trademark of CIBC
® Interac is a registered trademark of Interac Inc./CIBC Licensee
CIBC Account Statement Apr 1 to Apr 30, 2020
Account number: 66-36217
Branch transit number: 03072
10774E BUS-2018/09 Page 2 of 2
CIBC Account Statement
TILLSONBURG BUSINESS IMPROVEMENT
AREA
The names shown are based on our current records, as of May 18, 2020.
This statement does not reflect any changes in account holders and
account holder names that may have occurred prior to this date.
For Apr 1 to Apr 30, 2020
Account number
66-36616
Branch transit number
03072
Account summary Contact information
Opening balance on Apr 1, 2020 $40,409.92
Withdrawals -0.00
Deposits +9.85
Closing balance on Apr 30, 2020 =$40,419.77
1 800 465 CIBC (2422)
Contact us by phone for questions
on this update, change of personal
information, and general inquiries,
24 hours a day, 7 days a week.
TTY hearing impaired
1 800 465 7401
Outside Canada and the U.S.
1 902 420 CIBC (2422)
www.cibc.com
Transaction details
Date Description Withdrawals ($)Deposits ($)Balance ($)
Apr 1 Opening balance $40,409.92
Apr 30 INTEREST
BIGA DAILY CREDIT INTEREST
APRIL 2020
9.85 40,419.77
Closing balance $40,419.77
10774E BUS-2018/09 Page 1 of 2
Important: This statement will be considered correct if you do not report errors, omissions or irregularities in entries and
balances to CIBC in writing within 30 days from last date of the statement period covered by a previously issued regular
statement where such period included the date the entry was, or should have been, posted.
This rule does not apply to improper credits to your account. Your rights under your business account operation agreement to
verify and notify CIBC of account errors, omissions or irregularities do not apply to this statement which is for information or
replacement purposes only.
*Foreign Currency Conversion Fee:
If you withdraw foreign currency from a bank machine located outside Canada, you are charged the same conversion rate
CIBC is required to pay plus an administration fee, which is disclosed in the CIBC's current Business Account Service Fees
brochure, a copy of which is available at any CIBC branch in Canada (this is in addition to any transaction fee applicable to the
withdrawal and the network fee).
TM Trademark of CIBC
® Registered trademark of CIBC
® Interac is a registered trademark of Interac Inc./CIBC Licensee
CIBC Account Statement Apr 1 to Apr 30, 2020
Account number: 66-36616
Branch transit number: 03072
10774E BUS-2018/09 Page 2 of 2