Regulation 11 BID Revenue Account
Schedule 3 shall have effect with respect to the keeping of the BID Revenue Account
Where the district council has more than one business improvement district, it shall ensure a separate BID Revenue Account is kept for each of the business improvement districts.
This paragraph applies where BID arrangements come to an end (whether by reason of termination under regulation 18 or otherwise) and there is a credit to the BID Revenue Account which, after deducting a reasonable sum for the cost of administering the arrangements for crediting or refunding the amount, would provide a credit or refund of at least £10 for each person who was liable to pay the BID levy immediately prior to the end of the BID arrangements (in this regulation, a “previous levypayer”).
Where paragraph (3) applies, the district council shall-
calculate the amount of the credit to the BID Revenue Account (after the deduction referred to in paragraph (3) has been made) which is to be credited or refunded to each previous levypayer; and
ensure the amount to be credited or refunded to each previous levypayer is calculated by reference to the amount of the BID levy each previous levypayer was liable to pay for the last chargeable period of the BID arrangements; and
Where paragraph (3) does not apply, the district council shall carry the credit balance in the BID Revenue account to the credit of its general fund.