The BID is funded by a levy on each business located within the BID area.
This is presently set at 1.5% of the rateable value (RV). 30% of businesses pay less than £200 in BID levy, but together they generate approximately £160,000 per annum in core funding.
In addition to this core funding, additional contributions are received from a number of projects bringing the total funding each year to approximately £180,000, and total funding over the five-year lifetime of the BID, to nearly £900,000.
According to the BID legislation in England and Wales, the only agency that can collect the BID levy is the local authority. The invoices are sent out by Huntingdonshire District Council annually in the autumn. Once the levy is collected the money is passed to BID Huntingdon, a not for profit company limited by guarantee.