Lowering the levy
Part of the funding for LVRPA comes from a levy on the council tax payers of London, Essex and Hertfordshire.
The LVRPA board, which is made up of 28 councillors from across our precepted Authorities, is of course only too aware of the financial situation facing local authorities and voted unanimously to cut the levy by two per cent for the third year running.
Next year’s levy equates to £1.06 per person in London, Essex and Hertfordshire and will raise a similar amount to that of 2007/08. We are already a lean organisation and have been working hard to keep our costs to a minimum and reduce the levy to 99 pence per head of person over the coming years. For the first time, the levy accounts for less than half of our £23.7m gross budget. The remainder of our income is raised through charges, fees and other commercial activities. The Park Authority is looking to maximise the opportunities presented by the London 2012 Games and the three venues we will own, including sponsorship, naming rights and commercial investment in new attractions.
We have guaranteed the future of all three venues within our current levy policy. We run venues that are community focused and commercially driven, with well-developed plans in place to encourage their widest possible use locally, regionally and nationally, but ensuring they minimise any demand on the taxpayer.
We are confident that the residents of London, Hertfordshire and Essex, regardless of age or ability can benefit from our London 2012 venues for many years to come.