base year

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Base Year

The year against which the performance of an index is measured. For example, suppose the base year is 2001 and the initial value of an index is 100. If the index is 150 in 2009, it means that the value of the index is 50% higher in 2009 than it was in 2001. It is also called the reference year. See also: Base Value.

base year

the initial period from which a system of INDEXATION proceeds. For example, the present UK Consumer Price Index has as the base period 1996 = 100, with the average price of a typical basket of goods in 1996 being taken as the basis for the index. The 2004 index number was 111 for all items in the basket of goods. Convention dictates that the base period always commences from the number 100. See PRICE INDEX.

base (expense) year

In commercial leases, the year used as a measure of a tenant's obligation to pay the pro rata share of ever-increasing building expenses over time.The rent for the first year is usually calculated by the landlord so as to pay currently known building expenses and provide a profit. This is usually the base year. As expenses increase over time, the amount they exceed the expenses of the base year is the figure the landlord uses to calculate the tenant's pro rata share of the expenses.

References in periodicals archive ?
According to the African Development Bank (AfDB), there are 19 countries in Africa where the GDP base year is more than a decade old, and at least io countries where it is much older still - the Democratic Republic of Congo and Equatorial Guinea have base years that are 30 years old.
The NCSI will publish the December 2013 indicators based on the two base years (2000A[degrees] 2012) in the monthly publication which will be issued in January 2014.
The National Centre for Statistics and Information will publish December 2013 indicators based on the two base years (2000 and 2012) in the monthly publication, which will be issued in January 2014.
Stops and Base Years usually include another procedure as part of their implementation.
Although delaying an accumulation distribution until 1995 allows a potentially higher marginal rate year (1994) to enter the five base years of the throwback calculation, it may not increase the beneficiary's tax.
Data on Gross National Product (GNP) and its components expressed in prices and weights of base years prior to 1987 come from the Survey of Current Business;(2) data on the NIPA expressed in terms of 1987 prices and weights were downloaded from the Data Resources Inc.
This follow-on contract is worth approximately $60 million over two base years and one option year.
The indefinite delivery/indefinite quantity contract with three base years and three one-year options is valued at a maximum of $150 million, with initial store automation orders totaling over $10 million.
A performance-based contract with five base years and four award years, EITC is valued at $ 190 million dollars if all award years are earned.
The term of the subcontract is for three base years and two options years giving a total potential value of the subcontract of over $30 million.
GroupTech estimates the award to be worth $20 million over the five base years of the contract.
This task-based contract, which has three base years with two one-year options, has an expected value of $3 million, but could exceed that amount.