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 ?
Opelo, Permanent Secretary of the Ministry of Environment, Natural Resources Conservation and Tourism of Botswana, officially presented the updated Tourism Satellite Account for Botswana for the reference year 2016.
The reference year for the three countries ahead of the Philippines is 2009.
The reference year changes to 2015 from the CPI for July 2016 that will be published in August 2016.
The chained-dollar values for the detailed GDP components will not necessarily sum to the chained-dollar estimate of GDP (or to any intermediate aggregate) in a table, because the relative prices that are used as weights for any period other than the reference year differ from those of the reference year.
The new fines were calculated on the basis of the parameters as in the 2007 decision, with the exception of the reference year.
On average, energy consumption decreased by more than 30% compared to reference year 1998.
This stipulates that the annual total amount of aid to current production should never exceed aid authorised by the Commission for the reference year 2001 (or EU accession year for new member states).
One year on from its announcement that it would cut its global carbon footprint by 20 per cent a year against the reference year 2007, the bank has made further significant progress in neutralising its carbon emissions.
The Statistical Service reported that the national accounts data for the year 2007 have been revised on the basis of the final results from the economic surveys for the reference year, while the revised data for the year 2008 is based on the most recently available indices.
The reference year used to calculate the amount to be integrated will be 2008.
This represents an increase of 25% in comparison with 2001 which is considered by professionals as a reference year, he said.
statistical agencies, beginning with the reference year 2007.