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 ?
Contract award notice: supply of electricity (eco and normal current) at a fixed price for the reference years 2016 to 2018.
Bulgaria, Latvia and Hungary reported for all three reference years that all suspected traffickers were citizens of their country.
Experience in England, shows us that those units which historically claimed a high level of production-linked subsidies or held significant milk quota in the reference years are likely to gradually receive less direct aid as the method of payment becomes more area based.
Statements of Entitlements for farmers who got CAP subsidies in the 2000 to 2002 reference years.
These provisions are available to farmers who can prove that a particular scheme should be excluded from the reference amount calculation for one or more reference years because payments under that scheme were reduced because of force majeure or exceptional circumstances.
Contract award: power supply for the reference years 2016 and 2017-18 lose.
The majority of the identified and presumed victims over the three reference years are trafficked for sexual exploitation (62%).
Welsh farmer Robin Lewis claims he stands to lose thousands of pounds after his wife was diagnosed with breast cancer during one of the reference years on which his single farm payment was calculated.
Additionally, any producers who requested an amendment to their reference years will either have received, or will shortly get an SP2a form.
We need assurances that electing for different reference years on agri-environment grounds should not be irrevocable.
Contract notice: Supply of electricity (eco and normal current) at a fixed price for the reference years 2016 to 2018.
CLA Wales rural policy adviser, Sue Evans, said the problem centres on the fact that the SFP will be lower for those who reduced stocking rates before the reference years.