Background: Section 43(1) of the DCA states that “The treasurer of a municipality shall each year on or before such date as the Council of the municipality may direct, give the Council a financial statement relating to development charge by-laws and reserve funds established under section 33.” Section 42 of the Planning Act requires the Treasurer to provide a financial statement to Council relatin. [...] Update on the Non-Statutory Reductions / Exemptions Included in the DC By-Law Under the DCA the Town is permitted to offer development charge reductions / exemptions in its by-law beyond the statutory exemptions in the Act. [...] The Town must reimburse, from the tax base on an annual basis for the loss in revenue that would have been collected but was waived under Page 71 of 278 Agenda Item # 9.6 Report CS 34-19 Committee of the Whole Page 3 of 7 the application of voluntary exemptions listed in the by-law. [...] For the 2018 fiscal year end, $1,646,554 was transferred from the One-Time Reserve Fund (LTFR) into the various Development Charge Reserve Funds for the revenue shortfall realized from the application of non-statutory development charge exemptions. [...] The forecasted 2019 Development Charge collections will continue to be monitored and incorporated into the updated Long Range Financial Plan included in the Business Plan expected in the fall of 2019 and the subsequent development of the 2020 Capital Budget and nine-year forecast.
Authors
- Pages
- 12
- Published in
- Canada
