2016-2020_Financial_Plan_Web

Economic Overview

Development Cost Charges (DCC’s) collected in 2015 were approximately 13% higher than those collected in 2014; the collection of DCC’s is correlated to the volume and type of Planning Applications that are submitted, however due to the fact that DCC’s are typically collected at the building permit stage, there can be a notable time lag between an application and receipt of DCC’s. year increase of approximately 37%. This strong performance is another indication that the City had a very strong overall development year. Furthermore, Building Permit revenue typically is a strong indicator of future revenues for the City in the form of new taxation revenues. These new taxation revenues are critical to the City’s financial health and in part support investments in various projects such as new recreational facilities. Building Permit Revenues had a very strong year, with a year-over- Business License revenue for 2015 topped $6.0 million dollars, representing an increase from last year by approximately 18%. This revenue stream is very critical for the City’s financial health both directly and indirectly, in that as new businesses are attracted to the City and are successful, they will typically inject further investments into the local economy, including creating new jobs.

2016-2020 FINANCIAL PLAN

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