TAMRMS#: B06
10.1
title
Amendment to Council Policy C-FS-05 Budget & Taxation Guiding Principles - allocation of new assessment growth
Notice given by: Councillor Biermanski
label
PROPOSED MOTION(S):
recommendation
That Council amend Financial Policy C-FS-05 to revise the allocation of new assessment growth as follows:
1. Reduce the allocation to New Growth Business Cases from 55% to 45%; and
2. Increase the allocation to the Growth Stabilization Reserve by 5%; and
3. Allocate 5% of new assessment growth to a newly established Debt Offset Reserve for the purpose of reducing reliance on tax-supported debt financing for future capital projects; and
That Administration update Financial Policy C-FS-05 and return any necessary bylaw amendments establishing the Debt Offset Reserve for Council approval by July 14, 2026.
body
ADMINISTRATION'S UNDERSTANDING OF THE INTENT OF THE MOTION
Administration understands that if the motion is passed the City will apply new assessment growth dollars as follows:
* 20% as a contribution to lifecycle reserves
* 25% to offset the base budget
* 45% to fund new initiatives
* 5% as an annual transfer to the Growth Stabilization Reserve
* 5% to a new reserve "Debt Offset Reserve" to be used to offset tax-supported debt financing for future capital projects.
ADMINISTRATION'S RECOMMENDATION
Administration does not recommend a change to the use of Growth Assessment dollars.
PURPOSE OF REPORT
The purpose of this report is to present a motion for which Councillor Biermanski gave notice on March 3, 2026.
ALIGNMENT TO COUNCIL DIRECTION OR MANDATORY STATUTORY PROVISION
On July 5, 2021, Council passed the following motion:
(POL-21-006)
That Policy C-FS-05 Budget and Taxation Guiding Principles (Section 14.b.ii) be amended to distribute new assessment growth as follows:
a. 25% to offset the base budget
b. 20% to increase contributions to life cycle reserves
c. 55% to fund new initiatives.
On December 3, 2015, Council pas...
Click here for full text