Quote:
Originally Posted by CaptainYooh
Interesting. So, how is the capital project budget funded then? Unless I am missing something, it is funded from capital borrowing, grants and, yes, property taxes.
|
The vast, vast majority of the capital budget is through grants from the federal and provincial governments. Acreage assessment revenues make up a portion and property taxes ('pay as you go' as it's called) is a small fraction.
That said, because of the absence of new grants, and the pull back of existing grants, the infamous Tax Room, which is property tax has been taken over the past three years for capital - used for Community Investment Fund (central library, 3 new library branches, 4 new rec centres, recreation facility lifecycle), some transit, some roads, sidewalks, and flood recovery this year.