How Does the City Get Money?
Just as a household might have different income streams—from salaries to side gigs—the City's sources of funding are similarly diverse and include (but are not limited to):
- Property Taxes: The City's primary income source.
- User Fees: Charges for user-specific services – think admission to the Canada Games Complex, or transit fares.
- Fines and Penalties: Imposed for rules violations – ex. Parking ticket fines, etc.
- Municipal Accommodation Tax: this 4% tax is collected on short-term accommodation rentals inside City limits.
- Tbaytel Dividends: the annual payment the City receives as from Tbaytel as outlined in the Dividend Policy. Ref. By-law 257- 2004.
- Grants and transfers from other orders of Government: Financial aids that help support special city projects – these are not guaranteed, are project specific and are typically one-time injections of funds (not on-going)
In addition to these sources, we are always exploring other ways to balance the budget by looking for efficiencies and managing expenses as well as looking for new ways to generate revenue to offset operating costs.
Contact Us