62 / 369
Economic Overview
2016-2020 FINANCIAL PLAN
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.
Building Permit Revenues had a
very strong year, with a year-over-
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.
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.
55