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Economic Overview
2017-2021 FINANCIAL PLAN
Development Cost Charges (“DCCs”)
collected in 2016 were approximately
35% higher than those collected in
2015; the collection of DCCs is
correlated to the volume and type of
Planning Applications that are
submitted, however due to the fact
that DCCs are typically collected at
the building permit stage, there can
be a notable time lag between an
application and the receipt of the
associated DCCs.
Building Permit Revenues also had
another strong year, with a year-over
-year increase of approximately 5%.
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. It is noted that the last two months of
2016 saw a modest decrease in Building Permit Revenue compared to the same period
last year; however it is difficult to determine if this is an indicator of a significant long
term market change or not. Staff will
be monitoring Building Permit
Revenue closely in early 2017.
Business License revenue for 2016
increased by 6.5% from last year to
approximately $6.9 million dollars,
due in part to new growth and staff
educating local vendors . This revenue
stream is very critical for the City’s
financial health both directly and
indirectly in that as new business are
attracted to the City and are successful
they will typically inject further
investments into the local economy,
including creating new jobs.
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
2012 2013 2014 2015 2016
DCCs collected to December 31/16
(in millions)
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
$-
$2
$4
$6
$8
$10
$12
$14
$16
2012 2013 2014 2015 2016
Building Permit Revenue to December 31/16
(in millions)
4th Quarter
3rd Quarter
2nd Quarter
1st Quarter
$-
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2012 2013 2014 2015 2016
Business Licence Revenue
New & Renewals to December 31/16
(in thousands)
66