Local Government Development Financing
New development often creates demand for new or expanded infrastructure and services from municipalities and regional districts. To address this demand, local governments have a range of financing tools available to acquire and construct new capital assets.
Development Cost Charges
Municipalities and regional districts levy development cost charges on new development to pay for new or expanded infrastructure such as sewer, water, drainage, parks and roads necessary to adequately service the demands of that new development.
Latecomer agreements are development finance agreements between municipalities or regional districts and land or property developers. These agreements specify off-site infrastructure necessary for development to proceed.
Latecomer agreements also set the terms by which developers can recover costs for excess capacity beyond what is required for the initial development.
Asset Management for Sustainable Service Delivery
Municipalities and regional districts are responsible for managing community infrastructure assets over the asset lifecycle. This ensures that community service needs are met and that services are delivered in a socially, economically and environmentally responsible manner.
Parkland Acquisition Fees
In addition to revenue from other charges and property taxation, local governments can finance parkland acquisition using: development cost charges; contribution, or dedication, of parkland; and cash-in-lieu upon subdivision.
Subdivision Approval & Servicing Bylaws
A subdivision servicing bylaw regulates and sets out the requirements for the provision of works and services that are needed as part of the subdivision of land.
The subdivision of land is a complex process that may require special expertise and a number of steps to get approval. Land subdivisions must be approved by an approving officer appointed under the Land Title Act.
Municipal Development Works Agreements
A development works agreement is an agreement, made by bylaw, between a municipality and a developer setting out which of them will provide, construct, alter or expand infrastructure related to a development.
Grants & Transfers
Local governments may receive funding from several sources, including the B.C. government and the Government of Canada.
Grants and other monetary transfers to local governments are either conditional or unconditional. Conditional grants are designated for a specific purpose and may not be used for another project, while unconditional grants may be used for any purpose the recipient local government sees fit.