How the Program Works
All RMI communities must complete a multi-year Resort Development Strategy (RDS). The RDS identifies the long term vision for the community and what the resort municipality plans to do to achieve outcomes that support this vision and the objectives of the RMI program. Once the RDS has been completed, the resort municipality signs an agreement with the Province and, subject to an annual appropriation, funding is provided to communities.
To understand the progress and outcomes of projects, resort municipalities report quarterly to the Province.
RMI is an incentive based program, where annual funding is calculated based on the following:
- Using a resort municipality’s number of accommodation units, an Accommodation Unit Multiplier (AUM) is assigned.
- Determining the amount of accrued payments of 2% Municipal and Regional District Tax (MRDT) paid to the resort municipality for the previous calendar year.
- With these two variables the following formula is used to calculate payments:
(Previous calendar year MRDT revenues)
= Annual RMI Funding Amount
Total program funding is capped at $10.5 million per year.