The Feb. 2, 2016, Priorities and Finance Committee meeting included:
Community Economic Resiliency Fund
On 2015 December 14, Council established a Community Economic Resiliency Fund to help address Calgary’s challenging economic conditions and directed that $30 million in onetime surplus funds be allocated to the Fund. Administration was directed to work with the Calgary Chamber of Commerce, Calgary Economic Development (CED), and Calgary Housing (CH) on their respective proposals for the use of a $14.4 million portion of the Fund.
The Priorities and Finance Committee recommends that Council: 1) approve a onetime increase to operating budget program 449- Calgary Economic Development by $7 million from the Community Economic Resiliency Fund to carry out the initiatives identified in Attachment 3 and direct CED to report back on the use of the funds through their 10 Year Economic Strategy updates to the Priorities and Finance Committee; 2) approve a one time increase to operating budget program 494- Calgary Housing by $7.4 million from the Community Economic Resiliency Fund to carry out the initiatives identified in Attachment 2 and direct CH to report back to the Priorities and Finance Committee by Q3 2017, and; 3) direct Administration to provide a supplementary report to Council on questions asked by the Committee regarding recommendations number 1 and 2, at the February 22 meeting of Council.
The Committee did not approve a recommendation to refer the Chamber of Commerce Property Tax Deferment Proposal to the MidCycle Review (Adjustment) process for further consideration.
Response to Referred Relief for Calgary Businesses (Verbal)
At the outset of the meeting, the PFC Committee brought forward item to be considered with the Community Economic Resiliency Fund.
2016 Supplementary Property Assessment and Tax Bylaws
The Priorities and Finance Committee recommends that Council give three readings to the 2016 Supplementary Property Assessment and Supplementary Property Tax Bylaws. Council has passed similar bylaws each year authorizing the preparation and taxation of supplementary property assessments. Supplementary property taxes were included as a revenue source in Council’s 2016 Resilience Budget that Council approved. If Council chooses not to support the recommendation, this revenue will not be available.
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