The cost of Neighbourhood Renewal is funded through a combination of provincial grant funding, Pay-As-You-Go, property taxes and local improvement cost-sharing with property owners.
Provincial Grant Funding
Provincial grant funding comes from the Municipal Sustainability Initiative (MSI) which has provided $287.2 million in funding since 2009.
Neighbourhood Renewal Property Tax Levy
The Neighbourhood Renewal Property Tax Levy (1% to 2% annually) is a dedicated property tax levy that provides continuing municipal commitment to renewing neighbourhood roads.
In the Operating Budget for 2016 and 2017, City Council decided to suspend the Neighbourhood Renewal Property Tax Levy increase.
While the Tax Levy increase is suspended, funding will be provided in part by the revenue in the Neighbourhood Renewal Program fund built up from the Tax Levy since 2009.
Since 2009, the Tax Levy will have provided $418.6 million in funds, representing about half of the total Neighbourhood Renewal Program budget.
Property owners contribute to local improvements like sidewalk reconstruction, decorative streetlights and alley reconstruction via Local Improvement Tax Levy.
Pay-As-You-Go (PAYG) is a source of funding for capital projects through contributions transferred from the current operating budget. $18 million PAYG funds were allocated for the Neighbourhood Renewal Program to be used in 2014 - 2015.
For the 2015-2018 Budget Cycle, the City has budgeted $614.5 million in Neighbourhood Renewal.