City of Hamilton General Manager of Finance Mike Zegarac says the City is expecting a significant shortfall in development charges this year.
The City originally forecast to collect $106-million in development charges for 2020.
As of June 30, the City has only collected $30-million. The decrease is primarily related to COVID development delays, Zegarac said.
Budget lines within the Hamilton development charge accounts have shortfalls; primarily related to unfunded development charge exceptions which the City has been granting. The City eventually must fund these deficits by transferring property tax revenue into the development charge reserve accounts, the date for this transfer is not set by law.
Production Details v. 1.0.0 First published: July 9, 2020 Last edited: July 9, 2020 Author: Joey Coleman Edit Record v. 1.0.0 original version