Allocating one-time operating budget of $150,000 in each of 2025 and 2026 to City Planning and Policy, and allocating one-time operating budget of $450,000 in 2025 and $550,000 in 2026 to Common Revenue services, for a total of $1,300,000 towards Designated Historical Resource Property Tax Cancellation and Subclass in Distribution 1, to be funded from Fiscal Stability Reserve (FSR) which is scheduled to receive an estimated$38 million favourable year-end variance; and ; ; Use the actual amounts from the 2025 and 2026 pilot to inform the addition of base funding for ongoing property tax cancellation of historic resource properties in the 2027-2030 budget cycle. ;
The city is setting aside $1.3 million in one-time money from the Fiscal Stability Reserve to run a two-year (2025–2026) pilot that cancels property taxes for properties designated as historical resources. The funding breakdown is: City Planning $150,000 in 2025 and $150,000 in 2026; Common Revenue $450,000 in 2025 and $550,000 in 2026. The pilot’s actual costs will be used to decide whether to add ongoing funding in the 2027–2030 budget cycle to continue reducing taxes for eligible heritage property owners.
This motion tests a targeted property tax cancellation for Designated Historical Resource properties using one-time reserve funds and commits to using the pilot’s real cost data to inform whether to create ongoing budget support (2027–2030) for continued tax reductions for eligible owners.