Dominique O’Rourke

Business Development, p.35 states: "Continue to manage the private-sector investment incentive tools—the Brownfield Community Improvement Plans (CIP), the Heritage CIP, and to reinstate Downtown Guelph CIP." 

Reinstating the Downtown Guelph CIP was discussed at Committee of the Whole but not approved by Council yet p. 68 of the tax supported operation budget, Table 33 shows a 2020 Net Transfer to Reserve of $3,5 million, an increase from $3,151,000 in 2019. 

Reserve & Reserve Fund Summary

Table 33, Reserve & Reserve Fund Summary Reserve Number

2019 Budget Net Transfer

Transfer to Reserve

Transfer (From) Reserve

2020 Net Transfer to/(from)

Comments

Redevelopment Incentives Reserve Fund
Reserve #122

 

3,151,000

3,500,000

-

3,500,000

Annual contribution to provide funding for the Council approved TIBG program based on previously approved long-term funding strategy.


Does this transfer include funds for the Downtown CIP? What is the impact of not reinstating the Downtown CIP? Why the increase over 2019?
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Dominique O’Rourke
My apologies. I see on p. 66 "This is the last budget increase under the 2012 program."
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wmcquade
The 2020 Transfer does not include a provision for a new Downtown CIP.
The 2020 transfer is required to meet the obligations from the 2012 program only and is the last scheduled budget increase to the original program. If a new program is not approved, budgeted transfers will begin to decrease in 2022.
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