WHEREAS the provincial government has set as a principle for the new Community Charter, that the provision of new sources of revenues for municipal governments would be provided; AND WHEREAS the provincial government imposes property transfer tax from sales generated within municipalities: THEREFORE BE IT RESOLVED that the provincial government share the proceeds from the property transfer tax with local governments.
Ministry Of Finance The Province has traditionally chosen to support municipalities in ways other than through sharing Property Transfer Tax revenues because sharing PTT may not always provide the appropriate level, or distribution, of support. For example, PTT revenues depend on the value and number of properties transferred so that municipalities with high property values and a large turn-over in the property market would benefit relative to municipalities with lower property values and slower property markets. Municipal governments have received significant financial support from both senior levels of government in recent months. On the federal side, the GST rebate for municipalities was increased to 100 percent and a portion of federal fuel tax revenue will be shared. Recent provincial support includes: - the transfer of 100 percent of traffic fine revenue to 70 local governments for community policing, crime prevention and other initiatives to help make communities safer; and - the new 80 million British Columbia Community Water Improvement Program to help ensure safe, reliable and accessible drinking water and improved waste water systems.