City staff recommends $15.2M in new revenues to offset huge property tax hike anticipated in 2024.
Installing more parking meters, quadrupling the price for a short-term rental licence and raising business licence fees by $79 are among recommendations Vancouver city staff has put forward to create $15.2 million in new revenues next year.In this case, the $15.2 million represents the equivalent of a 1.4 per cent increase in property tax, which is not a significant reduction on its own when faced with the reality of what council heard from staff in June.
The report says more meters would “support improved management of on-street parking and ensure adequate parking turnover, increased parking availability and reduced congestion for residents and business patrons.” • Short-term rental business licence fee increase from $109 to $450. This increase would generate $1 million.
• Trades and contractors’ licence fees increase from $171 and $207 to $340. The report says the increase would align fees with larger municipalities such as Surrey, and will generate $900,000. • Increase fee for commercial vehicle decal program, which staff says will improve curbside access for the delivery of goods and services. The current permit fee based on gross vehicle weight ranges from $27 to $43 and would increase to $50 and $150. The revised fee would generate approximately $1 million.
Staff is also working on a plan to generate revenue through sponsorship, naming rights, advertising and donations. For 2024, staff expect to generate an additional $500,000 of revenue through increased advertising within the scope of existing contracts.
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