Parksville brought in close to $2 million in development cost charges (DCC) in 2023, according to a report by the city’s manager of finance.
Municipalities levy DCCs on new developments to pay for new or expanded infrastructure such as sewer, water, drainage, parks and roads needed to service the demands of the new development.
The $1.94 million received includes $43,542 for parkland, $1.26 million for water, $13,602 for sanitary sewer, $41,580 for storm drainage and $582,029 for roads, according to the report by Marlie Boven, manager of finance. A further $502,051 of revenue was earned in interest during the year.
READ MORE: Parksville financial plan gets final council adoption
The total DCC balance at the end of 2023 was $12.9 million. Approximately $3.2 million of DCC funding is allocated to fund capital projects in the 2024-2028 Financial Plan, with approximately $1.6 million allocated to the Parksville Pathway project and other new trail connections, according to Boven’s report.
The Local Government Act requires municipalities report on DCC received and expended during the fiscal year.
