The District of Lake Country collected more revenue than anticipated in its 2017 financial budget due to an increase of building permits and development.
“Developer contributions far exceeded budget by approximately $6.4 million due the large amount of development in the district and the transfer of the assets from the developers to the district related to that development (roads, sidewalks, utility infrastructure etc.),” according to a draft financial report which will presented to council Tuesday night.
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The increase in building permits and licenses has also allowed the district to collect $486,000 more than expected.
The number of building permits and permit values has been on the rise in the district, said Jamie McEwan, community development manager. In 2017, permits were worth a total of $89.4 million compared to $92.4 million in 2016, which makes 2017 was the second best year for permit values. In 2017, 380 permits were given out.
Garbage, theatre, recreations and arena revenue was also higher than expected, by about $685,000, said the report.
Overall revenues were in excess of the budget by $5.1 million or 14 per cent. The revenue budget for last year was $36.6 million.
Expenses were also four per cent higher than budgeted, with $20.8 million budgeted and the actual number reaching $21.6 million.
For a full copy of the financial report, visit the district’s website at https://www.lakecountry.bc.ca/en/index.aspx.
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