City CouncilMeeting 68
Finance and Corporate Services Committee Report 29
Council was asked to
- 40% of 1% of the MAT rate be allocated to the Lansdowne Reserve, and a minimum of $2 million be allocated to the budget annually to offset the debt servicing cost of Lansdowne 2.0
- any amount of the 40% above $2 million be retained in the Lansdowne Reserve to offset any fluctuations in projected revenues from other sources, as required, or to fund other infrastructure needs at Lansdowne Park, to be approved as part of the annual budget approval process as an additional risk mitigation strategy
- this allocation be maintained as a fixed proportion of the MAT rate, such that any future changes to the overall MAT rate do not alter the relative share dedicated to Lansdowne 2.0 repayment
- the remaining 60% of 1% of the MAT rate be allocated to a Tourism Reserve to fund the City’s tourism-related priorities, initiatives and infrastructure projects, as part of the annual budget process.
Carried
15 for, 10 against
- Affects
- City-wide
- Agenda item
- 8.
- Motion number
- 2025-68-04
How each member voted
The recitals
- repayment of the Lansdowne 2.0-related debt is proposed to be offset by $2 million per year for a 40-year term from 2030 to 2070, achieved through a 20% increase to the Municipal Accommodation Tax (MAT)
- a 20% increase, from a rate of 5% to 6%, would achieve approximately $5 million in new revenue in 2026 and the surplus revenue would be applied by the City to other tourism-related uses
- the MAT revenues are a predictable source of revenue intended to reduce the cost to property taxpayers of servicing the Lansdowne 2.0 debt
Check it yourself
This entry was transcribed from the City Clerk's official minutes. If anything here looks wrong, the minutes are the authority.
Read the official minutes