The filed record
2024 Development Charge Deferred Revenue Activity and Balances
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The decision
2025-12-09 · Executive Committee · adopted
As filed
The Executive Committee: 1. Received the report (November 25, 2025) from the Chief Financial Officer and Treasurerfor information.
On the agenda
As the city filed it
Development charges are collected from new development and redevelopment projects for the purpose of recovering growth-related capital infrastructure costs. This report provides a statement of development charge (DC) balances and activity for 2024, as required by the Development Charges Act, 1997 (DC Act). For the fiscal year ended December 31, 2024, the City collected $383.0 million of development charges and earned interest of $31.4 million on its DC balances.
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This is offset by $680.2 million in earned revenue that was recognized to fund growth-related capital expenditures. As a result of these activities, the DC deferred revenue balance decreased by $265.8 million from the prior year to $2,840.2 million at December 31, 2024. This amount is reported as deferred revenue in the City's audited consolidated financial statements. The 10-Year Capital Budget and Plan includes $6,659.6 million in DC commitments and obligations to be funded through the City's DC deferred revenue balances and forecasted future DC collections. Additionally, there is over $6 billion in further DC eligible projects that are not currently included in the City's 10-Year Capital Plan and will continue to be considered for inclusion as part of future year capital budget processes.
Staff recommended
The Chief Financial Officer and Treasurer recommends that: 1. Executive Committee receive this report for information.
On the record
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