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Calgary repays $56M in misallocated income from city developer levy accounts – LiveWire Calgary
Calgary repays $56M in misallocated income from city developer levy accounts
November 13, 2020, Darren Krause, Livewire
The City of Calgary has repaid more than $56 million in investment income accrued over 13 years by city developer off-site levy accounts.
For those 13 years, investment income from off-site levy funds was put into general revenue, according to the City of Calgary. If there was an operating surplus, the additional money was put into reserve.
The total repaid, with compound interest, came to $56.3 million. It was directed back into the off-site levy accounts from city reserves.
The City of Calgary collects off-site levies from developers to pay for services built into new communities (water, sewer, future community infrastructure). The monies contributed by the Calgary developers are kept in off-site levy accounts until they’re used