HomeMy WebLinkAboutFIN 18-24Report to
Executive Committee
Report Number: FIN 18-24
Date: September 3, 2024
From: Stan Karwowski
Director, Finance & Treasurer
Subject: Building Faster Fund – 2024 Investment Plan
- File: F-4910-001
Recommendation:
1. That Report FIN 18-24 regarding the Building Faster Fund grant from the Province
of Ontario be received;
2. That Council authorize and approve the capital project listing in the report to be
funded by the Building Faster Fund grant; and
3. That the appropriate City of Pickering officials be given authority to take the
necessary actions to give effect thereto.
Executive Summary: The purpose of this report is to obtain Council approval on
City staff’s investment plan on utilizing the Building Faster Fund (BFF) grant dollars. On
March 13, 2024, Premier Doug Ford announced that the City of Pickering will be
receiving $5.2M in funding for exceeding its 2023 housing target, through the Province
of Ontario’s new Building Faster Fund, which incentivizes municipalities to tackle
housing supply issues, by providing performance-based funding for housing and
community infrastructure.
For this grant, City staff are required to submit an “Investment Plan” (IP) to the Province
that lists potential projects and or uses of these dollars. This process is similar to the
Canada Community Building Fund whereby City staff submit every year to AMO a list of
proposed projects to be funded from the grant. City staff have done a thorough review
of eligible capital projects that can benefit from this grant and submitted the capital
project list to the BFF (provincial) staff who provided draft approval.
Relationship to the Pickering Strategic Plan: The recommendations in this report
respond to the Pickering Strategic Plan Corporate Key to Deliver on Good Governance
– Open & Transparent Decision Making; and Pickering Strategic Plan priority of
Advance Innovation & Responsible Planning to Support a Connected, Well-Serviced
Community.
FIN 18-24 September 3, 2024
Subject: Building Faster Fund – 2024 Investment Plan Page 2
______________________________________________________________________
Financial Implications: The City of Pickering has been allocated approximately
$5.2 million in BBF funding that is required to be spent by March 31, 2026.
City staff have done a thorough review of eligible capital projects that can benefit from
the BFF grant which are identified in the in table one. Utilizing the BFF grant for these
vital core infrastructure capital projects will create capacity for the City’s existing
reserves and reserve funds, which can be used for future core infrastructure capital
projects. The City has been given an extension to September 30, 2024, to submit its
Investment Plan (IP) for 2024.
Discussion: The purpose of this report is to obtain Council approval on City staff’s
investment plan on utilizing the Building Faster Fund grant dollars. On March 13, 2024,
Premier Doug Ford announced that the City of Pickering will be receiving $5.2M in
funding for exceeding its 2023 housing target, through the Province of Ontario’s new
Building Faster Fund, which incentivizes municipalities to tackle housing supply issues,
by providing performance-based funding for housing and community infrastructure. City
staff have done a thorough review of eligible capital projects that can benefit from this
grant.
The BFF is a new provincially funded program designed to reward municipalities that
enable home construction, based on meeting its provincially assigned housing targets. It
is a three-year program that will provide $400 million per year to municipalities that have
achieved 80% or more of their annual housing targets. The funds are awarded based on
the percentage of the housing targets met, with bonuses for exceeding the target (up to
a maximum of 25% over target).
In 2023, Pickering experienced 1,502 new housing unit starts, exceeding their target of
951 units by 58 percent. As a result, the City received the maximum funding allocation
available, $5.2 million. There are still two more years of BFF availability, but whether the
City is successful in receiving future funding will depend on the housing starts in 2024
and 2025.
The below table identifies the proposed capital projects to be funded from the BFF
grant. It is anticipated that these projects will begin in the last quarter of 2024, with an
estimated 2024 spending of approximately $725,000. The projects identified total
$4,550,000, with the remaining grant funds of $650,000 being carried over to 2025 and
will be utilized for 2025 capital projects.
FIN 18-24 September 3, 2024
Subject: Building Faster Fund – 2024 Investment Plan Page 3
______________________________________________________________________
Table 1: Capital Project Listing
The funding of $5.2 million that the City has received for achieving its housing target
must be spent by March 31, 2026. City staff are confident that the projects listed above
will be completed by this deadline.
Attachment:
1. City of Pickering – 2024 BFF Investment Plan
Proposed Activity Description (including anticipated
outcomes)
Total Amount to be
Committed/Spent
2024 Estimated
Spending
Autumn - Stormwater management
cleanout
Maintenance of our stormwater
management ponds are critical to reducing
flood risk, reducing erosion, and improving /
maintaining water quality within our
watersheds and surrounding community.
Sediment removal will restore function of the
facility in achieving mandatory water
quality/quantity objectives.
$ 1,050,000 $ 50,000
Begley Street - Stormwater management
cleanout
Maintenance of our stormwater
management ponds are critical to reducing
flood risk, reducing erosion, and improving /
maintaining water quality within our
watersheds and surrounding community.
Sediment removal will restore function of the
facility in achieving mandatory water
quality/quantity objectives.
$ 550,000 $ 50,000
Wilson Bridge Replacement
The Wilson Bridge on Seventh Concession
Road has been identified through our
biennial OSIM inspection and asseement
program (legislated for all structures that
exceed a span of 3m) as requiring
replacement. Design is complete and
approvals will be in place for 2025
construction.
$ 2,100,000 $ -
Sideline 24 - Hard Surfacing
The hard surfacing of Sideline 24 between
Alexander Knox Road (formerly Whitevale
Road) and Hwy 7 will provide for a key
transportation connection for the growing
Seaton Community.
$ 600,000 $ 600,000
Old Brock Road New Streetlights - from
Hoxton Street to Uxbridge-Pickering
Townline Design and Construction
The installation of streetlights along this
section of road increases safety by guiding
motorists and pedestians/cyclists. This
section of road is a key transportation link
for a new residential subdivision being
developed to the south.
$ 250,000 $ 25,000
GRAND TOTAL $ 4,550,000 $ 725,000
FIN 18-24 September 3, 2024
Subject: Building Faster Fund – 2024 Investment Plan Page 4
______________________________________________________________________
Prepared By: Approved/Endorsed By:
Original Signed By: Original Signed By:
Jason Bekramchand, CPA Stan Karwowski, CPA, CMA, MBA
Senior Financial Analyst, Director, Finance & Treasurer
Capital & Debt Management
Recommended for the consideration
of Pickering City Council
Original Signed By:
Marisa Carpino, M.A.
Chief Administrative Officer
1
2024 BFF Investment Plan Instructions
Section A: Contact Information
Please provide the contact information of a representative from your municipality that
can answer follow-up questions from the Ministry of Municipal Affairs and Housing
regarding any of the information provided in the template below.
Section B: Proposed BFF Activities
This section provides an opportunity to describe your municipality’s focus, actions and
plans for use of BFF funding, including intended outcomes such as how the funding will
contribute to increasing housing supply, housing development and/or address issues of
housing affordability. Information on progress to date and future plans is welcome, but
focus should be on activities planned for the coming year/immediate funding cycle.
Section C: Proposed Building Faster Fund (BFF) Expenditures
Please itemize how BFF funds will be used by activity/initiative as related to the eligible
expenditures section.
Section D: Attestation
Attest that the information provided on Housing Plans and progress (Section B) and
Proposed Expenditures for BFF funding (Section C) are true and correct, with approvals
by municipal Council/ or their delegated authority.
Attachment 1 to Report FIN 18-24
2
Name (First & Last) Stan Karwowski
Title Director, Finance & Treasurer
E-mail skarwowski@pickering.ca
Phone 905-420-4640
Please describe the actions that will be supported with BFF funding, including
how these actions support increasing housing supply, housing development,
including issues of housing affordability and any identified risks to achieve
housing targets.
The City of Pickering has identified various projects that would benefit from the BFF
funding. The plan is to use the $5.2 million earned for the 2023 housing targets for a
broad range of projects which include stormwater management ponds cleanout, bridge
replacements, asphalt resurfacing, hard road surfacing and streetlight installations.
These projects are vital to the City as these enhancements/replacements/new
construction would benefit both existing and new residents of Pickering. The completion
of these vital capital projects will ensure that Pickering’s infrastructure will be able to
accommodate the forecasted growth of 13,000 new homes by 2033.
Section A – Municipality Contact Information
Section B – Proposed BFF Activities
Section C: Proposed BFF Expenditures
Please enter detailed information in the table below on the planned expenditures for your BFF funding this year.
Auditable detail will be requested for BFF expenditures at the end of each year which should directly connect to the activities/expenditures outlined in this section.
Proposed Activity Eligible Expenditure Category
Funding Type
(Capital/
Operating)
Description (including anticipated outcomes) Total Amount to be
Committed/Spent
2024 Estimated
Spending
Other Sources of
Funding (please specify
amounts and sources)
Autumn - Stormwater management cleanout Capital expenditure - housing enabling
core infrastructure Capital
Maintenance of our stormwater management
ponds are critical to reducing flood risk,
reducing erosion, and improving / maintaining
water quality within our watersheds and
surrounding community. Sediment removal
will restore function of the facility in achieving
mandatory water quality/quantity objectives.
$ 1,050,000 $ 50,000 N/A
Begley Street - Stormwater management
cleanout
Capital expenditure - housing enabling
core infrastructure Capital
Maintenance of our stormwater management
ponds are critical to reducing flood risk,
reducing erosion, and improving / maintaining
water quality within our watersheds and
surrounding community. Sediment removal
will restore function of the facility in achieving
mandatory water quality/quantity objectives.
$ 550,000 $ 50,000 N/A
Wilson Bridge Replacement Capital expenditure - housing enabling
core infrastructure Capital
The Wilson Bridge on Seventh Concession
Road has been identified through our biennial
OSIM inspection and asseement program
(legislated for all structures that exceed a
span of 3m) as requiring replacement. Design
is complete and approvals will be in place for
2025 construction.
$ 2,100,000 $ - N/A
Sideline 24 - Hard Surfacing Capital expenditure - housing enabling
core infrastructure Capital
The hard surfacing of Sideline 24 between
Alexander Knox Road (formerly Whitevale
Road) and Hwy 7 will provide for a key
transportation connection for the growing
Seaton Community.
$ 600,000 $ 600,000 N/A
Old Brock Road New Streetlights - from
Hoxton Street to Uxbridge-Pickering
Townline Design and Construction
Capital expenditure - housing enabling
core infrastructure Capital
The installation of streetlights along this
section of road increases safety by guiding
motorists and pedestians/cyclists. This
section of road is a key transportation link for
a new residential subdivision being developed
to the south.
$ 250,000 $ 25,000 N/A
Total Funds to be Saved/Banked this
Program Year $4,475,000*
* Current estimate at this time. Actual spending will be reported at 2024 year-end. Carryover funds will be fully utilized in 2025.
4
☒I declare that, to the best of my knowledge and belief, the information provided in
this report is true and correct, with authorization/approval by local Council/Board or
their delegated authority.
Prepared by (Name and Title): Stan Karwowski, Director Finance & Treasurer
Date:
Approved by (Name and Title): Marisa Carpino, Chief Administrative Officer
Date:
Questions on the Building Faster Fund and Building Faster Fund implementation
can be directed to: BuildingFasterFund@ontario.ca
Section D – Attestation