BANFF – Revenue from development permits in 2021 far exceeded budget projections.
According to the Town of Banff’s third-quarter financial statements presented to the governance and finance committee on Monday (Nov. 8), development permit revenues increased by $120,000.
“We had budgeted $100,000 and we’re actually forecasting $220,000 based on what we’ve seen so far,” said Andrea Stuart, the Town of Banff’s manager of finance. “As of Sept. 30, we were at $191,000 in revenue.”
The total number of development permits issued by Banff’s planning and development so far this year is 88.
That compares to a total of 64 in 2020, 91 in 2019, 86 in 2018 and 106 in 2017.
“To date, we’re already about 38 per cent over last year on numbers of DPs received and currently over where we were this time in 2018 and 2019,” said Dave Michaels, manager of development services for the Town of Banff.
“Also worth noting that those revenues also include things like Banff Avenue pedestrian zone permits.”
In 2021, the bigger commercial developments permits were restaurant renovations at the former Mel’s building on Lynx Street and the change of use/façade renovations at Cascade Shops for an eating and drinking establishment on the second storey.
“There were residential renovations, but I don’t think these were in a number greater than typical,” said Michaels.
Councillor Hugh Pettigrew said there seems to be a lot of redevelopment occurring in Banff.
“Is that an anomaly or do we expect to see larger development revenues from that in the next few years or is there a sense that we’re going to probably be less as we’ve almost reached most of our development cap?” he said.
Town Manager Kelly Gibson said this is one area in the budgeting process that can be tricky to nail down.
“This was a high year and the timing of those permits is sometimes difficult to anticipate, so you will see fluctuations in those fees,” he said.
“It’s not necessarily build-out… build-out doesn’t necessarily mean there’s still not going to be redevelopment throughout the community, although for the next year we are expecting, based on what we’re looking at, a little more normal level of permitting.”