That with respect to Report PFC2018-1134, the following be approved, as amended:
That the Priorities and Finance Committee:
1. Receive this report for information; and
2.Direct the Assessment & Tax Working Group to present its final report to the Priorities and Finance Committee, no later than Q1 2019;
3. Direct Administration to consider the following:
a.Budget reductions to offset tax-shift to reflect the New Norm;
b.Solutions to reduces swings in redistribution;
c.City-Initiated diversification of revenue sources to reduce reliance on the property tax;
d.Alternatives to the Phased Tax Program to support businesses directly;
e.Reducing the ratio between residential and non-residential over a period of 5 years;
f.Incentivizing/reducing barriers to residential development in the Centre City; and
g.Council Strategic Session Outlining Challenges and Opportunities in the Downtown.
That the Priorities and Finance recommend that Council:
4. Direct Administration to convene a task force comprised of internal and external stakeholders to develop a Downtown Recovery Strategy and return to Council through the Priorities and Finance Committee with the recommended membership, framework and terms of reference no later than Q1 2019.
5. Direct Administration to convene a Financial Task Force comprised of internal and external experts to develop a strategy on the following:
a. Short term mitigation
b. Long term solutions
c. Revenue options to improve financial resiliency.
6. Return to Council through Priorities and Finance Committee with the recommended membership, framework, and terms of reference no later than Q1 2019.
Against: Councillor Davison and Councillor Sutherland