The Town developed a Destination Strategy, under the purview of the Economic Development Committee.
The objective is to spur growth of our tourism focused businesses, and provide economic benefits to the community, while mitigating negative impacts of increased tourism levels. Funding for execution of the strategy is to come from the newly introduced Municipal Accommodation Tax (MAT), which is a 4% levy on the rates charged on short term, tourist accommodation.
These revenues are still to be determined, but could generate as much as $4 million annually. They are to be split 50 / 50 between a body of tourist business representatives for marketing purposes, and the Town for spending on what it sees as worthy tourism related initiatives.
This new source of funding presents a great opportunity for our Town to apply the revenue for our mutual benefit, The question of how to most appropriately allocate the Town's share of MAT funds has been the focus of much discussion, both within Townhall and in the community more broadly.
Some questions to consider:
Should further financial support for local businesses be considered?
Should investment be made in our infrastructure which will be put under heightened strain by more tourist visits?
Should money be directed to help spur affordable housing for the workers required by tourism businesses?
We are engaging with the Town as staff prepare a recommendation for Council on the process to make these allocation decisions.
As higher levels of tourist visits will clearly have impacts on our community, we believe that a robust public engagement process is essential. This process could include an advisory committee, focus groups, and community surveys, as well as public meetings.
We look to TBM Council to ensure their constituents are heard.
