RMOW earned more and spent less than expected last year, leaving the municipality with $16 million in extra cash. The Resort Municipality of Whistler brought in $16 million more than expected in 2023 while delivering 70 percent of planned project spending.
“To summarize 2023 is to say that the tourism economy is very strong and was followed, mid-year forward, by a healthy local economy,” explained RMOW Chief Financial Officer Carlee Price in a fourth quarter (Q4) financial report to the council at the April 19 meeting.
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The extra revenue came from:
Day Skier parking revenues and Transit fares, which both surpassed 2019 levels (up 60.7 percent and 8 percent, respectively)
Meadow Park Sports Centre brought in 6.7 percent more annual revenue than it did in 2019
A one-time Growing Communities Fund grant worth $4.96 million
Strong investment performance that delivered 43 percent more income than anticipated
Annual revenues from two programs—the provincially-funded Resort Municipality Initiative (RMI) and the Municipal Regional District Tax (MRDT), better known to most as the hotel tax—exceeding budgeted amounts by 11 per cent and 30 per cent, respectively. Together, the two programs brought in $22.3 million compared to the $17.2 million the RMOW budgeted for 2023
However, this extra revenue doesn’t mean residents can expect a big break on their property taxes anytime soon.
“$16 million in unexpected revenue sounds like a great outcome,” Price acknowledged. “Times are good, and the RMOW is certainly benefitting, but it is important to remember that the vast majority of this excess revenue is constrained somehow.”
A constraint could be parking fees restricted to funding transit initiatives or a Hotel Tax that has historically been used solely to fund tourist-facing services and projects. However, an influx of cash to the RMOW’s reserves will benefit the community in the long term. One change to the MRDT program, in particular, means the increased revenue from overnight guests could be crucial in funding employee housing initiatives in Whistler.
As of 2023, any excess Hotel Tax revenue beyond what is required to support annual recurring initiatives like the RMOW’s Festivals, Events and Animation program now flows into the Employee Housing Reserve to support further investment in affordable employee housing projects.