Municipalities throughout B.C. will now have quicker access to financing to deliver capital projects, such as infrastructure or amenities.

It comes as the Province makes changes to borrowing regulations.

The updated regulations respond to concerns raised by municipalities about the cost, complexity and risk of delays associated with implementing capital projects.

“Municipalities told us that outdated borrowing thresholds were slowing down their ability to deliver the infrastructure people count on,” said Ravi Kahlon, Minister of Housing and Municipal Affairs.

“We have responded by expanding the borrowing powers for municipalities so they can act faster, reduce costs and deliver the services that support growing communities. These changes reflect today’s economic realities.”

The changes give municipalities more flexibility to plan and finance infrastructure projects that support population growth and housing development.

They can now borrow up to 10% of their annual revenue, without having to hold a public vote.

Provincial law regulates how much money municipalities can borrow before requiring an elector approval process.

The Province is now adjusting that amount to account for decades of inflation.

To learn more, visit Government of British Columbia.