Pooled Funding Programs Target Large-scale Investments

The renewed Gas Tax Agreement will consist of two pooled funding programs that will see large-scale, regional capital and capacity building investments throughout BC.

In keeping with the Greater Vancouver Regional District request, the Greater Vancouver Regional Fund (GVRF), will pool a portion of the per-capita allocation of GVRD and its member municipalities for investments in regional transportation projects proposed by TransLink. Under the renewed Gas Tax Agreement, the GVRD Board will choose which TransLink projects to be funded through the GVRF. The new fund will deliver approximately $652.4 million over the first 5 years of the agreement.

The Strategic Priorities Fund (SPF) provides an opportunity for local governments and other eligible recipients outside of the Greater Vancouver Regional District to access pooled, application-based funding. The SPF will provide funding for eligible projects that are larger in scale or regional in impact or innovative. It is expected that information will be made available later in 2014 on the first round of SPF applications. The new fund will deliver approximately The SPF will deliver approximately $145.2 million in funding over the first five years of the renewed agreement.

The SPF program will replace the 2005-2014 General Strategic Priorities Fund and the Innovations Fund, which funded 181 infrastructure and capacity building projects across BC.

Another program that will not continue under the renewed Gas Tax Agreement is the Regionally Significant Projects Fund (RSPF). Under the renewed Gas Tax Agreement, local governments within regions that were eligible for the RSPF program will now receive a per capita direct allocation of these funds through the Community Works Fund.

For more information on the GVRF and the SPF programs, please visit the Renewed Gas Tax Fund pages on our website.

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