Neighbours Fund

The Neighbours Fund is a set of accounts in UBC’s financial records. It is not actually a fund (i.e., a separate pool of assets). The following amounts are added to the Neighbours Fund and constitute its revenue:

• The services levy, which is payable by residents under their leases with UBC.
• The general municipal services levy (GMSL). This GMSL is analogous to the services levy and is paid by UBC Properties Trust and by other leaseholders in respect of rental and commercial buildings in the neighbourhoods.
• Interest on amounts in the Neighbours Fund, based on interest earned by UBC on its short-term cash.

The services levy and the GMSL are together referred to as the Neighbours Levy or the Neighbourhood Levy.

A portion of the Neighbours Fund revenue is set aside in reserves. These reserves are described below.

UBC applies part of the Neighbours Fund revenue for the following purposes:

• The fire protection charge, which is payable to the province.
• Residents contributions towards UBC’s recreational and cultural facilities.
• Storm water costs attributable to the neighbourhoods.
• Costs of administering the Neighbours Fund, including collection of the services levy.

Neighbours Fund interest revenue is allocated among the reserves. UBC pays the remainder of the Neighbours Fund revenue to the UNA to fund the provision of municipal-like services for the neighbourhoods and as GST on the payments to the UNA.

The following diagram illustrates the above description of the Neighbours Fund. The diagram is simplified, in that there is no direct connection between the UNA and the Neighbours Fund. Only UBC can make withdrawals from the Neighbours Fund. UBC withdraws amounts to reimburse itself for payments it makes to the UNA.