RE: South Island Prosperity Partnership Funding amounts 2026-2028

RE: South Island Prosperity Partnership Funding amounts 2026-2028

Dear Mayor Tobias, Councillors and CAO Sommerville of View Royal,

Please find below the requested funding amounts for continued participation in the South Island Prosperity Partnership for 2026/27, 2027/28 and 2028/29 fiscal years.

It is our intention to seek a renewed 3-year commitment to our partnership at this time, and work toward 4-year renewal cycles landing “mid-term” for subsequent council terms. We seek this commitment so that we may have the necessary stability required to do this important work and demonstrate to our private and public funding partners that we have the certainty necessary to deliver funded programs and initiatives as proposed. We are continuing with the stable formula from our previous 5-year cycle that has consistently demonstrated a lower $ per capita and % of tax burden over the history of our partnership.

Thank you for your continued support for and engagement in this critically important work. Despite the challenges ahead, with the Rising Economy, Possibility Charter, Indigenous Prosperity Centre, and COAST initiatives driving values-aligned economic growth in our region, our shared future is full of opportunity.

Sincerely,

Aaron Stone CEO - South Island Prosperity Partnership

Town of View Royal: Continued Participation in the Regional Economic Development Model

• Regional Model Overview The SIPP model was designed to ensure operational stability at a modest level of approximately $1 million per year for a metropolitan area of 367,770 residents, equal to $2.72 per capita—among the most cost-efficient models in Canada. By 2025, SIPP’s total operations are decreased proportionally and currently equate to $2.45 per capita (based on 2021 Census data) with $1.64 as the municipal portion. SIPP financial status can be reviewed through its annual audited financial statements, available publicly here: https://southislandprosperity.ca/publications/#audited-financials
• Founding Formula Founding municipalities agreed to a 60/40 funding split between local governments and other contributors, using a fair, transparent formula: $1.00 per capita + 0.07% of taxes levied for municipal contributions.
• View Royal’s Contribution History Using 2011 Census and 2014 financial data, View Royal’s initial contribution was $18,963. After a lower onboarding year in 2016, it remained stable from 2017–2020.
• Reindexed 5-Year Agreement (2021–2025) In 2020, SIPP reindexed the formula for the renewed five-year agreement, which placed View Royal’s Year 1 contribution to $20,755, then applying a 2.5% annual inflationary increase, reaching $22,910 by 2025.
• Proposed 3-Year Renewal (2026–2028) The proposed three-year renewal maintains the same formula with 2.5% inflationary increase to help SIPP maintain quality and effectiveness. This three-year agreement makes sense because it helps with:
  1. Budget Stability: Municipalities have a consistent and transparent contribution to SIPP without recalculating based on the 2021 census or widely shifting tax data.
  2. Alignment with political terms: The next renewal would fall at the midpoint between elections, allowing the next Council time to learn, engage, and influence the partnership.

Proposed contributions:

• 2026: $23,482
• 2027: $24,069
• 2028: $24,671

Subject: Leading the Way: 2026 SIPP Membership and the Road to 2030

Dear Municipal Partner,

Please find enclosed the invoice for your local government’s annual contribution to the South Island Prosperity Partnership (SIPP).

We are operating in a defining moment for our region. While global economic shifts and domestic economic headwinds create a backdrop of uncertainty, SIPP is leaning into the challenge, transforming these uncertain times into a number of distinct opportunities for the South Island.

This past year has been a testament to our momentum:

• Rising Economy: Guided by the Possibility Charter, the past year successfully moved the region from vision to action, sparking a culture shift centered on activating possibility. The Rising Economy Taskforce delivered the foundational inputs that shaped the Rising Economy 2030 strategy, creating a robust plan for a more productive and competitive future. This momentum was cemented by an action-oriented Local Leadership Forum in the fall and a sold-out Rising Economy Conference in March, which together turned strategic alignment into a powerful, region-wide movement.
• COAST: The Centre for Ocean Applied Sustainable Technologies (COAST) has solidified our leadership in the blue economy by launching Canada’s first dedicated ocean-tech accelerator, which successfully helped its inaugural cohort secure millions in investment and contracts. The center also expanded into renewable energy through a new marine energy decarbonization hub and built a specialized investor network to scale regional innovation. These efforts are positioning British Columbia as the national frontrunner in sustainable marine technology and commercialization.
• IPC: The Indigenous Prosperity Centre (IPC) team had a landmark year defined by the transition from foundational strategy to high-impact execution. Key achievements include advancing Indigenous procurement by bridging community businesses with major projects and launching a new digital platform on March 31, developed with Animikii to prioritize Indigenous economic values and data sovereignty. The team also focused heavily on the next generation, empowering young leaders through a successful Blue Economy day camp and the inaugural Indigenous Youth Conference. These initiatives have solidified the IPC’s role as a vital engine for Indigenous-led economic opportunity and self-determination.

Looking ahead, we are excited to be delivering on the promise of the Rising Economy 2030 strategy. This roadmap provides us with a clear, actionable framework to build for the future while we navigate continued uncertainty, and this work is already well underway. It ensures that our efforts remain focused on high-growth sectors that provide long-term stability and opportunity for our region, while leaning in with SMEs to ensure they have the tools and supports to thrive during this time of rapid economic transformation.

The opportunities on the horizon, from Defence, Green Tech and Ocean Innovation, Indigenous Inclusion, AI Adoption, Agriculture and beyond, are many and immense. I invite you to reach out to me directly if you would like a more detailed briefing on the 2030 strategy and to discuss how we can further align our regional efforts with your local priorities and projects.

Thank you for your continued partnership and leadership.

Sincerely,

Aaron Stone Chief Executive Officer South Island Prosperity Partnership