Well... sort of...
CRL funding from the province doesn't actually pay for anything.
CRL funding for approved projects is simply the province agreeing to loan money to the City for the City to pay for that specific project.
Every single penny - plus interest - must be repaid to the province using city monies (ie property tax revenue) that would otherwise be available to spend elsewhere. It is a current council/administration method of committing future council's expenditures. There is some benefit to the City in that the cost of the loan is less than what the City would otherwise be able to borrow at but it is still not "free money". It's a bit of a shell game at both ends as the Province gets to treat the loan as an asset.