On October 25, 2016, the City's Director of Finance provided a presentation to Council and residents on the 2017 Financial Plan.
See the presentation slides.
Highlights from the 2017 Financial Plan Workshop
Operating Budget Key Points:
- Taxes are favourable compared to other municipalities in the region
- Asset management plans and condition assessments are key to establishing adequate reserve funding levels
- City departments have experienced multi-year budget tightening and cannot sustain further budget adjustments without impacting service levels
- Need to plan for declining development revenues
- A 2.76% tax increase is needed to maintain current service levels
- The total proposed tax increase of 2.76% equates to about $51 for the average single family home
Capital Budget Key Points:
- The 1% Building Replacement Asset levy is very important
- A building replacement prioritization process needs to be undertaken
- Building reserves:
- Reduces long-term costs,
- Allows for proper asset management and
- Ensure sustainable City services
For more information, contact the City's Finance Department at 604.465.5418.