Budget 2018

On October 24, 2017, the City's Director of Finance provided a presentation to Council and residents on the 2018 Financial Plan.

See the presentation slides.

Highlights from the 2018 Financial Plan Workshop

Operating Budget Key Points:

  1.  Taxes are favourable compared to other municipalities in the region
  2.  City departments have undertaken a zero based budget approach and incorporated reductions to achieve the 2018 results
  3.  Asset management plans and condition assessments are key to establishing adequate reserve funding levels
  4.  Snow and ice surface maintenance levels need to be monitored in 2018 to better assess cost impacts & service levels
  5.  Need to plan for declining development processing revenues
  6.  Taxation revenue from new development (growth) is substantially lower in 2018 creating increased pressure to taxation
  7.  A 3.38% tax increase is needed to maintain current service levels
  8.  The total proposed tax increase of 3.38% equates to about $66 for the average single family home


Capital Budget Key Points:

  1. The Building Replacement Asset levy is important to continue
  2. Complete asset condition assessments
  3. Building reserves:
    • Reduces long-term costs,
    • Allows for proper asset management and
    • Ensure sustainable City services
  4. Leverage land whenever possible and avoid selling

 

For more information, contact the City's Finance Department at 604.465.5418.