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