Budget 2018

The City Council adopts annual budget, Five-Year Financial Plan and the Tax Rate Bylaw before May 15 each year.
 
The City budget and financial plan reflects Council’s commitment to the improvement of City streets in a strategic and fiscally responsible manner and its commitment to long-term strategic financial management.

Revenues


The City is funding its operations by property taxes, service fees and charges. It also receives grants from other governments and uses own reserves to supplement capital investment projects. The City budgeted $31.9 million in revenues.

In 2018 the municipal tax rates for most of the property classes, other than class 2 Utilities, are increased by 1.9% from 2017 rates. The Utilities tax rate is at maximum allowed by B.C. Regulation 329/96 and is unchanged. The tax rate changes and the increase in the property valuation are expected to increase the total property tax revenues by $391 thousand to address rising policing costs and do more paving of city roads and streets.

The water and sewer utility rates remain unchanged.

Expenditures


The 2018 expenditure budget totals $31.9 million, including operating costs of $24.4 million. The City budgeted no increase in operating costs, compared to 2017.
 
The City budgeted $1.6 million of debt servicing costs. For a number of years, the budget does not contain any long-term borrowing. This year the City is internal borrowing of $1 million from Water Utility to fund the road rehabilitation program. 

Capital Investments


The City budgeted $7.6 million of capital investment costs, reflecting the Council’s commitment to the improvement of the City streets and infrastructure. 

The capital budget includes pavement rehabilitation of the following streets: 
 
        • Second Avenue (from Gibbon Street to Boundary Street)  
        • Gibbon Street (from Johnson Street to Second Avenue)
 
There are also $0.9 million in sewer system projects and $0.7 million in water system projects. A list of capital projects are attached to this release.
 

2018 Budget Documents