Budget 2019

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 $39.5 million in revenues.

In 2019 the municipal tax rates for most of the property classes, other than class 2 Utilities, are increased by 1.0% from 2018 rates. The Utilities tax rate is at maximum allowed by B.C. Regulation 329/96 and is unchanged. The tax rate change would increase the City’s property tax revenues by estimated $121,645 (resulting in $13.38 tax increase per average residential property). This increase in revenues would be in addition to the adjustments caused by the property valuation assessment changes. The funds generated by tax increase would be allocated to paving projects. 
 
The water and sewer utility rates remain unchanged.

Expenditures


The 2019 expenditure budget totals $39.5 million, including operating costs of $28.2 million. 
  
The City budgeted $1.7 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 from Water Utility and using City reserves to fund the ambitious capital investment program. 

Capital Investments


The City budgeted $11.8 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: 
 
        • Broadway Avenue and 11th Street
        • Highway 97 / Toop Road   
        • Airport Road
  
Included in the capital investment plan are $0.9 million in sewer system projects, $1.4 million in water system projects and $1.8 million in airport projects. A list of capital projects are attached to this release.

2019 Budget Documents