TOWN OF VIEW ROYAL PROPOSED 2023-2027 FINANCIAL PLAN PRESENTATION
Slide presentation of the town's proposed five-year financial plan, including taxation impact and capital spending summaries.
TOWN OF VIEW ROYAL PROPOSED 2023-2027 FINANCIAL PLAN
February 14, 2023
Budget Workshops – Day 1
Purpose
To provide Council with key highlights in the Proposed 2023-2027 Financial Plan
Financial Plan Orientation Recap
- Financial planning legislation
- Financial sustainability
- Budget development process
- Budget package orientation
Financial sustainability
Actual and Projected Taxation/User Fees and Operating Expense 2018-2027f
Structural balance is indicated where recurring revenue (taxation and user fees) are used to fund recurring costs (operating expense).
| Year | Millions |
|---|---|
| 2018 | ~$10M (Revenue), ~$12M (Expense) |
| 2019 | ~$11M (Revenue), ~$13M (Expense) |
| 2020 | ~$12.5M (Revenue), ~$14M (Expense) |
| 2021 | ~$13.5M (Revenue), ~$16M (Expense) |
| 2022f | ~$14.5M (Revenue), ~$18M (Expense) |
| 2023f | ~$16M (Revenue), ~$18M (Expense) |
| 2024f | ~$17M (Revenue), ~$19M (Expense) |
| 2025f | ~$19M (Revenue), ~$21M (Expense) |
| 2026f | ~$20M (Revenue), ~$22M (Expense) |
| 2027f | ~$20.5M (Revenue), ~$22.5M (Expense) |
Financial sustainability
How much surplus do we have? How much do we need?
Accumulated Surplus
| Year | Actual/Projected (Millions) |
|---|---|
| 2018 | ~$4M |
| 2019 | ~$4.5M |
| 2020 | ~$4.8M |
| 2021 | ~$5M |
| 2022f | ~$5.2M |
| 2023f | ~$5.2M |
| 2024f | ~$5.2M |
| 2025f | ~$5.2M |
| 2026f | ~$5.2M |
| 2027f | ~$5.2M |
High range projects up to ~$7M by 2027f; Low range projects up to ~$3.5M by 2027f.
Assessments
- Tax increase if budget is approved “as is”: 14.4%
- 2023 tax revenue increase due to non-market change: 0.94%
- Value of 1% tax increase in 2023: $100,000
Operating Revenue
- Operating revenue: $20 M (2023 total) ↑ $3.2 M
- Non-tax operating revenue: $9 M (2023 total) ↑ $1.8 M
Reference: Page 22 Schedule 1.2 Consolidated Operating Financial Plan
Operating Revenue
- Sewer user fees (based on similar consumption): 1%-2% annual increase
- Garbage user fees:
- 2023: $25-30
- 2023-2027: 2-5% annual increase
- Government grants and transfers: $3 M (2023 total) ↑ $0.6 M
Reference: Page 22 Schedule 1.2 Consolidated Operating Financial Plan
Operating Expense
- Operating expenses: $19 M (Average annual)
- Non-core requests: $5.7 M (5-year total)
Reference: Page 23 Schedule 1.2 Consolidated Operating Financial Plan
Operating Expense
Protective and Transportation Services: 50%
Reference: Page 23 Schedule 1.2 Consolidated Operating Financial Plan
Capital Spending
- Capital investments: $36.3 M (5-year total)
Reference: Page 24 Schedule 1.3 Consolidated Capital Financial Plan
Capital Funding
Total capital spending funded by Casino revenue and Community Works Fund: 29%
Reference: Page 24 Schedule 1.3 Consolidated Capital Financial Plan
Reserves
- Funding for operations: $7.2 M
- Funding for capital: $19.1 M
- 5-year net change: - $1.4 M
Reference: Page 43 Schedule 4 Projected Reserve Balances
Reserves
Use of Casino reserve
- 5-year net change: - $1.34 M
Reference: Page 45 Schedule 4 Projected Reserve Balances
Document Images
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