COUNCIL REPORT: 2026-2030 FINANCIAL PLAN BYLAW NO. 1168

TOWN OF VIEW ROYAL COUNCIL REPORT

TO: Council DATE: April 16, 2026 FROM: Steven Vella, Director of Finance MEETING DATE: April 21, 2026

2026-2030 FINANCIAL PLAN BYLAW NO. 1168

RECOMMENDATION:

THAT the report dated April 16, 2026 from the Director of Finance titled “2026-2030 Financial Plan Bylaw No. 1168” be received for information.

PURPOSE:

To introduce the 2026-2030 Financial Plan Bylaw No. 1168, 2026, and to seek Council’s approval to submit Bylaw 1168 for first, second, and third readings.

TIME CRITICAL:

Provincial legislation requires Council to adopt a balanced five-year financial plan bylaw in advance of the annual tax rates bylaw, which must be adopted before May 15 each year. Delaying adoption of the five-year financial plan bylaw may create the need for additional Special Council meetings to meet statutory deadlines. The Five-Year Financial Plan Bylaw and 2026 Tax Rate Bylaw are scheduled for adoption at a Regular Meeting of Council of May 5, 2026.

EXECUTIVE SUMMARY:

On April 14, 2026, the Committee of the Whole recommended to Council to amend the draft 2026-2030 Financial Plan, and that a Financial Plan Bylaw and Tax Rates Bylaw be prepared that includes the required tax revenue to produce a taxation increase on a representative Class 1 Residential property of 7.05%.

Bylaw No. 1168 (attached), being the 2026-2030 Financial Plan Bylaw, implements the financial plan, incorporating Council’s decisions as described above.

After adoption, a certified copy of the bylaw will be submitted to the Local Government Finance department of the Ministry of Municipal Affairs prior to the May 15, 2026 deadline. Additionally, the financial plan bylaw and related budget documents will be available to the public on View Royal’s website and at the front counter.

BACKGROUND:

Each year, municipalities are faced with the challenge of balancing the budget as mandated by the legislation. The Community Charter requires that local governments in British Columbia approve a Five-year Financial Plan (in bylaw format) and Property Taxation Bylaw before May 15 of each year. To produce this bylaw, the Town updates its Five-Year Financial Plan which includes General and Sewer Operating and Capital Budgets, to reflect the financial requirements of the Town’s operations and strategic projects.

The Draft Plan with adjustments recommended on April 14, 2026 was summarized as a 7.05% increase or $167 to the representative Class 1 Residential property.

DISCUSSION:

Bylaw No. 1168 (attached), being the 2026-2030 Financial Plan Bylaw, represents the amended financial plan for Council’s approval, and presents the consolidated five-year financial plan in four schedules, described as follows:

• Schedule A Consolidated Financial Plan describes the revenue, expense, resulting operational annual surplus or deficit, capital expenditures, reserves, surplus, debt and total financial plan surplus or deficit. Provincial legislation requires the financial plan to be balanced: the total of all expenditures and transfers to other funds must not exceed the total funding sources and transfers from other funds in any year of the plan. Bylaw 1168 indicates a balanced budget with a zero-dollar financial plan surplus (deficit) at the bottom of Schedule A.
• Schedule B Consolidated Capital Plan details the sources of revenue and expenditures for capital activities for the five-year plan.
• Schedule C Consolidated Reserves Plan identifies the transfers from and to reserves for each fund and the net transfers for each year of the five-year plan.
• Schedule D Financial Plan Objectives and Policies describes the objectives and policies relating to financial plan funding sources, property value taxes, and permissive tax exemptions for the five-year plan.

SUSTAINABILITY/CLIMATE CHANGE IMPACTS:

The recommendation in this report has no significant direct impact to View Royal’s sustainability or climate change.

FINANCIAL IMPLICATIONS:

There are no additional financial implications other than those described in other sections of this report.

CONCLUSION:

The Community Charter requires that local governments adopt a five-year financial plan prior to adoption of the tax rates bylaw, which is required on or before May 15 each year. The financial plan may be amended by bylaw at any time. Bylaw 1168, being the 2026-2030 Financial Plan Bylaw, implements the financial plan approved by Council and meets the requirements of the Community Charter.

ATTACHMENTS:

Financial Plan Bylaw No. 1168, 2026