West Shore Parks and Recreation 2023 Budget and Requisition Request
A report from the Director of Finance introducing the West Shore Parks and Recreation Society's proposed 2023 budget and the resulting funding requisition for the Town.
TOWN OF VIEW ROYAL COUNCIL REPORT
TO: Council DATE: November 9, 2022 FROM: D. Christenson, Director of Finance MEETING DATE: November 15, 2022
West Shore Parks and Recreation 2023 Budget and Requisition Request
RECOMMENDATION:
THAT the West Shore Parks and Recreation Society 2023 Budget and Requisition Request be referred to the 2023-2027 Financial Planning process.
PURPOSE:
To introduce the proposed financial plan from West Shore Parks and Recreation Society (WSPRS) in advance of the Town’s financial planning process.
TIME CRITICAL:
View Royal’s five-year financial plan includes the Town’s share of annual funding for the WSPRS operations and capital program. The Draft 2023 WSPRS Budget must be approved by each member municipality in advance of incorporating the implications of this budget into their respective municipal financial plans.
EXECUTIVE SUMMARY:
View Royal is part-owner of West Shore Parks and Recreation, with four other municipalities: Colwood, Highlands, Langford and Metchosin. Each year, the West Shore Parks and Recreation Board of Directors approves a draft budget for presentation to its member municipalities’ Council, with approval anticipated in February of each year. The budget details the annual operating revenues, expenses, capital program and sources of funding for 2023 to 2027, as well as each municipalities’ share of the annual requisition. View Royal’s requisition for 2023, based on proportionate property assessment values, is expected to increase from $753,507 to $768,358, an increase of $14,852 or 1.97%.
FINANCIAL IMPLICATIONS:
Historically, the WSPRS requisition has been funded from Casino revenue each year, using 30%-40% of the $2 million annual revenue in a typical year. If the 2023 WSPRS requisition were to continue to be funded from Casino revenue, the nearly 2% increase would not have a significant impact on the Casino reserve.
CONCLUSION:
Council should consider the WSPRS 2023 Budget and Requisition request as a part of the Town’s annual financial planning process. To that end, the WSPRS Administrator and Financial Officer may be invited to present the budget at the February Committee of the Whole meeting and to respond to any questions Council may have at that time.
| CONCURRENCE: | Initials | Comments |
|---|---|---|
| Chief Administrative Officer | KA | Approval is recommended. |
| REVIEWED BY: | Initials |
|---|---|
| Director of Corporate Administration | Not requested |
| Director of Finance | DLC |
| Director of Development Services | Not requested |
| Director of Engineering and Parks | Not requested |
| Director of Protective Services | Not requested |
ATTACHMENTS:
West Shore Parks & Recreation Society 2023 Budget and Requisition Request
Document Images
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