TOWN OF VIEW ROYAL COUNCIL REPORT - 2017 – 2021 Five Year Financial Plan
A report from the Director of Finance presenting the amended proposed five-year financial plan for Council approval.
TOWN OF VIEW ROYAL COUNCIL REPORT
TO: Council DATE: April 12, 2017 FROM: M. Dillabaugh, Director of Finance MEETING DATE: April 18, 2017
2017 – 2021 Five Year Financial Plan
RECOMMENDATION:
THAT Council approve the Proposed 2017 – 2021 Five Year Financial Plan and direct staff to prepare the 2017 – 2021 Five Year Financial Plan Bylaw and the 2017 Tax Rate Bylaw.
CHIEF ADMINISTRATIVE OFFICER’S COMMENTS:
I concur with the recommendation.
PURPOSE OF REPORT:
To provide Council with an updated Proposed Financial Plan for approval.
BACKGROUND:
The Proposed 2017 – 2021 Five Year Financial Plan was initially received by Committee of the Whole on February 14, 2017. After multiple meetings we are pleased to present the amended Proposed 2017 – 2021 Five Year Financial Plan. Comments of the Committee during these meetings have been integrated into the amended financial plan that is presented today.
The plan as presented this evening includes all changes that were requested by the Committee during the detailed budget meetings.
The plan outlines percentage increases over the five years as follows:
- 2017: 0.47%
- 2018: 3.76%
- 2019: 3.96%
- 2020: 2.17%
- 2021: 3.47%
Each section of the budget was presented to the Committee of the Whole in detail at the meetings in March and April. Based on the discussion at these meetings there were adjustments that were applied to the budget. A detailed list of the adjustments is attached to this report for reference.
The Community Charter requires that a Local Government adopt a Five Year Financial Plan before May 15th of each year. The final adoption of the Five Year Financial Plan Bylaw will be in May.
As mentioned, the budget has been amended and the objectives of Council have been met. With this in mind, the request is for approval of the 2017 – 2021 Five Year Financial Plan.
RECOMMENDATION:
THAT Council approve the Proposed 2017 – 2021 Five Year Financial Plan and direct staff to prepare the 2017 – 2021 Five Year Financial Plan Bylaw and the 2017 Tax Rate Bylaw.
SUBMITTED BY: M. Dillabaugh, Director of Finance
REVIEWED BY: K. Anema, Chief Administrative Officer
Town of View Royal Proposed Financial Plan 2017 - 2021
Adjustments - As at April 4, 2017
| Description | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 |
|---|---|---|---|---|---|---|
| February 14, 2017 Proposed Five Year Financial Plan | ||||||
| Property Tax - Proposed Financial Plan from February 14, 2017 | 7,345,474 | 8,230,767 | 8,847,648 | 9,103,270 | 9,527,731 | |
| Non-Market Change | 770,000 | 200,000 | 100,000 | 100,000 | 100,000 | |
| Total Property Taxes (including Non-Market change) | 7,403,364 | 8,115,474 | 8,430,767 | 8,947,648 | 9,203,270 | 9,627,731 |
| % increase per Proposed Five Year Financial Plan February 14, 2017 | -0.78% | 1.42% | 4.94% | 1.74% | 3.53% | |
| Adjustments: | ||||||
| 1. Transp - Consultants - Misc Eng Services | $ (5,000) | |||||
| 2. Drainage - R&M - Misc Repairs | $ 30,000 | |||||
| 3. Parks & Rec - Consultants | $ (4,900) | $ (5,000) | $ (5,100) | $ (5,100) | $ (5,210) | |
| 4. Planning - Consultants - Commercial Precinct Plans | $ (30,000) | $ 60,000 | ||||
| 5. Planning - Consultants - Urban Design Plan | $ 30,000 | |||||
| 6. Other Revenue - Engineering | $ (28,400) | |||||
| 7. Legislative - Conferences | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | $ 2,500 | |
| 8. Finance - Consultants | $ 75,000 | $ 40,000 | ||||
| 9. Fire Volunteers - Wages | $ (21,812) | $ 28,100 | $ 28,800 | $ 29,500 | $ 30,200 | |
| 10. Fire Volunteers - Benefits | $ (4,368) | $ 6,000 | $ 6,100 | $ 6,200 | $ 6,300 | |
| 11. Fire Volunteers - Standby Pay | $ (26,350) | $ 48,300 | $ 49,500 | $ 50,700 | $ 52,000 | |
| 12. Parks & Rec - Salaries | $ 42,000 | $ 42,800 | $ 43,700 | $ 44,600 | $ 45,500 | |
| 13. Parks & Rec - Benefits | $ 13,000 | $ 13,300 | $ 13,600 | $ 13,800 | $ 14,100 | |
| 14. Env Health - Transfer to operating fund | $ (500) | $ (500) | $ (500) | $ (500) | ||
| 15. Library Services | $ (4,837) | |||||
| 16. Small Parks - Misc Supplies | $ 15,000 | $ 15,300 | $ 15,606 | $ 15,918 | $ 16,236 | |
| 17. GVPL Funding | $ 50,000 | |||||
| 18. WSPRS Funding | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |
| 19. Reserve Account Funding | $ (60,000) | $ (100,000) | $ (80,000) | |||
| 20. Watkiss Way Streetlighting | $ 20,000 | |||||
| Items remaining in budget but removed from taxation | ||||||
| Surplus | ||||||
| Transp - Miscellaneous Services | $ (6,500) | |||||
| Transp - Consultants - GIS Mapping | $ (6,000) | |||||
| Bridges - R&M - Annual Repairs | $ (10,000) | |||||
| Casino | ||||||
| Drainage - Misc Supplies | $ (1,500) | |||||
| Totals | ||||||
| Amended Property Tax | 7,403,364 | 7,438,307 | 8,516,567 | 9,061,854 | 9,360,888 | 9,788,858 |
| Non-Market Change | - | 770,000 | 200,000 | 100,000 | 100,000 | 100,000 |
| Total Taxes (including Non-market change) | 7,403,364 | 8,208,307 | 8,716,567 | 9,161,854 | 9,460,888 | 9,888,858 |
| Amended % increase | 0.47% | 3.76% | 3.96% | 2.17% | 3.47% |
* Adjustments that do not affect taxes
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