Council Report: 2016 - 2020 Five Year Financial Plan
Staff report seeking approval for the updated five-year financial plan and tax rate bylaw.
TOWN OF VIEW ROYAL COUNCIL REPORT
TO: Council DATE: April 14, 2016 FROM: M. Dillabaugh, Director of Finance MEETING DATE: April 19, 2016
2016 – 2020 Five Year Financial Plan
RECOMMENDATION:
THAT Council approve the Proposed 2016 – 2020 Five Year Financial Plan and direct staff to prepare the 2016 – 2020 Five Year Financial Plan Bylaw and the 2016 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 2016 – 2020 Five Year Financial Plan was initially received by Committee of the Whole on March 1, 2016. After five meetings we are pleased to present the amended Proposed 2016 – 2020 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:
- 2016: 3.76%
- 2017: 1.85%
- 2018: 0.48%
- 2019: 2.11%
- 2020: 1.80%
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 tax increase for 2016 that was in the initial Proposed Financial Plan was 14.62%. The tax increases for 2017 – 2020 in the initial document were -2.25%, 0.07%, 0.45% and 1.81% respectively. The amended plan before you this evening lowers the 2016 percentage.
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 2016 – 2020 Five Year Financial Plan.
RECOMMENDATION:
THAT Council approve the Proposed 2016 – 2020 Five Year Financial Plan and direct staff to prepare the 2016 – 2020 Five Year Financial Plan Bylaw and the 2016 Tax Rate Bylaw.
SUBMITTED BY: M. Dillabaugh, Director of Finance
REVIEWED BY: K. Anema, Chief Administrative Officer
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