2023 to 2027 Financial Plan Available for Review
April 14, 2023
Courtenay Council has given first three readings to the 2023-2027 Financial Plan, outlining all spending and revenue requirements for capital and operational programs over the next five years.
Mayor Bob Wells said the plan reflects increased costs due to inflationary pressures as well as increased protective services costs for policing, bylaw, and fire. “During this past year, we have seen cost increases throughout all operations as inflation impacts all goods and services purchased and produced by the City,” said Wells. “This budget reflects the reality of those costs, as well as our best estimates of the impacts over the next five years in maintaining services that support our community’s health and safety needs while improving quality of life. We’re grateful to have received $7.6 million from the BC Growing Communities Fund.”
Protective services are the City’s biggest operating expense, and policing costs have increased 6% over last year, largely due to the federal RCMP 2023/2024 collective agreement.
Courtenay has also augmented protective service levels through a new position in bylaw enforcement, and budgeted for two additional positions: one to support capital projects, and the other to support community social development and responding to the complex needs of our growing city.
Other external impacts to the financial plan outside the City’s control include increases to contract and professional services, insurance, and utilities.
The plan reflects an 9.7 per cent increase, or a $252 increase to property taxes for an average single-residential home.
The plan also includes an additional $456,300 contribution to the Infrastructure Reserve: $320,000 funded by gaming revenue and $136,300 funded by taxation; which will support long-term replacement of municipal assets such as water, sanitary sewer, storm sewer, and roads. Total reserve contributions for 2023 are set at $4.4 million.
The 2023 Financial Plan includes:
- $67 million in operating revenue
- $65 million in operating expenses
- $25 million in capital expenses for infrastructure projects and upgrades
The Community Charter requires that Council adopt a five-year financial plan, or budget document, each year prior to adopting the annual property tax bylaw. Future year forecasts are projections based on estimates only. The City of Courtenay continues to implement a robust Asset Management Planning program, and uses a conservative approach to estimate future revenues and expenditures. Future year forecasts do not include all other potential revenue sources such as grants. The City of Courtenay will continue to advocate for existing and emerging funding opportunities to reduce the impact on City taxpayers and residents.
To review 2023 - 2027 Financial Plan, visit courtenay.ca/financialplan
Please email feedback by April 25, 2023 to email@example.com or write to Courtenay City Hall at 830 Cliffe Avenue, Courtenay BC V9N 2J7.
The Financial Plan and Tax Rate bylaws will be adopted by May 13th with tax notices mailed out by the end of May.
For information on the relationship between your property assessment and property taxes, visit courtenay.ca/assessments