Draft Financial Plan Purpose Overview of draft 2014-2018 Financial - - PowerPoint PPT Presentation

2014 – 2018

Draft Financial Plan

Purpose

• Overview of draft 2014-2018 Financial Plan
• Highlights of the 2014 Budget
• Opportunity for Public feedback and questions

2014 Budget Summary

• Operating budget is $209.8 million, a $2.81 million increase over

2013

• Increases capital investment for aging infrastructure ($1.4 million)
• Maintains high quality services while keeping taxes affordable
• Focuses on improved customer service, growing the economy,

public safety and community well-being

• Lowest tax increase in over a decade
• 2.75% ($60) for average residential property
• 2.30% ($150) for typical business

Budget Highlights

Public Safety

• Introduce new online Emergency Notification system to support

communications during emergency

• Develop tsunami map and education program for Victoria residents and

businesses

Improved Customer Service

• Online consultation portal to encourage public participation, discussion and

information sharing

• Expedite planning applications to achieve broader goals for development

that fosters economic development and increased commercial and housing supply

• Improved Public Service Centre on main floor of City Hall
• Improvements to downtown parking, including introduction of pay-by-cell

technology

Budget Highlights

Community Well-being

• Investment in arts and cultural events, this year including supporting

milestone anniversary celebrations for Symphony Splash, JazzFest, Victoria Conservatory of Music and McPherson Theatre

Environmental Sustainability

• Engagement on Dallas Road separated bike path
• Educational workshops on rainwater management

Growing the Economy

• Community dialogue about opportunities to revitalize three strategic sites

within the Inner Harbour

• Establish new zoning regulations for downtown

Budget Highlights

Active Transportation Projects

• Buffered bike lanes to close bike lane gaps on Skinner, Bay to Catherine
• Upgrade crosswalks at Bay/Forbes and Bay/Chambers
• New mid-block crosswalk at 500 block Pandora
• New sidewalk on Gonzales Ave to connect Foul Bay Rd with Chandler

Greenway

• New sidewalk on Montreal, from Simcoe to Niagara, to improve pedestrian

connection between cruise ship port and downtown

Parks and Recreation Projects

• New playgrounds at Hollywood and Alexander Parks
• Upgrades to major systems within Crystal Pool and Fitness Centre
• Restore natural areas in Cecelia Ravine Park
• Opening of new rose garden in Beacon Hill Park
• Advance David Foster Harbour Pathway

Capital Investment Highlights

Mapping Capital Investments

Where Our Revenue Comes From

Where Our Money Goes

Increasing Capital Investments

Main funding source for capital projects is property taxes and utilities. Nearly 20% of all revenue is invested in upgrading public infrastructure

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Increasing Capital Reserves

Contribution to Building & Infrastructure Reserve Increased from $1.5M in 1999 to $4.3M in 2013

Historical Tax Increases

0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 2010 2011 2012 2013 2014 Tax Rate Fiscal Year

Overall Tax Increase

2010 2011 2012 2013 2014 Draft Overall tax increase 4.31% 3.96% 3.25% 3.25% 2.51% Residential increase 4.24% 7.12% 3.91% 3.96% 2.75% Business incresase 4.24% 1.04% 2.31% 2.55% 2.30%

Utility Fee Increases

2013 2014 Increase % Increase Average Residential Fee Water (fixed plus variable fees) 434.89 458.70 23.81 5.47% Sewer (fixed plus variable fees) 231.17 246.39 15.22 6.58% Solid Waste 183.00 203.04 20.04 10.95% 849.06 908.13 59.07 6.96% Typical Business Fee Water (fixed plus variable fees) 645.94 677.16 31.22 4.83% Sewer (fixed plus variable fees) 231.17 246.39 15.22 6.58% 877.11 923.55 46.44 5.29%

Municipal and Regional Services

New Assessment Revenue Options

Option 1 Option 2 Option 3 Overall tax increase 3.25% Overall tax increase 2.47% Overall tax increase 2.64% Tax Increase Tax Increase Tax Increase Residential 4.20% 2.67% 3.00% Utility 3.25% 2.47% 2.64% Major Industrial 1.12% 1.12% 1.12% Light Industrial 0.25% 0.26% 0.25% Business 2.30% 2.30% 2.30% Rec/Non Profit 3.25% 2.47% 2.64% Average residential increase $92 $58 $66 Typical business increase $150 $150 $150

Council's Decision

Overall tax increase 2.51% Tax Increase Residential 2.75% Utility 2.51% Major Industrial 1.12% Light Industrial 0.25% Business 2.30% Rec/Non Profit 2.51% Average residential increase $60 Typical business increase $150

2013 Surplus Options

Option 1

• Allocate surplus to:

– $350,000 to fund additional planning and legal resources – $3,124,559 to Buildings and Infrastructure Reserve Fund

Option 2

• Allocate some or the entire surplus to other identified one-time

expenditures

Council’s Decision

• Allocate surplus to:

– $350,000 to fund additional planning and legal resources – $124,559 for one-time expenditures – $3,000,000 to Buildings and Infrastructure Reserve Fund

Next Steps

Date To Task April 23 Public Budget Session - Information session Feedback will be collected at the session and for approximately 10 days online April 30, 4pm Deadline for online and print surveys May 5 Special Council Meeting Report on public feedback Further consideration of 2014-2018 Financial Plan Proposed 2014 Tax Rates 2014 Tax Bylaw 1st Reading May 8 Council Meeting 2014-2018 Financial Plan Bylaw 2nd and 3rd Reading 2014 Tax Bylaw 2nd and 3rd Readings May 12 Special Council Meeting 2014-2018 Financial Plan Bylaw adoption 2014 Tax Bylaw adoption

Thank you Questions/Comments