PROPOSED 2019 OPERATING AND CAPITAL BUDGETS District of West - PowerPoint PPT Presentation

PROPOSED 2019 OPERATING AND CAPITAL BUDGETS District of West Vancouver Regular Council Meeting March 11, 2019

Presentation Outline Presentation Outline 1. Shifts in Assessments 2. 2019 Capital Budget 3. 2019 Operating Budget 4. Budget Survey Results PROPOSED 2019 OPERATING & CAPITAL BUDGETS 2

Shifts in Assessments PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Assessment Shifts in West Vancouver Above Average Average Assessment Change = -15% Assessment Change = -9.4% Assessment Change = -5% 2018 2019 Tax Municipal Change in Assessment Assessment Assessment Shift Tax Below Average -15% $3,411,765 $2,900,000 -$261 $3,947 Average -9.4% $3,200,000 $2,900,000 $0 $3,947 Above Average -5% $3,052,632 $2,900,000 $182 $3,947 This chart references the arithmetic mean average, as this is the point of 0% tax shift. PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2018 Heat Map PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Heat Map PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Capital Budget PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Twenty Year Lifecycle Replacement and Maintenance PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Asset Levy Groundwork * 1.76% * Includes transfer from operations budget PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Five Year Projection Requirements for Funds PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Preliminary Capital Budget PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Asset Levy – Next Steps − increase asset levy funding to maintenance level − develop “catch up” strategies − take action on options for “high use, poor condition” assets − apply framework for evaluating new assets in 2019 budget decision-making process − incorporate risk information into asset management modelling to manage risk PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Operating Budget PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Operating Budget Factors affecting the 2019 operating budget: Employer Health Tax  Ice Arena season extension  revenue reductions in Parks, Culture & Community Services  interest revenue  PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Preliminary Operating Budget Operational increases Labour: contract, reclass, fringe, savings $ 1,439,600 2.06% Labour: Employer Health Tax $ 1,238,900 1.77% Critical operating items $ 682,400 0.97% $ 17,000 0.02% Increased NSEM budget $ 40,000 0.06% Ice Arena - season extension Change in PCCS revenue $ 315,000 0.45% PCCS mitigation efforts $ (52,000) -0.07% $ 3,680,900 5.26% Operational savings $ (104,600) -0.15% Fees and charges Incremental investment income $ (1,295,300) -1.85% Savings on bank fees $ (10,000) -0.01% $ (1,409,900) -2.01% Sub-total $ 2,271,000 3.24% Transfer to Capital $ 267,100 0.38% New Construction Based on estimate from BC Assessment $ (1,004,000) -1.43% Total $ 1,534,100 2.19% PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Proposed Increase Property with median Proposed 2019 2018 Taxes & Fees Y:Y Change Proposed Rate Increase assessment value = $2.5M Taxes & Fees Operational Levy $3,083 $3,151 $68 2.19% 1.76% Asset Levy* $49 $54 $5 Water $632 $695 $63 10% Sanitary/Storm Sewers $939 $1,041 $102 11% Solid Waste $243 $241 ($2) -1% Total Impact to $4,946 $5,182 $236 Median Household 4.78% *Asset levy based on a 1 year period to close the asset maintenance funding gap (1.76% rate increase) PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Budget Survey Results PROPOSED 2019 OPERATING & CAPITAL BUDGETS

2019 Budget Survey Results 2019 Budget Survey Results Support for CAC Funding No : Project Requested Amount Yes: Support Do Not No Opinion Support Navvy Jack Nature House $2,050,000 50.9% 36.4% 12.7% Ferry Building Gallery $1M in 2019 & $1M in 2020 48.3% 37.4% 14.4% Library Infrastructure $706,000 79.2% 13.9% 6.90% Memorial Park Ramp $75,000 46.0% 34.5% 19.5% Garrow Bay Trail Stairs $57,000 52.3% 32.4% 15.3% Civic Site Great Lawn Fencing $45,000 39.7% 46.6% 13.7% Rutledge Field Stairs $25,000 51.7% 32.8% 15.5% Lighthouse Park Accessibility $10,000 74.4% 12.5% 13.1% Strong Support Weak Support Split Support Not Supported PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Staff Recommendations 1. Asset levy increase of 1.76% 2. Operating budget increase of 2.19% 3. Amenity project contribution of $798,000 for the following projects: Library Infrastructure $706,000 Garrow Bay Trail Stairs $57,000 Rutledge Field Stairs $25,000 Lighthouse Park Accessibility $10,000 19

Finance Committee Recommendations 1. That the asset levy increase of 1.76% and operating budget increase of 2.19% be approved. 2. The provision of funding for the following projects, totalling $92,000 be approved: Garrow Bay Trail Stairs $57,000 Rutledge Field Stairs $25,000 Lighthouse Park Accessibility $10,000 3. That provision of the remaining $706,000 for the Library Infrastructure project be deferred and re-evaluated in the context of other capital infrastructure projects. PROPOSED 2019 OPERATING & CAPITAL BUDGETS

Questions? PROPOSED 2019 OPERATING & CAPITAL BUDGETS