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2012 – 2016 FINANCIAL PLAN OVERVIEW
City of Pitt MeadowsDM #94656
2
2012-2016 Financial Plan
AGENDA
Financial Planning Process
Highlights of the 2012 Proposed Budget
Non Market Growth
Budget Risk
Taxpayer Impact
Long Term Considerations
3
2012-2016 Financial PlanProcess
Setting of Targets & Guidelines
Budget Preparation
Preparation of Business Plans
Review with Management
Presentations to Council All presentations are advertised and the public is
encouraged to attend
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2012-2016 Financial PlanProcess
Budget Finalization
Financial Plan Bylaw Summarizes revenue sources and expenditures for at least
five years as required by the Community Charter
Required to be adopted by May 15th each year
Rate Bylaws Utility Rate Bylaws
Tax Rate Bylaw Establishes mill rates after revised assessment roll is received from
BC Assessment Authority
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2012-2016 Financial PlanBudget Highlights
2012 WATER UTILITY HIGHLIGHTS
GVWD Levy increase – 5.9% Contributions to Reserves - $711,000 Capital Program of $1.39M
Blakely Road Main Replacement Ford Road Main Replacement Water Meter Program
Proposed water rate increase – 3.5% on flat charges, GVWD rate flowed through for metered Impact of $14 on average home
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2012-2016 Financial PlanBudget Highlights
2012 SEWER HIGHLIGHTS
GVSDD Levy increase – 3.5% Contributions to reserves $333,500 Capital Program of $875,000
114B Lift Station Replacement
Proposed sewer rate increase – 3.5% Impact of $11 for average home
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2012-2016 Financial PlanBudget Highlights
2012 SOLID WASTE HIGHLIGHTS
Increase in tipping fees of 10.3% Proposed Curbside Organics Collection
Total increased operating costs - $128,000
Would result in a rate increase of 11.3% Impact of $27 for average home
Propose Tax Rate Stabilization Offset Hold rate increase to 5%, “Status Quo” level Impact of $11 for an average home
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2012-2016 Financial PlanBudget Highlights
2012 DRAINAGE HIGHLIGHTS
Increased operating costs - $47,000 Maintenance & Cleaning
Contributions to reserves $335,200 Proposed Capital Program of $2.14M
Mckechnie Drainage Area Improvements Mckechnie Floodbox Culvert Replacements
Funded through drainage levies and separate mill rate Proposed rate increase of 3.5% Impact of $4 for average home
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2012-2016 Financial PlanBudget Highlights
GENERAL FUND- 2012 OPERATING HIGHLIGHTS
Total operating budget of $19.4 million 6.3% increase in planned expenditures Key Service Drivers:
New Library Operating Costs Increased Provisions to Asset/Infrastructure
Reserves Strategic Capital Reserve Provision Reduce Tax Rate Stabilization Subsidy Debt Service Costs for New/Upgraded Facilities
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2012-2016 Financial PlanBudget Highlights
$ Change
Tax Rate Increase Impact
Expenditures:
Library 157,731$ 1.10%Parks and Leisure 148,123 1.03%Police Services 159,431 1.11%Increase Transfer to Reserves for Asset and Infrastructure Replacement 224,500 1.56%Increase Transfer to Reserves for Strategic Capital 135,000 0.94%Debt Service 168,606 1.17%Direct City Operations 152,424 1.06%
1,145,815 7.96%Revenues:
Property Taxation - Non Market Change In Assessed Values (365,000) (2.53%)Property Taxation - Reduction in Prior Year Assessments 77,000 0.53%Adjustments to Other Revenues (103,554) (0.72%)Reduction of Tax Rate Stabilization Transfer 129,617 0.90%Other Adjustments to Fund and Reserve Transfers (199,878) (1.39%)
(461,815) (3.21%)
Proposed General Fund Tax Rate Increase: 684,000$ 4.75%
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2012-2016 Financial PlanBudget Highlights
NON-MARKET CHANGE IN ASSESSMENT
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2012-2016 Financial PlanBudget Highlights
REVENUE FROM NON-MARKET CHANGE
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2012-2016 Financial PlanBudget Highlights
TAXATION BY ASSESSMENT CLASS
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2012-2016 Financial PlanBudget Highlights
2012 GENERAL FUND CAPITAL HIGHLIGHTS General Capital Program of $4.8M
– McMyn Park Development– Caretaker House at Pitt Meadows Athletic Park– Harris Park Sports Field Reno– Kennedy Road Repave – Lougheed to Ferry Slip– Thompson Road Bridge Replacement
Funded by Reserves, Development Cost Charge’s, Third Party Contributions, Grants and Borrowing
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2012-2016 Financial PlanBudget Highlights
CAPITAL DECISION PACKAGES
Pedestrian Activated Traffic Signal - $81,000 Bikeway and Pedestrian Master Plan - $35,000 Paperless Agenda Implementation - $15,000
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2012-2016 Financial PlanBudget Highlights
WHERE THE MONEY GOES
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2012-2016 Financial PlanBudget Highlights
WHERE THE MONEY COMES FROM
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2012-2016 Financial PlanBudget Risks
Assessment appeals Vacancy allowances have been made for RCMP
staffing Allowances for potential staffing vacancies based
on past patterns Land Sale – Timing and how Council decides to
allocate proceeds Debt Servicing Rates Inflation gap Little in discretionary spending
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2012-2016 Financial PlanTaxpayer Impact
Charge Type2011 Total Charges
Rate Change
%
Rate Change
$
2012 Total Charges
Municipal Property Taxes $ 1,307 3.75% $ 49 $ 1,356 Strategic Capital 14 1.00% 14 28 Drainage Mill Rate 45 3.50% 2 47 Drainage Flat Rate 31 3.50% 2 33 Solid Waste Charge 235 5.00% 11 246 Sewer Charge 289 3.50% 11 300 Water Charge 394 3.50% 14 408
Total Municipal Charges 2,315 4.45% 103 2,418 Other Governments (estimated) 950 3.00% 28 978
Total Property Taxes 3,265 4.01% 131 3,396 Less: Home Owners Grant 570 570
Net Property Taxes Payable 2,695$ 2,826
Estimated Charges and Changes
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2012-2016 Financial PlanTaxpayer Impact
GROSS CHARGES ON THE BILL
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2012-2016 Financial PlanTaxpayer Impact
Municipal Cost CentresAnnual Cost
2012 Cost Per Day
Water 408.00$ 1.12$ Police Services 313.58 0.86 Sewer 300.00 0.82 Transfers to General Reserves 271.45 0.74 Solid Waste 246.00 0.67 General Government 231.70 0.63 Parks and Leisure Services 147.80 0.40 Transportation and Public Works 124.66 0.34 Development Services 99.52 0.27 Fire, Rescue and Emergency Services 90.50 0.25 Drainage 80.00 0.22 Library 60.92 0.17 Debt Servicing 43.87 0.12
2,418.00$ 6.62$
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2012-2016 Financial PlanLong Term Considerations
Regular increases in funding for reserves for replacing assets/infrastructure
Continued increases in provisions for Strategic Capital initiatives
Inflationary adjustments for other expenditures where not specifically known
Revenue from growth in the assessment base of approximately 2.5% per annum
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2012-2016 Financial PlanConclusion
GENERAL FUND OPTIONS
% $ Impact
General Tax Rate Increase per Proposed Budget 3.75% 49.00$
Increase in Provision for Strategic Capital 1.00% 14.00
Incremental Decision Packages:Support for the Farmers Market 0.03% 0.42
4.78% 63.42$
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2012-2016 Financial Plan
Thank You
Dean Rear, CADirector of Finance(604) 465 – 5454 or