2020 Draft Budget Summary · victoria.ca/budget Your Budget – We’re Listening We need your input on the draft 2020 financial plan. Read the full plan or Budget Summary at victoria.ca/budget

1.42% City Operations

0.72% Capital Investment

1.31% Police Operations

0.20% Police – Six Officers Approved by Province in 2019

0.06% Greater Victoria Public Library

– 0.36% Property Tax Revenue from New Development (NMC)

= 3.35% Proposed Property Tax Increase

Proposed Property Tax Breakdown

Find out more at victoria.ca/budget

Your Budget – We’re ListeningWe need your input on the draft 2020 financial plan. Read the full plan or Budget Summary at victoria.ca/budget.

Join us on November 21, 2019 for a Budget Town Hall. Attend in person at City Hall, or participate from the comfort of your own home. Be sure to also fill out the 2020 Budget survey before November 24.

2020 Draft Budget Summary

The City’s budget looks to adapt to change and balance competing priorities while continuing to provide high-quality services our citizens have come to expect. As presented in the draft financial plan, the 2020 operating budget totals $258.7 million and the capital budget totals $42.1 million.

Budget Highlights:

The City’s budget aims to balance the demand to continue providing the City’s approximately 200 services and over 200 capital infrastructure projects with the demand for increased or new services.

Below are some of the key highlights of program and service investments proposed in the draft 2020 budget.

• Replace aging pipes and underground infrastructure, including some of the City’s oldest pipes installed in 1891, to ensure clean water and environmental protection for the harbour and City natural areas

• Approximately $57 million for reserves and capital investment including transfers to the affordable housing reserve, building and infrastructure reserve, gas tax reserve and debt reduction

• $5.5 million in continued funding for the Greater Victoria Public Library, including the Central and sxweŋxwәŋ tәŋәxw branches

• Support for arts, culture and events with approximately $1.6 million including public art, festivals, special events, City of Victoria Butler Book Prize, Indigenous Artist in Residence and Poet Laureate programs

• Invest approximately $27 million in the City’s parks, recreation and facilities, including 137 parks, 209 hectares of parkland, 72 hectares of natural areas, 40 playgrounds, 23 tennis courts, 12 dog off leash areas, 45 sports fields and 109 City buildings and parking lots.

• Increased capital investment of $500,000 to improve City streets

• Continued focus on public safety, with $59.8 million for police, $17.1 million for fire services, and $1.9 million in bylaw and licensing services

• Crosswalk installations or upgrades

• Continued focus on Zero Waste Strategy Development and Implementation

• Technology improvements including online building permit applications, street occupancy permits and online forms

• Climate action initiatives to reduce emissions by 80% and transition to 100% renewable energy by 2050

• Increased community and senior centre funding

• Over $600,000 in emergency management programs

• Safety and lighting upgrades at City parkades

Property Tax Impacts:

The proposed budget would result in an overall property tax increase of $4.68 million or a property tax increase of 3.35%. Combined with utility fees, the overall costs to homeowners would result in a 3.32% increase from 2019 and 3.26% increase for businesses.

1city of victoria | 2020 Budget Summary

Your City Budget: How does it work?

The City of Victoria is growing and changing. With these changes come added pressures on City services and infrastructure. The City’s 2020 budget looks to adapt to change and balance competing priorities while continuing to provide the high-quality services our citizens have come to expect. Doing so within available financial resources, and the ability of the taxpayer to pay, is top priority.

What is a city budget?

Council’s Strategic Plan guides City priorities, and identifies the actions to achieve these over four years. The budget allocates funding for the priorities set out by Council in the Strategic Plan.

Like your own personal budget, the City’s budget is divided into two types of expenses – operating and capital.

The operating budget includes daily or regular expenses to keep things running smoothly. In your household, these would be things such as gas for your vehicle or groceries for your family. For the City, this includes garbage collection, clean water, and the maintenance of facilities like Crystal Pool and community centres, to name a few.

Capital expenses are one-time purchases or upgrades as an investment for the future – things like renovations for your home or new appliances. For the City, capital expenses include things like road improvements, park upgrades or equipment needed to maintain roads or respond to emergencies.

How is the operating budget determined?

The operating budget is the largest portion of the City’s budget, at $258.7 million for 2020. It is determined based on what it will cost to continue existing City services and programs at service levels set by Council. The City’s operating and utility budgets include capital funding and reserve savings that provide annual funding to ensure the city’s infrastructure is maintained for residents today, and the future.

How is the capital budget determined?

The capital budget for the City is $42.1million for 2020. A number of factors are taken into consideration when creating each year’s capital budget including master plans such as the Parks and Open Spaces Master Plan, transportation plans, and the City’s Strategic Plan. Other factors include:

• safety considerations (traffic calming and crosswalks as an example)

• replacement costs

• age and condition of current City assets

• maintenance history

• risk assessment (what are the possible risks if this asset were to fail?)

• coordination with other capital projects (a stormwater main replacement might trigger updated curbs and sidewalks, so that a road is only dug up once)

• future capacity needs

When creating new assets, staff and Council will also consider what the annual operating and maintenance costs will be.

What happens when a capital project is not completed in a given budget year?

If a capital project that is underway is not completed in a given year, it is automatically rolled over into the work plan for the following year.

financial plan Budget Summary


1. Good Governance and Civic Engagement

2. Reconciliation and Indigenous Relations

3. Affordable Housing

4. Prosperity and Economic Inclusion

5. Health, Well-Being and a Welcoming City

6. Climate Leadership and Environmental Stewardship

7. Sustainable Transportation

8. Strong, Liveable Neighbourhoods


Strategic Priorities

Council’s strategic objectives, combined with the Financial Plan, are the blueprint for where the City will spend dollars and allocate resources for the coming year.

The 2019 – 2022 Strategic Plan’s eight objectives and associated actions will guide the City’s work over the next four years.


Delegate Days at the

Victoria Conference Centre

Total fires attended(structure, exterior, vehicle)

7,200

Crystal Pool and Fitness Centrevisits annually

105,000Transactions and inquiries

3,200Individuals assisted by City Archives

30,000People served each yearat the Development Centre

Maintain:

137City parks 209

Hectares of natural area72

Hectares of parkland

121,430

Public Service CentreTonnes of waste collected(from 14,000 households)

Maintain:

6,632Calls for service

5,591Inspections performedBuilding, Plumbing, Electrical

Businesses assisted at the Business Hub

492Zoning Regulation Bylaw Plan Checks

2,045

Victoria EmergencyManagement

Volunteers• training• communication• deployment

90

388,000

484

Over Bylaw and Licencing

Approx.

Approx.

208Free City organized arts and culture programs and events

278 kmroadway

259 kmstormwater mains

4stormwater

rehabilitation units

74stormwater outlets

91 kmbike lanes

234marked

crosswalks

465.8 kmsidewalks

258parking

pay stations

operating

Overview

Highlights of City Services

10city of victoria | Draft Financial Plan 2020

Highlights of City Services



Operating BudgetRevenues

Similar to most Canadian municipalities, taxation is the largest source of revenue, financing the majority of the services provided by the City. Every property owner in British Columbia must pay property taxes based on the value of their property, unless the property is specifically exempted by provincial statute.

The City’s revenue is generated mainly from taxation at $154.1 million. User fees form the next significant portion of revenue collected by the City at $46.5 million. In accordance with the Community Charter, municipal governments set fees and charges by bylaw to cover the costs of providing that service to the public. The fees charged must be for the services delivered and designed not to generate a surplus and are supported by bylaws.

The remaining revenue is collected from Parking fees and fines that provide the City with $19.6 million in revenue, other income at $17.7 million which includes revenue from the conference centre, real estate, investment interest, and revenue from property taxes for stormwater utility, followed by cost recoveries of approximately $14.3 million which includes recovery from Esquimalt for our amalgamated Police Department, grants at $5.7 million and funding from reserves at $832,000.

TaxationProperty taxes represent the most significant funding source within taxation at $145.1 million. Grants in lieu of taxes at $6.2 million form the next significant portion of taxation, followed by parcel taxes at $1.4 million and special assessments at about $1.4 million.

User Fees and ChargesThe second largest source of revenue is user fees and charges that are charged for the use of city services. The City operates the water distribution systems for both the City of Victoria and the Township of Esquimalt. Water utility fees and charges represent $22.2 million out of the total $46.5 million. Sewer utility fees and charges are the second largest source of user fees at $7.3 million, followed by stormwater utility fees and charges at $5.7 million, permits and licenses at $5.1 million, solid waste and recycling at $3.3 million, recreation fees at $1.9 million and other user fees and charges at $1 million. Other user fees and charges include fees for rezoning, records, plan searches, fire prevention and sale of hanging baskets.

Taxation Revenue by Type2020 Budget Funding Sources ($154.1 million)

94% Property Value Taxes

4% Grants in Lieu of Taxes

1% Parcel Taxes

1% Special Assessments

Consolidated Revenue by Type2020 Budget Funding Sources ($258.7 million)

59% Taxation

18% User Fees and Charges

8% Parking Fines and Fees

7% Other Income

5% Cost Recovery

2% Grants

1% Reserves

48% Water Utility Fees and Charges

16% Sewer Utility Fees and Charges

12% Stormwater Utility Fees and Charges

11% Permits and Licences

7% Solid Waste and Recycling

4% Recreation

2% Other User Fees and Charges

User Fees and Charges Revenue by Type2020 Budget Funding Sources ($46.5 million)




Other IncomeOther income is comprised of a variety of revenue sources. The Victoria Conference Centre’s revenue of $7.5 million is primarily comprised of event cost recovery paid by event organizers of $3.46 million, as well as revenue generated from parking and room rentals. Investment income is at $3.5 million and miscellaneous revenue is about $3 million which includes revenue from tax certificates, tax penalties, bus shelter advertising, food and beverage and revenue from Save-On-Foods Memorial Centre. The revenue from the City’s real estate leases amount to approximately $1.9 million and the transfer from property taxes to Stormwater Utility is $1.3 million. The City receives $540,000 for cost sharing income received by other Police forces and from Burnside/Gorge for annual capital contribution.

Parking Fees and FinesThe City of Victoria operates five parkades, three surface lots and has nearly 2,000 on-street parking spaces downtown that are budgeted to generate approximately $19.6 million in revenue for 2020. The 2020 draft budget includes revenue from on street and surface lots at $9.8 million, which is the largest parking revenue source. This is followed by parkade parking at $5.9 million and parking violations at $3.9 million.

42% VCC

20% Investment Income

17% Miscellaneous

11% Real Estate

7% Transfer from Property Taxes – Stormwater

3% Cost Sharing

Other Income by Revenue by Type2020 Budget Funding Sources ($17.7 million)

50% On Street and Surface Lots

30% Parkades

20% Parking Violations

Parking Fees and Fines Revenues by Type2020 Budget Funding Sources ($19.6 million)

Cost RecoveryThe City’s cost recovery budget is at $14.3 million in 2020, with the majority of the recovery at about $8.6 million for Esquimalt’s share of policing costs for our amalgamated Police Department. Internal recoveries at $3.9 million include costs related to self-funded utilities such as water, sewer and stormwater. The City also recovers costs from outside external agencies in the amount of about $1.8 million.

GrantsThe City’s budget includes the annual funding from the Federal Government’s gas tax program which makes up the majority of grant funding at 64% or approximately $3.7 million. The second largest grant source is from the Provincial Traffic Fine Revenue at about $1.9 million. Other grants amount to $156,000 and include contributions for Climate Action Grants and an Emergency Management Grant from UBCM.

60% Esquimalt Recovery

27% Internal Recovery

13% Other External Recovery

Cost Recovery by Revenue by Type2020 Budget Funding Sources ($14.3 million)

64% Gas Tax

33% Traffic Fine Revenue

3% Other Grants

Grants Revenues by Type2020 Budget Funding Sources ($5.7 million)



48% Financial Stability Reserve

24% Art in Public Places

13% Climate Action Reserve

10% Police

5% Tree Replacement Reserve

Reserves Revenues by Type2020 Budget Funding Sources ($832,000)

ReservesThe purpose of setting aside funding in reserves is to provide funding for various future expenditures, to ensure sufficient future funds are available and to smooth the annual tax increase. For 2020 funding from the Financial Stability Reserve which holds carry forward funding from prior year unspent budgets, is at $396,000 for a variety of City initiatives such as the Zero Waste Strategy and the Emergency Management Pilot Project. The Art in Public Place reserve provides $200,500 for art in public spaces and expands opportunities for artists and the public to participate in the process. Climate Action Reserve funding is $105,000 for climate mitigation and adaptation strategies that target energy and GHG reductions. The Tree Replacement Reserve funding is at $45,300 for additional tree planting and Police Reserves provides funding of $85,000 for equipment replacement.




51% Salaries and Benefits

21% Transfers to Reserve and Capital

13% Materials and Supplies

6% Contracted Services

3% Equipment

2% Fiscal

1% Grants

1% Debt Principal Payments

1% Other Personnel Costs

1% Transfer to Stormwater Utility

Operating Expenditures by Type2020 Budget Expenditures ($258.7 million)

The graph below outlines the operating expenditures by type:Like most municipalities, the City is faced with balancing rising costs, limited resources and providing more and higher level of services to its citizens. To achieve this balance through the budget process, departments undertake re-analysis of budget needs, endeavour to find economies and efficiencies that are expected of a prudent budgeting process. Staff are to explore opportunities to increase efficiencies throughout the City’s operations focusing on providing better service to the community and reducing expenditures.

The 2020 budget reflects a cost saving of restructuring lease agreements to bill direct to lessee for water costs at Crystal Gardens. Streamlining and process improvements continue that include investment in electric vehicles which reduce the City’s costs and reliance on fossil fuels, new street cleaning vehicles that enable a higher volume and quality of street and sidewalk cleaning, completion of the transition to paperless on-line Applicant Tracking system for all job postings, implementation of the legal document management system, launch of the on-line recreation system, implementation of an in-house testing and repair centre for specialized fire apparatus and increasing efficiency in permits and inspections through digital plan reviews and e-Apply implementation.

Operating BudgetExpenditures/Transfers to Reserve



Operating BudgetExpenditures/Transfers to Reserve

The graph below outlines the 2020 expenditures by function:

This graphs shows the budget change from 2019 to 2020 for operating expenditures by function:

23% Victoria Police Department

12% Transfers to General Reserves, Capital and Utility

9% Parks, Recreation and Facilities

9% Water Utility

7% Victoria Fire Department

7% General Government

7% Engineering and Public Works

4% Parking Services

4% Business and Community Relations

3% Debt

3% Sewer Utility

3% Corporate

3% Stormwater Utility

2% Sustainable Planning and Community Development

2% Public Library

1% Solid Waste & Recycling

1% Bylaw Services

Operating Expenditures by Function2020 Budgeted Function Expenditures ($258.7 million)

Operating Expenditures by FunctionBudget Trends 2019– 2020

2019 Budget

2020 Budget

Victor

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epar

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t

Under

groun

d Utili

ties

Parks

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reati

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ities

Engine

ering

and P

ublic

Wor

ks

Gener

al Gov

ernm

ent

Victor

ia Fir

e Dep

artm

ent

Parkin

g Ser

vices

Debt

Corpor

ate

Busine

ss an

d Com

munity

Rela

tions

Plannin

g

Public

Libra

ry

VCC Eve

nt Cos

ts Paid

by C

lients

Bylaw S

ervic

es$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

Counc

il

Trans

fers t

o Gen

eral R

eserv

es,

Capita

l and

Utilit

y



Capital Budget

Capital BudgetThe City’s 20 year capital budget is a plan that identifies required projects, related funding and timelines including the impact of multi-year and multi-department projects. Capital requirements are driven by the need to maintain, upgrade or replace existing aging infrastructure, meet industry standards, population growth and invest in new capital in alignment with the Strategic Plan and community input.

The capital budget for 2020 totals $42.1 million. The annual capital investment needs are determined through asset master plans and condition assessments. Asset master plans outline the level of funding that is considered sustainable to maintain current service levels and the priorities of infrastructure investment.

For 2020, the Capital budget has been grouped into 12 categories which are displayed in the graph by total expenditures:

Capital Expenditures by Category2020 Budgeted Category Expenditures ($42.1 million)

16% Sanitary Sewers

15% Stormwater

13% Waterworks

13% Complete Streets

12% Equipment

9% Active Transportation

8% Facilities

7% Street Infrastructure

4% Police

1% Retaining Walls and Railings

1% Contingency

1% Parks



Capital Budget

The graph below shows the capital spending by category in dollars:

Capital Budget by Category in Dollars2020 Budgeted Category Expenditures ($42.1 million)

Street Infrastructure

Police

Complete Streets

Parks

Waterworks

Stormwater

Sanitary Sewers

Equipment

Facilities

$0 $1 $3 $4 $5 $6 $7

Millions

Active Transportation

Retaining Walls and Railings

Contingency



Community Impacts

This financial plan has been prepared to continue to provide services at current levels and incorporates Strategic Plan initiatives.

As part of the 2019 - 2022 Strategic Plan, Council set a target maximum tax increase of inflation plus one percent, including Police. The Consumer Price Index (CPI) for Victoria at time of budget development was 2.8%. Based on the June 2019 CPI factor of 2.8%, the maximum property tax increase target is 3.8%.

Overall Impact including both Property Taxes and UtilitiesThe 2020 Draft Financial Plan includes an increase in revenue needed from property taxes of $4.68 million. Based on this amount, the proposed overall tax increase for 2020 is 3.35%. Combining property taxes and utilities, the overall impact to the residential taxpayer is at 3.32% and the business taxpayer is at 3.26%.

A variety of factors as well as Council priorities impact the

2020 Draft Financial Plan. The City’s main cost drivers include collective agreement salary increases, insurance, training and development, software licensing, hydro, fuel and asphalt increases. Grants have been increased by inflation as well community and senior centre operating funding has increased which is funded from new property tax revenue from new development. The cost drivers are partially offset by increased revenue from property leases, recreation fees, dog licenses and payment in lieu of taxes. The City has also increased capital investment by $1 million which is comprised of $500,000 for Street Upgrades and $500,000 for Buildings and Infrastructure Reserve funded from new property tax revenue from new development.

City staff continue to realize operational efficiencies as the 2020 budget has incorporated savings of $33,700 for water charges that directly billed to lessee at the Crystal Garden.



Community Impacts

The following table summarizes the proposed property tax increase for 2020:

Property Tax ImpactTax Increase

Dollars $ Percentage %

Cost Drivers

Salaries and Benefits 1,748,932 1.25%

Insurance 118,720 0.08%

Training and Development 100,886 0.07%

Software Licensing 81,872 0.06%

Hydro 58,285 0.04%

Fuel 42,135 0.03%

Asphalt 24,000 0.02%

Police Late Night Task Force 16,150 0.01%

Natural Gas 12,470 0.01%

Grants

Inflation Growth 28,232 0.02%

Community and Senior Centres Operating Funding 234,333 0.17%

New Property Tax Revenue from New Development (234,333) -0.17%

Operating Impacts from Capital Projects

Johnson Street Bridge Operations

45,000 0.03%

Johnson Street Bridge Public Realm

39,000 0.03%

Expense Savings

Crystal Garden Retail Water - direct billing to lessee

(33,710) -0.02%

Property Tax ImpactTax Increase

Dollars $ Percentage %

Revenue Increase

Recreation Fees (111,741) -0.08%

Lease Revenue (83,814) -0.06%

PILT Revenue (15,000) -0.01%

Dog Licenses (15,000) -0.01%

Capital Investment

Street Upgrades 500,000 0.36%

Building and Infrastructure Reserve 500,000 0.36%

New Property Tax Revenue from New Development (500,000) -0.36%

Other Changes (72,395) -0.05%

City Total 2,484,022 1.78%

Police Operations 1,589,271 1.14%

Six Officers Approved by Province in 2019 283,004 0.20%

Capital Reserve Increase 234,404 0.17%

Police Total 2,106,680 1.51%

Greater Victoria Library 90,504 0.06%

Total Property Tax 4,681,206 3.35%



Community Impacts

Property TaxesThe 2020 Draft Financial Plan results in a property tax increase of 3.35%, which is below the maximum target of 3.8%. The overall impact to the residential and business including both property taxes and utilities is 3.32% and 3.26% respectively.

The graph below shows the City of Victoria’s annual overall tax rate trend between 2011 to 2020, with the lowest tax increase recognized in 2015 at 2.23%.

Annual Overall Tax Increase2011 – 2020

3.96%

3.25% 3.25%

2.51%2.23% 2.31%

2.98% 2.62%1.45%

2.53%

Health Tax

Base Tax Increase

2011 2012 2013 2014 2015 2016 2017 2018 2019

3.98%

2020

3.35%Proposed



StormwaterThe 2020 Draft Stormwater Utility budget’s growth is due to an increase in Capital projects of $59,000, followed by inflationary increases within salaries, materials and equipment of $57,117.

The Stormwater Utility was first introduced in 2016 with the majority of the utility costs funded through the Stormwater user fee. In 2020, $1.3 million of this utility’s budget is funded through property taxes, which represent the costs to oversee the City’s rights-of-ways.

Stormwater Cost Driver Dollars $ Percentage %

Transfer to Capital $ 59,000 0.86%

Salaries, materials & equipment

57,117 0.83%

Total $ 116,117 1.69%

SewerThe major cost drivers for the 2020 draft Sewer Utility budget is the increase in Capital projects of $122,000, as well as the increases to salaries, materials and equipment costs which have increased by $59,085 due to inflationary pressures.

Sewer Cost Driver Dollars $ Percentage %

Transfer to Capital $ 122,000 1.53%


59,085 0.74%

Total $ 181,085 2.28%

UtilitiesThe City of Victoria property owners pay separate utility and property tax bills. The 2020 Draft Financial Plan includes a water utility budget increase of $847,022 or 3.97% over 2019, a solid waste and recycling utility budget increase of $109,447 or 3.39% over 2019, a stormwater utility budget increase of $116,117 or 1.69% over 2019 and a sewer utility budget increase of $181,085 or 2.28%.

The tables below show the cost drivers per utility

WaterThe main cost driver of the 2020 Draft Water Utility budget is the water the City purchases from the Capital Regional District. The cost of water is forecasted to increase by $766,969 which is a 3.59% increase over 2019. Inflationary costs for salaries, equipment and materials required for the water operations have increased by $80,053.

Water Cost Driver Dollars $ Percentage %

CRD Bulk Water $ 766,969 3.59%


80,053 0.37%

Total $ 847,022 3.97%

Solid Waste and RecyclingThe 2020 Draft Solid Waste and Recycling Utility budget has a forecasted increase of $109,447 and is comprised of inflationary costs for salaries, materials and equipment combined.

Solid Waste Cost Driver Dollars $ Percentage %

Salaries, materials & equipment $ 109,447 3.39%

Total $ 109,447 3.39%

Community Impacts



Overall Impact to Households5 year Forecast: Estimated Property Tax and Utility Costs for an Average Victoria Household(Based on $805,000 assessed value)

Property Taxes.................... $2,708 Water Utility - 80 units............ $465 Sewer Utility - 80 units ........... $164 Solid Waste - 120 litre bin...... $235 Stormwater Utility .................. $143 Total .................................... $3,715 Estimated Increase................3.05%

2021

Property Taxes..................... $2,780Water Utility - 80 units............ $476 Sewer Utility - 80 units ........... $168 Solid Waste - 120 litre bin...... $239 Stormwater Utility .................. $150 Total .................................... $3,813 Estimated Increase................2.64%

2022Property Taxes.................... $2,852 Water Utility - 80 units............ $487 Sewer Utility - 80 units ........... $179 Solid Waste - 120 litre bin...... $244 Stormwater Utility .................. $155 Total .................................... $3,917 Estimated Increase................2.73%

2023Property Taxes..................... $2,927Water Utility - 80 units............ $499 Sewer Utility - 80 units ........... $180 Solid Waste - 120 litre bin...... $249 Stormwater Utility .................. $160 Total .................................... $4,015 Estimated Increase................2.50%

2024

Property Taxes.................... $2,626 Water Utility - 80 units............ $450 Sewer Utility - 80 units ........... $161 Solid Waste - 120 litre bin...... $230 Stormwater Utility .................. $138 Total .................................... $3,605 Estimated Increase................3.32%

2020

Overall Impact to HouseholdsFor an average residential home ($805,000 assessment), the proposed total municipal property taxes and utility user fees will be approximately $3,605, an increase of $116 over 2019. This increase is comprised of $85 for property taxes, $17 for water, $8 for solid waste, $4 for sewer and $2 for stormwater.



Overall Impact to BusinessesFor a typical small business ($644,000 assessment), the proposed total municipal property taxes, utility fees and business license fee will be approximately $8,328, an increase of $263 over 2019. This increase is comprised of $237 for property taxes, $17 for water, $5 for stormwater, $4 for sewer and $0 for business license fees.

5 year Forecast: Estimated Property Tax and Utility Costs for a Typical Victoria Business(Based on $644,000 assessed value)

Property Taxes..................... $7,309Water Utility - 80 units............ $450 Sewer Utility - 80 units ........... $161 Stormwater Utility .................. $308 Business License .................. $100 Total .................................... $8,328 Estimated Increase................3.26%

2020Property Taxes.................... $7,537 Water Utility - 80 units............ $465 Sewer Utility - 80 units ........... $164 Stormwater Utility .................. $318 Business License .................. $100 Total .................................... $8,584 Estimated Increase................3.07%

2021

Property Taxes.................... $7,736 Water Utility - 80 units............ $476 Sewer Utility - 80 units ........... $168 Stormwater Utility .................. $334 Business License .................. $100 Total .................................... $8,814 Estimated Increase................2.68%

2022Property Taxes.................... $7,937 Water Utility - 80 units............ $487 Sewer Utility - 80 units ........... $179 Stormwater Utility .................. $345 Business License .................. $100 Total ..................................... $9,048Estimated Increase................2.65%

2023Property Taxes.................... $8,146 Water Utility - 80 units............ $499 Sewer Utility - 80 units ........... $180 Stormwater Utility .................. $357 Business License .................. $100 Total .................................... $9,282 Estimated Increase................2.59%

2024

Overall Impact to Businesses



Documents

2020 Draft Budget Summary · victoria.ca/budget Your Budget – We’re Listening We need your input on the draft 2020 financial plan. Read the full plan or Budget Summary at victoria.ca/budget