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2012 – 2016 Financial PLAN Overview

2012 – 2016 Financial PLAN Overview. City of Pitt Meadows. DM #94656. 2012-2016 Financial Plan. AGENDA Financial Planning Process Highlights of the 2012 Proposed Budget Non Market Growth Budget Risk Taxpayer Impact Long Term Considerations. 2012-2016 Financial Plan Process.

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2012 – 2016 Financial PLAN Overview

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  1. 2012 – 2016 Financial PLAN Overview City of Pitt Meadows DM #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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 2012-2016 Financial PlanBudget Highlights

  11. 2012-2016 Financial PlanBudget Highlights NON-MARKET CHANGE IN ASSESSMENT

  12. 2012-2016 Financial PlanBudget Highlights REVENUE FROM NON-MARKET CHANGE

  13. 2012-2016 Financial PlanBudget Highlights TAXATION BY ASSESSMENT CLASS

  14. 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

  15. 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

  16. 2012-2016 Financial PlanBudget Highlights WHERE THE MONEY GOES

  17. 2012-2016 Financial PlanBudget Highlights WHERE THE MONEY COMES FROM

  18. 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

  19. 2012-2016 Financial PlanTaxpayer Impact

  20. 2012-2016 Financial PlanTaxpayer Impact GROSS CHARGES ON THE BILL

  21. 2012-2016 Financial PlanTaxpayer Impact

  22. 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

  23. 2012-2016 Financial PlanConclusion GENERAL FUND OPTIONS

  24. 2012-2016 Financial Plan Thank You Dean Rear, CA Director of Finance (604) 465 – 5454 or drear@pittmeadows.bc.ca

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