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2013 BUDGET - PowerPoint PPT Presentation


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General Fund Revenues $84,870,998 Expenditures Divisional 69,635,424 Non-Divisional 5,695,509 Transfers 9,540,065 84,870,998 $ Nil * Capital $14,788,522 *Per the Community Charter, a Municipality cannot budget for a deficit. 2013 BUDGET.

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Presentation Transcript
slide2
General Fund

Revenues $84,870,998

Expenditures

Divisional 69,635,424

Non-Divisional 5,695,509

Transfers 9,540,065

84,870,998

$ Nil *

Capital $14,788,522

*Per the Community Charter, a Municipality cannot budget for a deficit

  • 2013 BUDGET
slide3
Budgets by Fund

General $ 99,659,520

Water 11,110,700

Sewer 11,493,100

Solid Waste 4,194,300

Cemetery 973,811

Golf 1,248,200

Transit 14,583,471

Lands Stewardship 3,345,000

$146,608,102

  • 2013 BUDGET
slide4
Fund Structure

West Vancouver’s financial framework is organized around several high-level functional units, called Funds. Each Fund is a stand-alone business entity that engages in specific service activities, and has its own particular revenues, expenditures, reserves and capital program. Each Fund also has its own particular approach to budgeting and rate setting.

  • DISTRICT of WEST VANCOUVER
slide6
West Vancouver

Average Assessed Home Value $2,144,137

Municipal Taxes $3,620

Utilities

Water 474

Sewer 585

Solid Waste 275

$4,954

  • 2013 AVERAGES
slide7
Coquitlam $702,105

Delta $608,208

Maple Ridge $459,075

New Westminster $695,743

North Vancouver City $891,975

North Vancouver District $1,016,520

Pitt Meadows $450,410

Port Moody $760,622

West Vancouver $2,144,377

  • 2013 AVERAGE ASSESSED HOME VALUES
slide8
Coquitlam 3.056%

Delta 3.315%

Maple Ridge 4.283%

New Westminster 3.548%

North Vancouver City 2.449%

North Vancouver District 2.369%

Pitt Meadows 3.906%

Port Moody 3.401%

West Vancouver 1.688%

  • 2013 RESIDENTIAL TAX RATES
slide9
Coquitlam $4,193

Delta $4,195

Maple Ridge $5120

New Westminster $4,693

North Vancouver City $3,472

North Vancouver District $3,782

Pitt Meadows $4,937

Port Moody $4,414

West Vancouver $3,022

*Based on a $1,000,000 Assessed Value

  • *2013 TOTAL TAXES AND UTILITIES
slide10
Residential Taxes as a Proportion

of Total Property Tax Revenue

Coquitlam 62%

Delta 54%

Maple Ridge 78%

New Westminster 60%

North Vancouver City 55%

North Vancouver District 72%

Port Moody 68%

West Vancouver 93%

  • 2013 TOTAL TAXES & UTILITIES
slide11
How do we calculate?

Changes to the effective tax rate?

What is the Mill Rate?

BC Assessment Authority

Impact of other taxing authorities

  • PROPERTY TAXES
slide12
About BC Assessment

Conduct property assessments on an annual basis for all property owners in the province.

Structure

BC Assessment operates as an independent, provincial Crown corporation, governed by a Board of Directors and is accountable to the Government of BC.

The President and CEO of BC Assessment is supported by an Executive Committee. The Board is appointed by the Lieutenant-Governor in Council.

BC Assessment's head office is located in Victoria. 15 area offices are situated in 10 regions in various geographic locations throughout British Columbia.

  • PROPERTY TAXES
slide13
Assessed Value x Mill Rate

The Mill Rate is adjusted annually to eliminate the effect of changes to the average assessed value.

The only circumstance whereby a residents change to property taxes, year over year, equals the change approved by Council is where the residents change in assessed value equals the average change in assessed values for the District.

District collects on behalf of other taxing authorities but retains none of this revenue.

  • PROPERTY TAXES
slide14
1% tax rate increase = $555,000 of Revenue to the District

or

$29.58 for the average household

  • PROPERTY TAXES
slide15
August 2013 • Labour Model Updated

September 2013 • Requests for FTE’s

October 2013 • Divisional WorkPlans

• Facilities Systems Renewal

• Divisional Operating Budgets

• Divisional Capital Budgets

November 2013• Public Consultation

• Review by Council

December 2013 • Adoption of Bylaw

2014 - 2018 Five Year Financial Plan Bylaw

  • 2014 BUDGET PROCESS
slide16
The 2014 Budget process will be an open and transparent process. The budget submission to Council will provide a comprehensive overview of the Budget.

The budget schedule will allow for the adoption of the 2014 to 2018 Five Year Financial Plan in December 2013. While staff do believe this is the best course of action, the proposed schedule does provide some challenges. Most notably, BC Assessment Authority does not provide the “final roll” (i.e. the final list of assessed property values used to calculate property tax revenue) until sometime in January 2014.

As in 2013, the Community Strategic Plan and Council Priorities will once again drive the budget process.

  • DWV BUDGET PROCESS
slide17
The Five Priorities of Council

In addition to providing highly-valued programs and services in a fiscally sustainable manner, Mayor and Council determined five significant priorities for the District to focus on through 2014.These priorities include:

• The Public Safety Building

• Ambleside and Waterfront Development

• Housing and Neighbourhood Character

• Municipal Services and Finances

• Environment, Parks and Upper Lands

These five priorities are in complete alignment with the Community Strategic Plan which was developed by the District in collaboration with residents. It provides the framework that drives the District’s operations, strategic initiatives and provides the context for financial planning and budgets.

  • DWV BUDGET PROCESS
slide18
The overall guiding principles for the budget process remain unchanged. These principles include the need for a:

Safe community;

Healthy community;

Financially strong community;

Sustainable community; and

Continuing commitment to deliver exceptional services.

As in prior years, the District will engage in a priority based budget process. This process will involve: the identification of resources and priorities in terms of high value results to the community; the precise definition of priorities; an evaluation of services, function and programs against priorities; and the allocation of resources based on this evaluation.

  • DWV BUDGET PROCESS
slide19
Facilities Maintenance and Renewal

In late 2012, a facilities inventory and assessment was completed on 48 District owned facilities.

For 2014, staff will be recommending a long-term funding strategy. This funding strategy may be one of the following: a single parcel tax levy, an effective property tax rate increase, the Endowment Fund, or some other method determined by public consultation.

These funds will be used solely for the purpose of funding facilities systems and maintenance renewal.

  • DWV BUDGET PROCESS
slide20
Utilities – Water, Sewer and Solid Waste

For 2014, utility rates will once again be presented in conjunction with the budget submission. Within the Water and Sewer Utilities, projected timing and costs of future infrastructure replacements have been integrated into long term operating and funding models. The proposed rate increases for Water and Sewer are expected to be in keeping with previously projected funding models.

  • DWV BUDGET PROCESS
slide21
Factors Affecting the 2014 Budget:

Global Economy

New Construction

2013 Budget

Inflation

Multi Material BC

  • 2014 Budget
slide22
Next Steps

Public Consultation

Online Public Consultation

Staff Consultation

Review by Council

Adoption of Bylaw

  • 2014 Budget