Village of Belcarra Five Year Financial Plan

Transcription

1 Village of Belcarra Five Year Financial Plan

2 Presentation Outline 1. Property Assessment Values Municipal Revenues & Expenditures Financial Plan 4. Municipal Property Taxation 5. Municipal Financial Health

3 Property Tax Classification BC Assessment Authority determines the property assessments. Based on the property use and requirements of the tax class. Assessment value is determined by the market, and set in the previous year. There may be exemptions that automatically apply against assessment.

4 Average Assessment Change Market Changes (Residential Properties) In 2010 the average house assessment is: $884,000 In 2009, the average house assessment was: $830,000 Change of $54,000 represents a 6.5% increase due to market change, given that assessments were frozen at 2008 values. Tax rate reduced to offset the increase.

5 2010 Property Assessments NET TAXABLE RESIDENTIAL ASSESSED VALUES MUNICIPALITY INCREASE Coquitlam $ 19,313,705,005 $ 19,014,345, % Port Coquitlam $ 7,589,199,577 $ 7,262,240, % Port Moody $ 5,678,267,502 $ 5,556,949, % Anmore $ 701,794,343 $ 714,896, % Belcarra * $ 334,019,200 $ 360,039, % DISTRICT TOTAL $ 33,616,985,627 $ 32,908,471, % * 1.3% is due to new construction; 6.5% is due to market increases.

6 2010 Municipal Revenues & Expenditures

7 Financial Planning Objectives $200,000 per year contribution to capital minimum requirement to maintain infrastructure Maintain reserves at 25% of budget financial safety net Water Supply and Distribution System provide a long term, potable and sustainable drinking water distribution and supply system provide fire protection works property insurance savings for property owners Develop Community Infrastructure enhance liveability, health and safety, active lifestyles and civic pride funding from TransLink Major Roads Network (MRN)

8 2010 Budget Highlights Average Assessed Home ($884,000): - Municipal Property Tax Rate = $1.44 per $1,000 of assessed value. (decreased from $1.49 per $1,000 in 2009) - This represents a 3.4% decrease in the tax rate. - Recycle/Refuse User Fee = $ / year / residence. (Increase of $17.91 / year / residence) - This represents a 9.8% increase in the Recycle / Refuse User Fee. Capital Program Contributions = $1,099,752

9 2010 General Fund Program $ % Category Budget Budget Change Change Municipal Taxes $ 501,965 $ 545,835 $ 43,870 9% Government Grants $ 337,962 $ 72,986 $ (264,976) -78% Fees & Charges $ 47,545 $ 40,200 $ (7,345) -15% Total Revenue: $ 887,472 $ 659,021 $ (228,451) -26% Expenditures: General Government $ 613,381 $ 638,598 $ 25,217 4% Public Works $ 81,836 $ 80,363 $ (1,473) -2% Total Expenditures: $ 695,217 $ 718,961 $ 23,744 3% Sub-Total: $ 192,255 $ (59,940) $ (252,195) -131% Capital Expenditures: Capital Projects $ 126,300 $ 97,290 $ (29,010) -23% Reserve Contribution $ 140,955 $ (157,230) $ (16,275) -12% Previous Year Surplus $ 75,000 Surplus (Deficit): $0 $0 $ (239,460)

10 2010 Public Works Program General Breakdown: $35,400 roads & drainage maintenance. $6,800 hazard tree assessment & removal. $10,000 municipal hall & building maintenance. $28,163 operations & maintenance.

11 2010 Recycle & Refuse Program $ % Category Budget Budget Change Change Service Fees and Charges $ 65,578 $ 71,265 $ 5, % Municipal Taxes $ 10,469 $ - $ (10,469) % Prev. Year Surplus/Reserve $ 45,241 $ - $ (45,241) % Total Revenue: $ 121,288 $ 71,265 $ (50,023) -41.2% Expenditures: General Operating $ 65,578 $ 66,265 $ % Total Expenditures: $ 65,578 $ 66,265 $ % Sub-Total: $ 55,710 $ 5,000 $ (50,710) -91.0% Capital Expenditures: Capital Projects $ 54,166 $ 2,000 $ (52,166) -96.3% Reserve Contribution $ 1,544 $ 3,000 $ 1, % Surplus (Deficit): $0 $0 $0

12 2010 Major Road Network Program (Bedwell Bay Road) $ % Category Budget Budget Change Change MRN & Other Grants $ 76,862 $ 79,391 $ 2,529 3% Prev. Year Surplus/Reserve $ - $ 27,620 $ 27,620 Municipal Taxes $ 11,275 $ - $ (11,275) -100% Total Revenue: $ 88,137 $ 107,011 $ 18,874 21% Expenditures: General Operating $ 44,428 $ 52,461 $ 8,033 18% Total Expenditures: $ 44,428 $ 52,461 $ 8,033 18% Sub-Total: $ 43,709 $ 54,550 $ 10,841 25% Capital Expenditures: Capital Projects $ 23,050 $ 32,000 $ 8,950 39% Reserve Contribution $ 20,659 $ 22,550 $ 1,891 9% Surplus (Deficit): $0 $0 $0

13 2010 Capital Program Program Project Description Total Cost General Revenues Other Funding Reserve Funds General Fund Municipal Hall Improvements & Reserve Contribution $ 35,000 $ 19,000 $ 16,000 Roads & Drainage Works - Non-MRIF $ 20,000 $ 20,000 Equipment Reserve Contribution $ 5,690 $ 5,690 PW Shop Natural Gas Radiant Heat $ 5,100 $ 5,100 Bostock Road Bank Stabilization $ 15,000 $ 15,000 Information and Technology $ 16,500 $ 16,500 Recycle & Refuse Road Acess Improvements $ 5,000 $ 5,000 Major Road Network Contribution to Non-MRIF Works $ 32,000 $ 32,000 Culvert Headwall $ 22,550 $ 11,275 $ 11,275 Water Supply & Dist. Supply & Distribution Infrastructure $ 942,912 $ 942,912 Total Capital Projects $ 1,099,752 $ 61,190 $ 991,187 $ 47,375

14 2010 Expenditures General Gov't Refuse & Recycle 4% MRN 3% Water System Refuse & Recycle MRN Water System 53% General Gov't 40%

15 Five Year Financial Plan Budgets

16 Financial Plan: Assumptions Most significant assumptions used: Continuance of Strategic Community Investment Funds Grant. Continuance of MRN funding for Bedwell Bay Road. Complete Water Supply and Distribution System which includes fire protection system. Build Financial Reserves for sustainability.

17 Financial Plan: General Fund GENERAL FUND REVENUE: Municipal Taxes $ 526,438 $ 760,497 $ 581,166 $ 513,456 $ 679,039 Grant In Lieu of Taxes $ 19,397 $ 19,979 $ 20,578 $ 21,196 $ 21,832 Government Grants $ 72,986 $ 194,118 $ 194,118 $ 194,118 $ 194,118 Fees and Charges $ 40,200 $ 41,406 $ 42,648 $ 43,928 $ 45,245 TOTAL REVENUES: $ 659,021 $ 1,016,000 $ 838,510 $ 772,698 $ 940,234 EXPENDITURES: General Government Expenditures $ 621,681 $ 640,331 $ 656,340 $ 672,748 $ 686,203 Public Works $ 80,363 $ 78,368 $ 72,168 $ 72,488 $ 75,088 TOTAL EXPENDITURES: $ 718,961 $ 718,699 $ 728,508 $ 745,236 $ 761,291 SUB-TOTAL: -$ 59,940 $ 297,301 $ 110,002 $ 27,462 $ 178,943 CAPITAL EXPENDITURES: $ 97,290 $ 357,301 $ 152,003 $ 55,503 $ 178,943 Transfers (FR) to Reserves $ 121,130 $ - $ - $ - $ - Previous Year Surplus $ 36,100 $ - $ - $ - $ - SURPLUS(/DEFICIT) $ - $ - $ - $ - $ -

18 Capital: Facilities Municipal Facilities Capital Municipal Hall Improvements & cont. to reserve Municipal Recreation Area cont. to reserve Municipal Hall Entrance Rockwork & Sign Municipal Hall Service Connection & Supply Municipal Hall Parking Lot Overlay & Line Painting $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 15,000 $ 2,000 $ 2,000 $ 2,000 $ 2,000 $ 2,000 $ 2,000 $ $ 10,000 18,000 Roadside Electronic Speed Reader $ 8,500 Roadside Electronic Noticr Board $ 8,500 Information and Technology $ 16,500 $ 3,000 $ 1,000 $ 1,000 $ 1,000 PW Shop Natural Gas Radiant Heater $ 5,100 Municipal Hall Furnace Replacement $ 16,000 Total Capital Municipal Facilities $ 56,600 $ 56,500 $ 18,000 $ 26,500 $ 18,000

19 Capital: Roads & Drainage Roads & Drainage Capital (Non-MRN) Overlays Turtlehead Road Overlay $ 25,000 Kelly Road Redesign and Overlay $ 38, Marine to West Road at Bedwell Bay Road $ 30,000 Lower Coombe Lane Overlay $ 15,000 Marine Ave Overlay Young Ave to 4022 Marine $ 15,000 Robson Road Storm Sewer, Curb and Overlay $ 6,000 Belcarra Bay Rd / Bedwell Bay Rd to Midden Rd $ 35,000 Old Park Entrance to Midden to Belcarra Bay $ 35,000 West Road Re-Design and Overlay $ 35, Marine to West Road on Bedwell Bay Road $ 30,000 Other Works Young Road Turn a Round Design and Const. $ 3,000 $ 25,000 Bostock Road Bank Stabilization $ 15,000 Senkler Bridge Girders $ 40,000 $ 40,000 Main Avenue Storm Sewer Replacement $ 18,000 Total Capital Roads & Drainage (Non-MRN) $ 161,000 $ 169,000 $ 75,000 $ - $ -

20 Financial Plan: Recycle & Refuse RECYCLE & REFUSE REVENUE: Service Fees and Charges $ 71,265 $ 73,275 $ 75,125 $ 76,125 $ 77,825 Municipal Taxes $ - $ - $ - $ - $ - Previous Year Surplus / Reserve $ - $ - $ - $ - $ - TOTAL REVENUES: $ 71,265 $ 73,275 $ 75,125 $ 76,125 $ 77,825 EXPENDITURES: General Operating $ 66,265 $ 68,265 $ 70,115 $ 71,115 $ 72,815 TOTAL EXPENDITURES: $ 66,265 $ 68,265 $ 70,115 $ 71,115 $ 72,815 SUB-TOTAL $ 5,000 $ 5,010 $ 5,010 $ 5,010 $ 5,010 TOTAL CAPITAL EXPENDITURES: $ 2,000 $ 10 $ 10 $ 10 $ 10 Transfer To Reserves: $ 3,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 SURPLUS(/DEFICIT) $ - $ - $ - $ - $ -

21 Financial Plan: Major Road Network MAJOR ROAD NETWORK REVENUE: MRN & Other Grants $ 79,391 $ 68,116 $ 68,116 $ 68,116 $ 68,116 Previous Year Surplus/Reserve $ 27,620 $ - $ 29,546 $ 18,901 $ 19,760 Municipal Taxes $ - $ - TOTAL REVENUES: $ 107,011 $ 68,116 $ 97,662 $ 87,017 EXPENDITURES: General Operating $ 52,461 $ 57,210 $ 53,662 $ 52,017 $ 52,876 TOTAL EXPENDITURES: $ 52,461 $ 57,210 $ 53,662 $ 52,017 SUB-TOTAL: $ 54,550 $ 10,906 $ 44,000 $ 35,000 CAPITAL EXPENDITURES: $ 32,000 $ - $ 44,000 $ 35,000 $ 35,000 Transfer To Reserves: $ 22,550 $ 10,906 $ - $ - SURPLUS(/DEFICIT) $ - $ - $ - $ -

22 Capital: MRN MRN Capital (Bedwell Bay Road) West Road on Bedwell Bay to Firehall Overlay Firehall Road Widening & Off-street Parking / Retaining Wall $ 6,000 $ 6,000 $ 18,000 Midden Road to Ray Creek Overlay $ 4,000 $ 35,000 Ray Creek to West Road Overlay $ 16,000 $ 26,000 $ 35, & 3455 Bedwell Bay Road Culvert Headwalls $ 22,550 Total Capital MRN $ 54,550 $ - $ 44,000 $ 35,000 $ 35,000

23 Water Supply and Distribution System GENERAL FUND REVENUE: Parcel Taxes $ - $ - $ - $ - $ 253,794 Government Grants $ 628,608 $ 1,590,114 $ 1,816,544 $ - $ - Fees and Charges $ - $ 12,900 $ 13,287 $ 13,686 $ 45,096 Interim Borrowing $ 314,304 $ 1,134,702 $ 908,272 $ 471,456 $ - TOTAL REVENUES: $ 942,912 $ 2,737,716 $ 2,738,103 $ 485,142 $ 298,890 EXPENDITURES: Operating and Maintenance $ - $ 12,900 $ 13,287 $ 13,686 $ 38,096 Borrowing Interest $ 11,005 $ 67,716 $ 69,336 $ 43,968 $ 181,257 Debenture Principal $ - $ - $ - $ - $ 72,538 TOTAL EXPENDITURES: $ 11,005 $ 80,616 $ 82,623 $ 57,654 $ 291,891 SUB-TOTAL: $ 931,907 $ 2,657,100 $ 2,655,480 $ 427,488 $ 6,999 CAPITAL EXPENDITURES: $ 942,912 $ 2,724,816 $ 2,724,816 $ 471,456 $ 6,999 Transfers (FR) To Reserves $ 11,005 $ 67,716 $ 69,336 $ 43,968 $ - SURPLUS(/DEFICIT) $ - $ - $ - $ - $ -

24 Municipal Property Taxation

25 Municipal Tax Rates 2010 Municipal Tax Rate = $1.44 per $1000 (Assessed Value) x (Tax Rate) = Tax Levy What appears on Property Tax Statement $884,000 x $1.44 per $1000 = $1,273 (This is the portion of taxes that the Village levies for municipal services.)

26 How a 3.1% Tax Rate Increase Affects the Municipal Tax Levy Assessment $ Change Municipal Tax Rate $1.44 $1.49 -$0.05 $700,000 $1008 $1,043 -$35 $800,000 $1,152 $1,192 -$40 $900,000 $1,296 $1,341 -$45 $1,000,000 $1,440 $1,490 -$50 $1,100,000 $1,584 $1,639 -$55 $1,200,000 $1,728 $1,788 -$60

27 General Information About Property Taxes Your tax bill contains charges from other taxing jurisdictions: BCAA, GVRD, TransLink, MFA, School District 43, Police (RCMP). The Village of Belcarra has no control over the amount of other jurisdiction s charges. Belcarra is required to include these levies on the property tax bill. Belcarra is required to submit these levies to other governments by July 31 st, whether or not the taxes are paid by taxpayers.

28 2009 Tax Dollars: Where Did They Go? GVRD 2% SVFD 5% Belcarra 36% TransLink 8% BCAA 2% Police 3% Schools 44% Schools Belcarra SVFD GVRD TransLink BCAA Police

29 2009 Statistics (Ministry of Community Development) Residential Property Taxes Single Family Dwelling GVRD / SVFD BCA, MFA Other Total Res. User Fees Municipalities Average Ass. Value School Municip al Taxes Parcel Taxes Total Res Taxes Pitt Meadows 420, , ,377 Langley City 432, , ,406 Maple Ridge 451, , ,514 Langley Township 484, , ,420 Port Coquitlam 492, , ,621 Delta 522, , ,768 Surrey 548,766 1,030 1, ,080 3,782 New Westminster 566,628 1,130 2, ,371 Coquitlam 597,524 1,111 1, ,050 Richmond 663,933 1,226 1, ,083 Port Moody 674,010 1,253 2, ,395 Burnaby 692,205 1,233 1, ,027 North Vancouver City 755,984 1,212 1, ,983 White Rock 763,343 1,433 2, ,852 Belcarra 788,544 1,466 1, ,491 Bowen Island 815,312 1,051 1, ,348 4,836 North Vancouver Dist. 847,575 1,358 2, ,777 Vancouver 944,916 1,458 2, ,710 Anmore 993,207 1,847 1, ,318 Lions Bay 1,067,247 1,376 1, ,195 5,361 West Vancouver 1,574,558 2,030 3, ,050 7,187 Average $ 718,972 $ 1,226 $ 1,760 $ 63 $ 349 $ 93 $ 762 $ 4,524

30 What is the Financial Health of the Municipality? The municipality is in good financial health, as suggested by the following financial indicators: No debt! Pay-as-you-go policy. Financial reserves. Low cost of operations. It is prudent to maintain financial reserves at a minimum of 25% of the annual budget.

31 Financial Health Reserve Balances ( ) Operating Reserve $ 77,938 Capital Reserve $338,965 $416,903 Reserves should be minimum 25% of the annual budget to maintain Financial Health; that is, a minimum of $241,727. Much of reserve balance is earmarked for projects. The purpose of setting aside reserves is to provide funding for various anticipated future capital expenditures in order to ensure sufficient funds are available when required to avoid the need to incur debt.

32 Future Budgets & Tax Changes Predicting future tax changes is very difficult for a number of reasons: There are many variables involved including Provincial Government requirements and legislative changes. Many projections are based on other governing agency s projections. Small changes can make big differences in the final tax rates. Councils set budgets and tax rates yearly.

33 Legislative Requirements For the Budget Process The Community Charter requires the Financial Plan Bylaw to be adopted prior to the Annual Tax Rate Bylaw. The Tax Rate Bylaw must be adopted by May 15 th each year.

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