CITY OF KIMBERLEY TOWNHALL MEETING 2009 FINANCIAL PLAN

Transcription

1 CITY OF KIMBERLEY TOWNHALL MEETING 2009 FINANCIAL PLAN

2 The Financial Plan Required by the Province (Community Charter) 5 Year Plan Required Kimberley prepares 10 year plan

3 Traditional Municipal Services Water supply Sewage removal & treatment Garbage collection Road maintenance Protective services Recreation & cultural facilities Cemetery Bylaw enforcement/animal control

4 New Municipal Directions Climate Change Affordable Housing Accessibility for Disabled Persons Sustainable Communities Forest Management

5 2008 Financial Performance Sewer Fund Net Savings $117,857 (11.37%) Water Fund Net Savings $253,660 (11.95%) General Fund Net Savings $240,792 (2.55%)

6 2008 Financial Performance By Department Where did the net savings come from? 0.85% capital projects completed ($7,811) 1.41% general government ($27,653) 1.67% recreation ($20,315) 15.90% police services ($156,259) 2.64% fire department ($13,907) 3.59% bylaw enforcement ($3,565) 0.34% operations department ($7,427) -1.66% economic development (-$4,050) 7.91% planning ($35,592) -0.48% decreased revenue (-$41,623)

7 2008 AQUATIC CENTRE PERFORMANCE REVENUES Operating Revenues $ 243,955 Transfer From City For Old Pool Net Cost $ 70,000 Bootleg Gap Contribution $ 70,000 Transfer from Capital (PSAB) $ 46,868 Parcel Tax Collected $ 581,944 $ 1,012,767 EXPENDITURES Capital Payments $ 251,993 Operating Expense - PSAB non-capital $ 54,558 Operating Expense $ 773,654 Total Expenditures $ 1,080,205 Net Income/(Loss) 2008 (67,438) Final # Parcels ,279 Loss Per Parcel $ 15.76

8 2009 Financial Plan 10 year financial plan Reviewed assessment growth estimates Reviewed income scenarios Reviewed operating/capital expenditure Reviewed taxation and tax strategies Breakeven in 2011, minimum $1 million surplus

9 2009 Assessment Results 2009 Assessments Frozen at 2008 Values 100 new taxable parcels $47.5 million new taxable assessment Budgeted $24 million new taxable assessment Avg single family dwelling $250,449

10 Growth Statistics 258% increase in assessment since 1997 (resort development) 166% increase in assessment since % increase in # of taxable properties since 1997 (954 new properties) Reduced 2009 & 2010 Growth Projection to $10 Million each year from $20 Million

11 2009 Income $27,358,299 Property Taxes $ 6,729, % Parcel & Specified Area Taxes $ 646, % Grants in Lieu of Taxes $ 25, % Fees & Charges $ 1,302, % Interest Income $ 193, % User Fees - Water, Sewer, Garbage $ 2,622, % Grants (Other Governments) $ 8,945, % Donations $ 55, % Borrowing Proceeds $ 4,346, % Transfer From Reserve Funds $ 839, % Transfer From Surplus (All Funds) $ 1,651, % $ 27,358, %

12 2009 Income Highlights Lower interest revenues Lower building permit revenues Grants, Grants, Grants

13 2009 Expenditures $27,358,299 General Government $ 2,226, % Protective Services $ 1,748, % Transportation & Civic Works $ 2,126, % Water, Sewer, Solid Waste $ 1,963, % Public Health & Welfare (Cemetery) $ 34, % Economic Development $ 407, % Recreation & Culture (incl org grants) $ 2,560, % Debt - Principal Payments $ 395, % Debt - Interest Payments $ 475, % Debt - Leases $ 239, % Capital Expenditures $ 14,718, % Transfer to Own Funds - Surplus $ 34, % Transfer to Own Funds - Reserves $ 426, % $ 27,358, %

14 2009 Operating Expenditure Highlights Maintain 2008 service & staffing levels despite economic downturn Reduced organization grant requests by $94,132 Property insurance cost up 25% (2008 appraisal increased asset value $23 million) Cost of debt Highway 95A ($68,000 in 2009 and $193,293 each year ) 1/3 less than projected

15 2009 General Fund Surplus Transfer $790, Capital Projects $365, Operating Projects $252, SCIF Funds Moved to Surplus ($194,752) 2009 Actual Transfer From Surplus $367,471

16 2009 Capital Projects Mark Creek Chlorination/Power Generation $1,117,114 * Water & Sewer Upgrades Highway 95A $435,751 Highway 95A Upgrade $2.85 Million ($11 mil project) Peak to Platzl Trail Phase 2 & 3 $240,000 New Columbaria $43,500 Library Upgrade $493,252 Siding for Curling Rink $25,569 Study to use Solar Power at Aquatic Centre $10,000 Rails to Trails Project $1,413,998 Paralympic Venues $3,198,092 Conference Centre $2,954,935 Forest Crowne Water Supply Line $263,021

17 2009 Grants - $8,945,510 Mark Crk Chlorination/Power Gen $749,892 Various Projects Gas Tax $441,288 Hwy 95A Sidewalks, Access Curbs & Bike Lanes $336,250 Peak to Platzl Phase 2 & 3 $120,000 Library Upgrade $399,939 Rails to Trails $942,666 Resort Tax Projects $105,000 Conference Centre $1,969,957 Paralympic Centre $2,456,383 Nordic Centre $326,521

18 2009 AQUATIC CENTRE BUDGET REVENUES Operating Revenues $ 237,125 Transfer From City For Old Pool Net Cost $ 70,000 Bootleg Gap Contribution $ 70,000 Parcel Tax Collected $ 595,000 Millrate Tax $ 27,186 $ 999,311 EXPENDITURES Capital Payments $ 248,887 Operating Expense $ 750,424 Total Expenditures $ 999,311 # Parcels , Parcel Tax $ 136

19 2009 Property Tax Increase 6.7% Residential Class Increase 3.1% Business & Light Industry Class Increase 5.2% Recreation Class Increase 1.1% due to Highway 95A Upgrade (all classes) Millrate Increases Only No Flat Tax Increase

20 2010 Proposed Property Tax Increase 6.1% Residential Class Increase 5.1% Increase All Other Classes 3.1% due to Highway 95A Upgrade (all classes)

21 2011 Proposed Property Tax Increase 3.0% residential class increase 2.0% increase all other classes

22 Residential Tax Increase in $ $50,000 Residential Property $ 18 $250,449 Avg Single Family Home $ 90 $550,000 Residential Property $ 197

23 Economic Hardship Deferral New Provincial Program 2009 and 2010 Only Can Apply to Defer Property Tax Payments Interest at Prime/No Minimum Age Requirement Conditions Only available on your principle residence You are facing economic hardship Must have 15% equity in home (BC Assessment values) Must have current fire insurance policy on home Must have all previous taxes & utilities paid in full

24 2009 Utility Increases No increases for Water & Garbage Sewer Increase of $3.00 per quarter effective July 1, 2009.

25 2008 Average Cost Per Household Kimberley $2,839 ($245,887 avg price) Cranbrook $2,851 ($253,863 avg price) Fernie $3,009 ($325,702 avg price) Invermere $3,520 ($439,909 avg price) Nelson $3,374 ($318,156 avg price)

26 General Surplus Graph $9,000, $8,000,000 $7,000, $6,000, $5,000, $4,000, $3,000, $2,000,000 $1,000,000 $0

27 Further Information Contact City Hall Contact Council Members City of Kimberley Website

28 Question & Answer Period