CITY OF PITT MEADOWS COUNCIL REPORT

Transcription

1 RECOMMENDATIONS: THAT Council: CITY OF PITT MEADOWS To: Chief Administrative Officer File No: /15 From: Director of Finance & Bylaw/Policy No: Facilities Date: April 13, 2015 Bylaw No. 2687, 2015 a) Grant First, Second, and Third Reading to the 2015 Tax Rate Bylaw No. 2687, 2015 ; OR b) Other. Subject: COUNCIL REPORT 2015 Tax Rate Bylaw CHIEF ADMINISTRATIVE OFFICER S COMMENTS: PURPOSE: To receive Council approval to set the 2015 property tax rates. BACKGROUND: POLICY: Prior to the adoption of the 2015 Financial Plan Bylaw, significant budget deliberations occurred resulting in a zero property tax increase and a zero utility fee increase for 2015 for the averaged assessed single family home in Pitt Meadows. On March 17 th 2015, Council adopted the 2015 Five Year Financial Plan Bylaw which provided staff the authority to expend funds for operating and capital to deliver all public services within the approved 2015 budgets. The Community Charter requires the City to have a Revenue and Taxation Policy to disclose the City s objectives for the collection of revenues, including taxation. Council approved this policy on March 17 th, #126517v1

2 2015 Tax Rate Bylaw 2 FINANCIAL IMPLICATIONS: The table below reflects a zero property tax and utility increase for 2015 and shows the total 2015 charges for the average assessed single family home of $467,735. Charge 2015 Property Taxes UtWties $1,778 1,075 Total $2,853 DISCUSSION: SUMMARY: The budget for property taxation revenue of $ million is included, as a separate line, in Schedule A of the adopted 2015 Financial Plan Bylaw (Attachment A), representing the revenue needed for the City to pay for its operating and capital costs. The 2015 Tax Rate Bylaw sets the taxation mill rates and provides staff with the authority to collect the $ million in property tax revenue that is required to balance the budget. Before the taxation mill rates could be calculated and established by bylaw, the revised roll from BC Assessment Authority and the GVRD levy for 2015 were needed, both of which have been recently received. As a result, staff has prepared the 2015 Tax Rate Bylaw No. 2687, 2015 (Attachment B) for Council adoption. The 2015 Tax Rate Bylaw contains the relevant rates necessary for the provision of municipal services that are funded from general taxation. As mandated by the Community Charter, section 197 (1), the City must adopt the Tax Rate Bylaw by May each year. th 15 submitted, Mark Roberts Director of Finance & Facilities # v1

3 2015 Tax Rate Bylaw 3 ATTACHMENTS: Attachment A: Schedule A from the Financial Plan Bylaw No. 2684, 2015 Attachment B: 2015 Tax Rate Bylaw No. 2687, # v1

4 Transfer Interest to Reserves - Statutory FINANCIAL PLAN ATTACHMENT A BYLAW NO. 2684, Page 2 SCHEDULE A FUNDING SOURCES Property Taxes Parcel Taxes Water, Sever, Solid Waste and Drainage Levies Fees and Charges Other Sources Proceeds from Borrong Development Cost Charges 2015 $ 16,695,000 8,745,200 3,157,300 6,502, ,680 r $ 17,516,460 9,048,900 3,204,300 1,998, , $ 18,240,850 9,224,700 3,288,600 2,143, ,000 65, $ 18,910,650 9,429,800 3,382,800 2,008,000 15, $ 19,531,350 9,661,900 3,437,100 1,957, , , RESERVES * Transfers from Reserves: Arena Capital Reserve Fund Drainage Capital Reserve Fund Diking Capital Reserve Fund Equipment Replacement Reserve Fund Facilities and Fixtures Capital Reserve Fund Future Capital Reserve Fund Minor Capital Reserve Fund Operating Reserve Fund Sanitary Seer Capital Reserve Fund Solid Waste Rate Stabilization South Bonson Amenities Reserve Fund Strategic Capital Reserve Fund Transportation Infrastructure Reserve Fund Waterworks Capital Reserve Fund Transfers to Reserves: Arena Capital Reserve Fund Carbon Neutrality/Sustainability Reserve Fund Drainage Capital Reserve Fund Diking Capital Reserve Fund Equipment Replacement Reserve Fund Facilities and Fixtures Capital Reserve Fund Future Capital Reserve Fund Insurance and liability Reserve Fund Minor Capital Reserve Fund Operating Reserve Fund Parkland Acquisition Reserve Fund Sanitary Sever Capital Reserve Fund Solid Waste Rate Stabilization South Bonson Amenities Reserve Fund Transportation Infrastructure Reserve Fund Waterwrks Capital Reserve Fund EXPENDITURES Debt Repayment Capital Works Other 157, , , , , , , , , ,100 36,400 45,500 36,400 45,500 36, , , , , , , , , , ,000 3,058, , , ,000 25,000 14, , ,090 65,000 89,500 71, , ,000 25, ,000 25,000-18,800 39,300 67,000 64,000 61,000 58,000 55,000 1,368, ,076,030 1,610,000 1,440,000 1,998,000 1,175,000 1,131,850 1,405,000 1,090, , ,000 (190,500) (203,900) (217,300) (230,800) (244,300) (15,000) (15,000) (15,000) (15,000) (15,000) (580,000) (6) (660,000) (700,000) (740,000) (45,000) (45,000) (45,000) (45,000) (45,000) (562,500) (587,500) (612,500) (637,500) (662,500) (2,827,790) (1,643,290) (1,834,790) (2,033,390) (2,240,390) (575,000) (575,000) (575,000) (575,000) (575,000) (10,000) (10,000) (10,000) (10,000) (10,000) (56,000) (56,000) (56,000) (56,000) (56,000) (76,700) (14,900) (14,900) (14,900) (15,000) (80,000) (80,000) (80,000) (80,000) (80,000) (368,000) (368,000) (368,000) (368,000) (368,000) (40,900) (21,300) (1,400) - - (70,000) (70,000) (70,000) (70,000) (70,000) (1,545,000) (1,601,000) (1,657,000) (1,713,000) (1,769,000) (925,000) (925,000) (925,000) (925,000) (925,000) (305,000) (310,000) (315,000) (3) (325,000) $ 2,206,650 $ (570,350) $ (2,136,390) $ (2,772,490) $ (3,772,690) 779,900 1,048,300 1,007, , ,000 13,484,220 6,295,000 5,830,400 4,840,200 4,940,500 23,608,960 24,039,760 24,749,460 25,398,460 25,867,660 $ 37,873,080 $ 31,383,060 $ 31,587,060 $ 30,993,760 $ 31,595,160 BUDGET BALANCE $ -$ -S -$ -$ - * Reserves as per Part 6 of the Community Charter #125555v1

5 CITY OF PITT MEADOWS 2015 TAX RATE ATTACHMENT B Bylaw No A Bylaw for the Levying of Rates for Municipal and Regional Purposes for the Year 2015 The Council of The Corporation of the City of Pitt Meadows, in open meeting assembled, ENACTS AS FOLLOWS: 1. This Bylaw may be cited as the 2015 Tax Rate Bylaw No The following rates are hereby imposed and levied for the year 2015: (a) (b) (c) for all lawful general purposes of the Municipality on the value of land and improvements taxable for general municipal purposes, rates appearing in Column A of Schedule A, attached hereto and forming part of this Bylaw; for all lawful drainage purposes of the Municipality on the value of land and improvements taxable for general municipal purposes, rates appearing in Column B of Schedule A, attached hereto and forming part of this Bylaw; for purposes of the Greater Vancouver Regional District on the value of land and improvements taxable for hospital purposes, rates appearing in Column C of the Schedule A, attached hereto and forming part of this Bylaw. 3. The minimum amount of taxation upon a taxable parcel of real property shall be One Dollar ($1.00). 4. Pursuant to the powers contained in Section 234 of the Community Charter and its related regulations, the Collector shall, upon the 2nd day of July, 2015, add to the unpaid taxes of the current year, for each parcel of land and its improvements on the property tax roll, Five Percent (5%) of the amount unpaid on July 2nd and shall, upon the 1st day of August, 2015, add to the unpaid taxes of the current year, for each parcel of land and its improvements on the property tax roll, Five Percent (5%) of the amount unpaid on August 1st, and said unpaid taxes, together with the amounts so added, shall be deemed to be taxes of the current year due on such lands and on the improvements thereon, and the amount added hereunder shall, when collected, form part of the general revenue of the Municipality #126488v1

6 CITY OF PITT MEADOWS 2015 TAX RATE Bylaw No. 2687, 2015 Page 2 5. This bylaw has full force and effect from the date of adoption until it is amended, repealed or replaced. READ a FIRST, SECOND, and THIRD time on the ADOPTED on the # v1

7 CITY OF PITT MEADOWS 2015 TAX RATE Bylaw No Page 3 SCHEDULE A C General Municipal Drainage Regional District Residential Utility Major Industry Light Industry Business & Other Recreational & Seasonal Farm Tax Rates (Dollars of tax per $1000 of taxable value) # v1