2014 – 2018 Draft Financial Plan
Purpose • Overview of draft 2014-2018 Financial Plan • Highlights of the 2014 Budget • Opportunity for Public feedback and questions
2014 Budget Summary • Operating budget is $209.8 million, a $2.81 million increase over 2013 • Increases capital investment for aging infrastructure ($1.4 million) • Maintains high quality services while keeping taxes affordable • Focuses on improved customer service, growing the economy, public safety and community well-being • Lowest tax increase in over a decade • 2.75% ($60) for average residential property • 2.30% ($150) for typical business
Budget Highlights Public Safety • Introduce new online Emergency Notification system to support communications during emergency • Develop tsunami map and education program for Victoria residents and businesses Improved Customer Service • Online consultation portal to encourage public participation, discussion and information sharing • Expedite planning applications to achieve broader goals for development that fosters economic development and increased commercial and housing supply • Improved Public Service Centre on main floor of City Hall • Improvements to downtown parking, including introduction of pay-by-cell technology
Budget Highlights Community Well-being • Investment in arts and cultural events, this year including supporting milestone anniversary celebrations for Symphony Splash, JazzFest, Victoria Conservatory of Music and McPherson Theatre Environmental Sustainability • Engagement on Dallas Road separated bike path • Educational workshops on rainwater management Growing the Economy • Community dialogue about opportunities to revitalize three strategic sites within the Inner Harbour • Establish new zoning regulations for downtown
Budget Highlights Active Transportation Projects • Buffered bike lanes to close bike lane gaps on Skinner, Bay to Catherine • Upgrade crosswalks at Bay/Forbes and Bay/Chambers • New mid-block crosswalk at 500 block Pandora • New sidewalk on Gonzales Ave to connect Foul Bay Rd with Chandler Greenway • New sidewalk on Montreal, from Simcoe to Niagara, to improve pedestrian connection between cruise ship port and downtown Parks and Recreation Projects • New playgrounds at Hollywood and Alexander Parks • Upgrades to major systems within Crystal Pool and Fitness Centre • Restore natural areas in Cecelia Ravine Park • Opening of new rose garden in Beacon Hill Park • Advance David Foster Harbour Pathway
Capital Investment Highlights
Mapping Capital Investments
Where Our Revenue Comes From
Where Our Money Goes
Increasing Capital Investments Main funding source for capital projects is property taxes and utilities. Nearly 20% of all revenue is invested in upgrading public infrastructure 11
Increasing Capital Reserves Contribution to Building & Infrastructure Reserve Increased from $1.5M in 1999 to $4.3M in 2013
Historical Tax Increases 2010 2011 2012 2013 2014 Draft Overall tax increase 4.31% 3.96% 3.25% 3.25% 2.51% Residential increase 4.24% 7.12% 3.91% 3.96% 2.75% Business incresase 4.24% 1.04% 2.31% 2.55% 2.30% Overall Tax Increase 5.00% 4.00% 3.00% Tax Rate 2.00% 1.00% 0.00% 2010 2011 2012 2013 2014 Fiscal Year
Utility Fee Increases 2013 2014 Increase % Increase Average Residential Fee Water (fixed plus variable fees) 434.89 458.70 23.81 5.47% Sewer (fixed plus variable fees) 231.17 246.39 15.22 6.58% Solid Waste 183.00 203.04 20.04 10.95% 849.06 908.13 59.07 6.96% Typical Business Fee Water (fixed plus variable fees) 645.94 677.16 31.22 4.83% Sewer (fixed plus variable fees) 231.17 246.39 15.22 6.58% 877.11 923.55 46.44 5.29%
Municipal and Regional Services
New Assessment Revenue Options Option 1 Option 2 Option 3 Overall tax increase 3.25% Overall tax increase 2.47% Overall tax increase 2.64% Tax Increase Tax Increase Tax Increase 4.20% 2.67% 3.00% Residential Utility 3.25% 2.47% 2.64% Major Industrial 1.12% 1.12% 1.12% 0.25% 0.26% 0.25% Light Industrial 2.30% 2.30% 2.30% Business Rec/Non Profit 3.25% 2.47% 2.64% $92 $58 $66 Average residential increase $150 $150 $150 Typical business increase Council's Decision Overall tax increase 2.51% Tax Increase 2.75% Residential Utility 2.51% Major Industrial 1.12% 0.25% Light Industrial 2.30% Business Rec/Non Profit 2.51% $60 Average residential increase $150 Typical business increase
2013 Surplus Options Option 1 • Allocate surplus to: – $350,000 to fund additional planning and legal resources – $3,124,559 to Buildings and Infrastructure Reserve Fund Option 2 • Allocate some or the entire surplus to other identified one-time expenditures Council’s Decision Allocate surplus to : • – $350,000 to fund additional planning and legal resources – $124,559 for one-time expenditures – $3,000,000 to Buildings and Infrastructure Reserve Fund
Next Steps Date To Task April 23 Public Budget Session - Information session Feedback will be collected at the session and for approximately 10 days online April 30, 4pm Deadline for online and print surveys May 5 Special Report on public feedback Council Further consideration of 2014-2018 Financial Plan Meeting Proposed 2014 Tax Rates 2014 Tax Bylaw 1 st Reading Council 2014-2018 Financial Plan Bylaw 2 nd and 3 rd Reading May 8 Meeting 2014 Tax Bylaw 2 nd and 3 rd Readings Special May 12 2014-2018 Financial Plan Bylaw adoption Council Meeting 2014 Tax Bylaw adoption
Thank you Questions/Comments
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