HomeMy WebLinkAbout2017 - 2021 Financial Plan Amending Bylaw.pdfCity of Maple Ridge
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TO: Her Worship Mayor Nicole Read MEETING DATE: April 24, 2017
and Members of Council
FROM: Chief Administrative Officer MEETING: Committee of the Whole
SUBJECT: 2017-2021 Financial Plan Amending Bylaw
EXECUTIVE SUMMARY:
Prior to setting the 2017 property tax rates, it is desirable to update our financial plan to reflect
information received since the plan's adoption in January. The 2017 property assessment roll has
been received from BC Assessment, which means that the 2017 property taxes can now be set.
The Property Tax Rates Bylaw must be adopted each year prior to May 15. The Financial Plan
Amending Bylaw and 2017 Property Taxes Bylaw will require three readings on the Council Meeting
on April 25 and final consideration on May 9.
The majority of the updates to the Financial Plan are the inclusion of previously approved projects
and associated funding that were not completed by year end. It also reflects $3.2 million in grants
received from the New Building Canada and Clean Water and Wastewater Funds. Changes to the
budget made through Council Resolutions are itemized later in this report.
RECOMMENDATION(S):
That Maple Ridge 2017-2021 Financial Plan Amending Bylaw No. 7317 - 2017 be given first, second
and third readings.
DISCUSSION:
a) Background Context
The 2017-2021 Business Plans and an overview of the financial plan were presented to Council
at public meetings in December of 2016. Business Plans from all areas including the Capital
Program and the 2017-2021 Financial Overview Report were provided and a Financial Plan
Bylaw was adopted in January. The business plans, reports, presentations and Financial Plan
Bylaw are available on our website.
b) Business Plan / Financial Implications
The financial plan is amended as follows:
1. The real growth in 2017 property tax revenue was 2.53%. Half a percent of this revenue
is from incentive program exemptions expiring, which Council has committed to fund
infrastructure replacement.
The remaining 2.03% is slightly higher than the 2.0% estimated in the previous financial
plan.
2. As in past years and as reported to Council in the year end update, total funding of
$99,548,000 has been provided for capital and operating projects that were budgeted in
the prior year but were not completed.
3. $2.3 million in grant funding received from the New Building Canada Fund for the
Downtown Core Road and Utility Rehabilitation (Lougheed 224 - 226).
4. $924,000 in grant funding received from the Clean Water and Wastewater Fund for
225th St pump station upgrades
5. Council approved an additional $270,000 from the Sewer Fund for the replacement of
sewer infrastructure servicing the Albion Industrial Area and southern Albion residential
area.
6. As noted in the Preliminary 2016 Year -End Update presentation made to the Audit &
Finance Committee, $43,000 from Gaming funds has been allocated to the Community-
to- Community Program.
7. Other cost updates for existing items resulted in some cost savings. These include
employee benefits and removal of the inflation contingency for 2017.
8. The transfer to General Revenue Accumulated Surplus for 2017 is $208,000. It is
$73,000 and $12,000 for the following two years.
c) Desired Outcome
A financial plan that accurately reflects the planned expenditures and methods of funding and is
consistent with Council's direction.
d) Citizen/Customer Implications
The business plans have far-reaching citizen and customer implications. The Financial Plan
reflects the financial impact of the business plans.
Public consultation is an important component of preparing the financial plan. Public input
during business planning this December was invited through advertisements in the local paper
and through online methods. Input was accepted through many different mediums including: in
person, email, voicemail, Facebook, Twitter and regular mail. Regular feedback and interactions
with the public and people who we serve is also taken into account in developing the business
plans.
For this amendment to the Financial Plan, as there is very little new information and few
decisions being made, public consultation will consist of an advertisement placed in the local
paper.
CONCLUSIONS:
The Financial Plan is a multi-year planning, reviewing and reporting tool that represents Council's
commitment to providing quality services to the people of Maple Ridge. The plan provides a forecast
of the financial resources that are available to fund operations, programs and infrastructure for the
five year period.
"Original signed by C.K. Lee"
Prepared by. C.K. Lee, Financial Analyst
"Original signed by Trevor Thompson"
Approved by: Trevor Thompson, Manager of Financial Planning
"Original signed by Paul Gill"
Approved by. Paul Gill, General Manager
Corporate and Financial Services
"Original signed by Frank Quinn"
Approved by. Frank Quinn, General Manager,
Public Works & Development
"Original signed by Kelly Swift"
Approved by: Kelly Swift, General Manager,
Parks, Recreation & Cultural Services
"Original signed by E.C. Swabey"
Approved by. E.C. Swa bey
Chief Administrative Officer