HomeMy WebLinkAbout2002 - 2006 Financial Plan.pdfFinancial Plan 2002-2006 for Website Dec01.PDF
Financial Plan 2002-2006 Where the Money Comes From (2002)Property Taxes/Parcel Charges $32M Fees & Charges $16M Grants, Interest and Other $7M Reserves $7MDCC's $5MProperty Sales $2M
Where the Money Goes (2002) Capital Program $15M Operating Costs $43M Reserves $8M Debt Payments $3M
Financial Plan 2002-2006 Highlights of the Proposed 2002 Financial Plan Taxation Growth in the assessment base for taxation has been estimated at 1.5%, which brings in an additional
$400,000 in revenue. A 4% tax increase has been proposed; 3% for general purpose and 1% for Capital Works Reserve. This is in alignment with the taxation strategy adopted in the 2000-2004
Financial Plan. This generates an additional $1,000,000 in revenue. Consistent with a strategy adopted in 1998 to increase Capital Works Reserve by 1% of taxation, $258,000 of this
new revenue will be transferred to this reserve for use in the capital program. Grants in Lieu from other governmental agencies and corporations will rise $7,000. Recycling rates will
increase due to depressed commodity markets, increased vehicle costs, and lower than projected growth. The depot charge will increase $0.91 (4%) from $22.85 to $23.76. The blue box
program will increase $$0.94 (4%) for single family homes, increasing the rate from $23.50 to $24.44. The rate change for multi-unit dwellings is $0.93, increasing the rate from $23.33
to $24.26. Public Works and Development Revenue will decline $265,000 from 2001 targets. Gravel sales and soil removal fees account for $140,000 of the decline. Subdivision inspection
fees are expected to rise $25,000, while building permits will see a decrease of $100,000, mainly due to a drop in downtown core facility construction. New parking revenue from the
downtown core is budgeted at $50,000. Operations maintenance will increase $40,000. Salaries rise $355,000, much of it due to vacancy management in 2001, and the dollars have been added
back in 2002. Budget to staff for the new property system has been transferred from Information Services, accounting for $50,000 of the increase. And $110,000 is due to a 3% wage contract
increase. The recycling contract is expected to rise $50,000, mainly due to depressed commodity markets. There will be additional charges to the utilities and capital projects from
engineering services of $100,000, a shift that will have the utilities users pay their fair share of services, while general revenue taxpayers will see a reduction. Protective Services
Funding has been provided for a Fire Protection Master Plan, which will draw $40,000 from accumulated surplus. The capital acquisition reserve, which receives 2% of taxation, will receive
an increase of $27,000 due to a higher taxation base. Coupled with an annual contribution to the equipment replacement reserve, this brings the annual amount to $780,000. The RCMP contract
was to increase by $560,000, but was required to internalize $60,000 of this increase to reduce its impact. The wide area radio system implemented last year will require full year funding
of the lease, adding $100,000 to the annual costs. Additional space was leased to house police services, which will increase costs by $100,000. Centralized dispatch service will require
$125,000 in funding over the 2001 budget amount, for an annual commitment of $500,000. The total increase in funding allocated to police services totals $800,000 over the prior year.
Financial Plan 2002-2006 Community Development, Parks & Recreation Revenues for this division are expected to rise $350,000 over the 2001 budget, with all new recreational facilities
operating for the full year. The Leisure Centre makes up $240,000 of this increase, the Pitt Meadows Family Recreation Centre accounts for $60,000, and the Greg Moore Youth Centre bringing
in an additional $15,000. A grant for special services is expected to increase $16,000, bringing the grant total to $40,000. A rise in program costs and wages, necessary to achieve
the revenue, is expected to require an additional $310,000 over the prior year. The Leisure Centre, Greg Moore Youth Centre, and Library lease payments began midway through 2001. In
2002, they will require funding for a full twelve months, increasing lease costs by just over $400,000. The Arts Centre is expected to be completed in late 2002. The Arts Council fee
for service will increase $90,000, and the lease cost will be $310,000. In addition, funding has been provided to locate the Health Unit in Maple Ride Business Centre at a cost of $225,000.
Gas and electricity costs will also require full year funding, and will add $70,000 in costs over the prior year. Restructuring and wage adjustments in 2001 will add $130,000 to salary
costs. A volunteer coordinator was approved in the 2001-2005 business plan review, for addition in 2002. Several reclassifications were done at the managerial level, and a coordinator
position was given up to provide funding for a new Manager of Customer Service and Marketing. Corporate & Financial Services Salary costs have risen to accommodate full-year funding
of a Business Systems Analyst, adding $35,000 to the annual budget. Finance has been allocated $20,000 from Information Services to supplement a Business Analyst position. In 2001,
Finance and Clerks reduced their salary costs by $30,000 to assist in balancing the budget, and these amounts have been added back for 2002. Recent changes to software licensing agreements
require the purchase of additional licenses to cover software currently in use. A one-time cost of $110,000 and an annual increase to the replacement fund of $30,000 were approved,
with the 2002 requirement funded from accumulated surplus. Election expenses are anticipated at $45,000 in 2002, to be funded from a reserve that receives an annual allotment. Investment
earnings are expected to soften with falling interest rates, so a $150,000 reduction in revenue expectation has been accommodated. Administration A grant provided for the courthouse
is no longer necessary, saving $20,000. A executive assistant position was vacancy-managed in 2001, but will require full-year funding in 2002, adding an additional $20,000 in costs.
Funding for economic development initiatives will rise $15,000 over the prior year. Capital Program The funding provided from General Revenue to the capital works program remains stable
at $2.2 million for 2002. The program totals $15 million with resources allocated as follows: · Drainage $735,000; Highways $5.7 million; Sewer $1.2 million; Water $2.15 million · Government
Services $1.5 million; Technology $670,000 · Park Acquisition $910,000 /Park Improvement $450,000 /Recreation $1 million (Arts Centre) · Fire Protection $350,000; Police Services $350,000
Financial Plan 2002-2006 2002 Average Home Taxation The average Maple Ridge home is assessed at $185,000 for 2002. Assuming the District achieves its 1.5% growth objective, and assuming
the valuation of this home relative to the valuation of other homes remains constant, the table below outlines what changes the homeowner would see for various services. Levy Description
2001 2002 Change$ Change% Municipal Taxation for General Purpose & Debt $ 865 $ 900 $ 35 4.0% Library Levy (estimate only) 51 51 <1 1.2% Water and Sewer 427 427 0 0% Transit 38 53 15
37.7% Recycling 46 48 2 4.0% Subtotal $ 1,428 $ 1,480 $ 52 3.6 % Other Agencies, including School, after homeowner grant (estimate only) 294 302 8 2.7% Total $ 1,722 $ 1,782 $ 60 3.5%
General Purpose & Debt-$900 Library-$51 Water & Sewer-$427 Recycling-$48 School/Other-$302 Transit-$53 2002 Average Home Taxation -$1,781.61
Financial Plan 2002-2006 $0 $10,000,000 $20,000,000 $30,000,000 $40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 $90,000,000 2002 2003 2004 2005 2006 Where the money comes
from... Reserves Future Revenues Property Sales User Fees Sale of Services Parcel Charges Property Taxes Consolidated Basis (includes all Revenue Funds) $0 $10,000,000 $20,000,000 $30,000,000
$40,000,000 $50,000,000 $60,000,000 $70,000,000 $80,000,000 2002 2003 2004 2005 2006 Where the money goes... Capital Projects Water Parks & Recreation Police Fire Corporate/Financial
Administration Debt Repayments Consolidated Basis (includes all Revenue Funds)
Financial Plan 2002-2006 2002 2003 2004 2005 2006 REVENUES External Revenues $57,449,376 $54,556,186 $55,485,192 $56,701,137 $57,685,539 Property Taxes $28,287,317 $29,797,054 $31,391,901
$33,059,302 $34,486,187 Parcel Charges $3,366,601 $3,448,859 $3,491,857 $3,501,085 $3,510,313 Fees & Charges $16,034,125 $16,342,534 $16,666,003 $16,749,643 $16,804,341 Interest $1,594,000
$1,594,000 $1,594,000 $1,594,000 $1,594,000 Grants (Other Govts) $5,044,824 $4,983,648 $3,438,617 $2,823,286 $2,844,378 Property Sales $1,855,000 $2,000,000 $0 $0 $0 Future Revenues
Sources $12,000,000 $0 $0 $0 $27,600,000 Borrowing Proceeds $0 $0 $0 $0 $0 Development Fees: $5,162,410 $5,873,653 $5,174,692 $5,070,354 $4,984,682 Developer Cost Charges $4,896,410
$5,647,669 $4,956,692 $4,870,354 $4,784,682 Developer Specified Projects $66,000 $25,984 $18,000 $0 $0 Parkland Acquisition $200,000 $200,000 $200,000 $200,000 $200,000 Total External
Revenues $73,344,278 $64,039,748 $61,757,071 $62,797,670 $91,823,902 Internal Revenues $13,936,979 $15,338,588 $11,795,631 $11,803,162 $13,301,468 Transfer from Part 13 Funds $2,901,094
$4,527,211 $3,316,984 $4,449,651 $2,743,140 Transfer from Own Reserves $4,156,390 $4,553,764 $4,112,453 $4,325,406 $3,988,462 Transfer from Surplus $330,000 $0 $0 $0 $0 Total Internal
Revenues $7,387,484 $9,080,975 $7,429,437 $8,775,057 $6,731,602 TOTAL REVENUES $80,731,762 $73,120,723 $69,186,508 $71,572,727 $98,555,504 Expenditures External Expenditures Capital
Expenditures $15,048,291 $16,760,473 $13,181,887 $14,090,552 $12,993,693 Core Facilities $12,000,000 $0 $0 $0 $0 Principal Payments on Debt $1,832,608 $1,542,276 $1,315,200 $1,211,332
$28,186,184 Interest Payments on Debt $1,255,451 $1,120,810 $970,174 $878,429 $499,874 Other Expenditures $42,881,580 $44,845,712 $45,813,514 $47,044,760 $47,745,825 Total External
Expenditures $73,017,930 $64,269,272 $61,280,775 $63,225,073 $89,425,577 Internal Expenditures Contribution to Part 13 Funds $2,734,582 $2,851,972 $2,920,402 $2,991,851 $3,078,452 Contribution
to Surplus $247,809 $808,798 $1,389,759 $1,343,072 $1,590,562 Contribution to Own Reserves $4,731,441 $5,190,682 $3,595,573 $4,012,731 $4,460,914 Total Internal Expenditures $7,713,832
$8,851,452 $7,905,734 $8,347,654 $9,129,928 TOTAL EXPENDITURES $80,731,762 $73,120,724 $69,186,509 $71,572,727 $98,555,505 Consolidated Financial Plan Statement 1