THE CORPORATION OF THE CITY OF PORT COQUITLAM BYLAW NO. 3899

Transcription

1 THE CORPORATION OF THE CITY OF PORT COQUITLAM BYLAW NO. A Bylaw to adopt the 2015 to 2019 Financial Plan Whereas the Community Charter, Section 165, directs that a Five Year Financial Plan may be amended by bylaw at any time; And whereas the said Annual Financial Plan for the years 2015 to 2019 is appended hereto as Schedule A to this Bylaw; Now therefore the Municipal Council of The Corporation of the City of Port Coquitlam, in open meeting assembled, enacts as follows: 1. This Bylaw may be cited for all purposes as the "2015 to 2019 Financial Plan Bylaw, 2015, No. ". 2. Schedule "A" attached to and forming part of this Bylaw is the 2015 to 2019 Financial Plan Bylaw. 3. Schedule B forming part of this Bylaw is transfers to and expenditures from the City Reserve and Surplus Funds. 4. Schedule C forming part of this Bylaw is the objectives and policies for revenues, property tax distribution and permissive exemptions. Read a first time by the Municipal Council this 23 rd day of March, Read a second time by the Municipal Council this 23 rd day of March, Read a third time by the Municipal Council this 23 rd day of March, Adopted by the Municipal Council of the City of Port Coquitlam this 13 th day of April, Mayor Corporate Officer 1

2 AMENDMENTS Bylaw Section Date Bylaw No Schedules A & B December 14,

3 Schedule A to 2019 Financial Plan Bylaw, 2015, No Budget Budget Budget Budget Budget Revenues Taxation $ (58,535,300) $ (61,292,500) $ (63,125,000) $ (65,014,900) $ (66,759,000) Sale of Services (31,396,000) (32,245,700) (33,552,800) (35,213,500) (36,602,300) Grants from Other Governments (255,000) (266,000) (266,000) (277,000) (277,000) Other Revenue (1,969,500) (1,969,500) (1,969,500) (1,969,500) (1,969,500) DCC's and Contributions (5,376,300) (1,012,500) (1,012,500) (1,012,500) (1,012,500) Total Revenues $ (97,532,100) $ (96,786,200) $ (99,925,800) $ (103,487,400) $ (106,620,300) Expenditures City Operating Expenditures $ 77,282,400 $ 77,662,200 $ 79,871,400 $ 82,384,100 $ 84,415,700 Debt Interest 1,032,500 1,032,500 1,032,500 1,032,500 1,032,500 Amortization 12,900,000 13,500,000 14,100,000 14,800,000 15,500,000 Total Operating Expenses $ 91,214,900 $ 92,194,700 $ 95,003,900 $ 98,216,600 $ 100,948,200 Net (Revenue) Expenditure $ (6,317,200) $ (4,591,500) $ (4,921,900) $ (5,270,800) $ (5,672,100) Allocations Transfers to (from) Reserves $ 726,700 $ 7,498,300 $ 8,283,200 $ 9,183,800 $ 10,134,300 Capital Expenditures 17,044,700 9,147,400 9,292,900 9,441,200 9,592,000 Capital Contributed by Developers 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Unfunded Amortization (12,900,000) (13,500,000) (14,100,000) (14,800,000) (15,500,000) External Principal Repayment 445, , , , ,800 Total Allocations $ 6,317,200 $ 4,591,500 $ 4,921,900 $ 5,270,800 $ 5,672,100 Financial Plan Balance $ - $ - $ - $ - $ - 3

4 Schedule B to 2019 Financial Plan Amendment Bylaw, 2015, No Transfers from (to) Reserves Budget Budget Budget Budget Budget Transfers from Reserve Funds Transportation Infrastructure Reserve $ 3,766,600 $ 3,543,800 $ 3,607,200 $ 3,671,800 $ 3,737,500 Vehicles, Equip. & Machinery Reserve 1,399,800 1,547,700 1,575,400 1,603,600 1,632,300 Water Infrastructure Reserve 665,600 1,118,200 1,138,200 1,158,600 1,179,300 Land Sale Reserve 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 Cart Reserve 915, Parks and Recreation Infrastructure Reserve 901, , , , ,100 Sewer Infrastructure Reserve 612, , , , ,700 Building Maintenance Reserve 596, IT Infrastructure Reserve 577, , , , ,600 Public Safety Building Reserve 536, Cemetery Development Reserve 101, GVTA Maintenance Reserve 65, Solid Waste Reserve 50, Community Amenity Reserve 19, Arts and Culture Reserve 15, Election Reserve ,500 - Capital Reserve 706, Accumulated Surplus 8,396, Total Transfers from Reserves $ 20,326,400 $ 9,134,900 $ 9,280,400 $ 9,496,200 $ 9,579,500 Transfers to Reserve Funds Transportation Infrastructure Reserve $ (1,986,700) $ (3,655,600) $ (3,718,900) $ (3,794,700) $ (3,860,600) Land Sale Reserve (1,898,900) (1,898,900) (1,898,900) (1,898,900) (1,898,900) RCMP Operating Reserve (1,171,700) Vehicles, Equip. & Machinery Reserve (1,153,800) (1,599,400) (1,626,900) (1,654,800) (1,683,200) Water Infrastructure Reserve (966,000) (850,600) (870,600) (1,041,000) (1,111,700) Parks and Recreation Infrastructure Reserve (450,100) (849,200) (864,300) (879,600) (895,200) Solid Waste Reserve (387,700) IT Infrastructure Reserve (346,500) (660,500) (671,800) (683,300) (695,000) Building Maintenance Reserve (342,700) (345,300) (350,600) (355,900) (361,300) GVTA Maintenance Reserve (272,600) (272,600) (272,600) (272,600) (272,600) Federal Gas Tax Reserve (213,800) (213,800) (213,800) (213,800) (213,800) Sewer Infrastructure Reserve (100,200) (639,700) (650,300) (661,100) (672,100) Artificial Field Replacement Reserve (82,800) (83,400) (84,700) (86,000) (87,400) Downtown Parking Reserve (72,400) (72,400) (72,400) (72,400) (72,400) Public Safety Building Reserve (43,200) (37,400) (38,000) (38,600) (39,200) Special Public Works Reserve (40,400) (40,400) (40,400) (40,400) (40,400) Election Reserve (21,800) (22,200) (22,600) (23,000) (23,400) Cemetery Expansion Reserve (1,200) (1,200) (1,200) (1,200) (1,200) Capital Reserve (3,513,800) (63,100) (63,100) (63,100) (63,100) Long Term Infra. Replacement Reserve - General (4,079,500) (3,374,800) (3,939,500) (4,513,800) (5,097,900) Long Term Infra. Replacement Reserve - Sewer (761,000) (536,500) (619,500) (706,900) (799,500) Long Term Infra. Replacement Reserve - Water (1,440,700) (703,200) (820,000) (944,700) (1,079,900) Community Recreation Complex Reserve (702,600) (713,000) (723,500) (734,200) (745,000) Total Transfers to Reserve Funds $ (20,050,100) $ (16,633,200) $ (17,563,600) $ (18,680,000) $ (19,713,800) Total Transfers from (to) Reserve Funds $ 276,300 $ (7,498,300) $ (8,283,200) $ (9,183,800) $ (10,134,300) 4

5 Schedule C to 2019 Financial Plan Bylaw, 2015, No. Revenues, Property Taxes and Exemptions In accordance with Section 165(3.1) of the Community Charter, The City of Port Coquitlam is required to include in the Five Year Financial Plan Bylaw, objectives and policies regarding each of the following: - The proportion of total revenue that comes from each of the funding sources described in Section 165(7) of the Community Charter; - The distribution of property taxes among the property classes; and - The use of permissive tax exemptions. Sources of Revenue Revenue Source % of Total 2015 Revenue Property Taxes 60.0 % User Fees & Charges 32.2 % Other Revenue 2.0 % Grants, DCCs, & Cost Sharing 5.8 % Objective Over the next five years, the City will lobby for new revenue sources to reduce the burden on property taxes. Policies The City s Financial Management Policy ( ) states: The City will review fees/charges, at a minimum on a biennial basis, to ensure that they keep pace with changes in the cost-of-living, as well as, changes in the methods or levels of service delivery. The City will encourage the use of alternate revenue sources instead of property taxes. General Revenues will not be dedicated for specific purposes, unless required by law or generally accepted accounting practices (GAAP). User fees will be set to recover the full cost of services except where Council determines that a subsidy is in the general public interest. 5

6 Distribution of Property Tax Rates In establishing property tax rates Council will take into consideration: Property taxes levied per capita as compared with other BC municipalities; Tax levies on a representative home compared with other Metro Vancouver municipalities; Tax share borne by each property class historically, and Taxes generated from new development; and Tax ratios of each property classification along with tax ratios of other municipalities within the Metro Vancouver; and Tax rate competitiveness compared to the neighboring cities of Port Moody and Coquitlam. The City will receive the Revised Assessment Roll for 2014 in April and will set the property tax rates based on the assessment before May 15, The 2014 distribution of property tax rates amongst all the property classifications will be known at that time. Below was the distribution for Property Class % of 2014 General Property Taxation Residential 58.59% Utilities 0.67% Light Industrial 11.11% Business and Other 29.41% Recreation/Non-profit 0.18% Farmland 0.04% Objective The desired result is property taxes that are stable and predictable as well as fair in comparison to others within Metro Vancouver. Policies City tax rates (Policy 7.01) will be set to maintain each property classification s tax share, adjusted for property tax growth from new development in the classification, unless Council determines that adjustments are necessary to maintain the City s tax competitiveness within Metro Vancouver or to attain other Council objectives. 6

7 Permissive Tax Exemptions The City has an existing permissive tax exemption policy ( ) which guides the administration and approval of permissive tax exemptions. Some of the eligibility criteria for permissive tax exemptions that are outlined in the policy include the following: Not-for-profit occupiers of City property for the duration of their occupancy. Land and improvements surrounding a statutorily exempt building for public worship. Land and improvements surrounding a statutorily exempt building owned by an incorporated institution of learning (private school) that is equivalent to that given in a public school. Full or partial property tax exemption for properties that are to be awarded a grant under an existing City grant program and would qualify for property tax exemption under the Community Charter. Property tax exemption would be provided instead of a cash grant to the organization. Objective The purpose of this policy is to: Optimize the provision of charitable and not for profit services for the benefit of Port Coquitlam residents. Provide property tax exemptions as permitted under the Community Charter in a consistent and fair manner. Restrict provision of exemption to those providing an extension to city services Reduce impact on city revenues Policies Port Coquitlam residents must be primary beneficiaries of the organization s services. The services provided on the property must be accessible to the public. Council may provide a partial exemption. The intent of this guideline is to ensure Port Coquitlam residents will generally benefit from the municipal support provided, and will not be restricted from accessing the services of the organization. 7