City of Kamloops FINANCIAL PLAN - DRAFT

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1 City of Kamloops FINANCIAL PLAN - DRAFT

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3 Financial Planning Process at a Glance The following schedule provides the dates for the Financial Plan process. July-September 2015 Budget preparation guidelines established. Department managers prepared and submitted their operating and capital budget requests. October-November 2015 Senior Management and Finance staff reviewed the department's budget submissions. Council held two public budget input workshops. December 2015 A draft Five-year Financial Plan was presented to Council. Council adopted a Utility Rates Bylaw, setting the rates for January-April 2016 Council will review the results from the public budget input workshops. Council will consider additional budget items not included in the base budget. Council will host another public budget input meeting. April-May 2016 Council will adopt the Five-year Financial Plan Bylaw and the 2016 Tax Rate Bylaw. 1

4 Five-year Financial Plan - Overview The Five-year Financial Plan offers residents a review of the comprehensive fiscal process that guides the City of Kamloops in responsible management and operation of its many programs and services. This guide is prepared annually by the City's Financial Services Division in consultation with all municipal departments and senior administration and outlines estimated costs for in three separate categories: General operating budget for essential services such as Kamloops Fire Rescue; RCMP; transit; parks, recreation, and culture; roads; and infrastructure improvements. Utility budget for water and waste removal. Capital budget by fund and program. Within these pages, you will find highlights of how taxes are divided among municipal functions and services, day-to-day operating costs, challenges, and opportunities impacting the City while making the best use of community tax dollars and how all of this affects the average homeowner. A more in-depth analysis of costs is presented in the back of this guide, beginning with estimated costs associated with the general operating budget. This section includes budgets for individual programs and services in 2013, 2014, 2015, and The Detailed Program section also includes a program summary, highlights on how it has impacted the overall General Fund, and any changes in service levels for the current fiscal year. A detailed breakdown of utility costs for the Water and Sewer Utility Fund follows, while the final section includes estimates on capital costs for services such as police and fire protection, roads, parking, public works, transit, facilities, parks, playing fields, and fleets, among others. 2

5 CONTENTS Section A - Introduction Message From the Chief Administrative Officer...5 Message From the Finance Director Financial Plan - General Fund Operations...9 Operating Expenses for 2016 Draft Budget...10 Challenges, Opportunities, and Efficiencies Affecting the 2016 Provisional Budget...11 Your Tax Dollars Are at Work Every Day...12 City Taxes and Utilities for How City Property Taxes Are Shared...14 Total Cumulative City Debt...15 City Programs and Functions and the Corporate Management Hierarchy...16 Corporate Policies and Explanations...17 Financial Plan Process and Timing Budget Basis Municipal Funds Property Taxes Grants-in-aid Financial Position...23 Financial Equity 3

6 Section B - General Fund See section front for details on content Section C - Program Detail See section front for details on content Section D - Utility Funds See section front for details on content Section E - Capital See section front for details on content 4

7 Message From the Chief Administrative Officer Consistent with the previous year, Council continues to give Administration both explicit and implicit direction with regard to achieving sound fiscal management and accountability practices. Under direction from the Finance Department, staff utilized several initiatives to operationalize Council's direction in the development of the Five-year Financial Plan These initiatives focus on finding efficiencies that allow for increased cost avoidance as well as reduction in costs. In order to meet Council's mandate, the Finance Department developed a budget process in early summer 2015 that was communicated to all management staff through two mandatory pre-budget meetings. Principally, the meetings provided a review of expectations for the upcoming budget process, identified timelines and guidelines, and gave direction on key requirements. For the budget, the following four key priorities were focused on: 1. Budget operationally at the three-year average for each expense account line item - if a request is over the three-year amount, then the overage has to be rationalized. If the expense is trending downward, the line item is reduced. Your comments count. The City of Kamloops Five-year Financial Plan outlines the estimated budget for all City operations so citizens may understand where money is being invested and provide input on how tax dollars are being spent. 2. Budget amounts have to be adjusted to reflect past business cases presented to Senior Management or Council, past initiatives designed to reduce costs, or increased efficiencies. 3. The capital budget must be based upon zero-based budgeting, taking into account internal and external resources required to undertake the work. In addition, the overall capital dollar amounts cannot be greater than the amounts specified in the previously adopted financial plan. All additions are brought forward to the supplemental budget process. 4. Identify all capital projects where early capital approval is required in order for tendering to happen earlier in 2016, with the intent that earlier procurement and tendering balanced throughout the year will allow for more bidders, thereby achieving increased cost effectiveness for the City. Staff continued to focus on finding cost-effective ways to manage City operations. The thorough review of three-year averages for all accounts has produced cost savings that offset the increases in many of the external contracts. In the 2016 budget, we continue to align the cost to provide a service with the user fees collected for that particular service. This includes reducing the subsidies to the utilities and ensuring that the administrative costs related to these services are reflected within these budgets. Overall, the process has allowed Administration to present Council with a provisional financial plan in early December 2015, as well as leave a large amount of gas tax and gaming funds available to be utilized by Council when it discusses supplemental budget items and the results of fall public input sessions in February

8 Message From the Finance Director Under direction from the Finance Department, staff have prepared a provisional budget and utility rates that are in line with Council's direction. The overall change in the cost to the average household for both property taxes and utilities is estimated to be $58 (2.02%). This can be broken down to approximate increases of $38 in property taxes and $20 in utilities (increases in sewer and solid waste and no increase in water). A detailed analysis and discussion for each of the sewer, solid waste, and water utilities is provided below, followed by a section highlighting the major changes in the provisional base budget. Provisional Budget It is estimated that after anticipated revenue from growth is factored in, an additional $1.945 million (2.02%) property tax increase will be required in 2016 to undertake the same levels of service as in The provisional budget has not taken into account supplemental items or items identified from the public budget meeting survey on service efficiencies. As in prior years, these numbers will be finalized over the next few months, and direction will be sought from Council as part of the public and Council deliberations for the final budget in the spring. Personnel Costs The majority of the budget increase is tied to contractual increases for services, primarily for personnel costs in three areas: CUPE and management wages and benefits, RCMP contractual requirements, and IAFF (firefighters) wages and benefits. It is estimated that the CUPE and management wage and benefit increase and the annualized wages for staff, which were approved in 2015, will be $1.03 million, based upon the collective agreement negotiated increase of 2% for It should be noted that the negotiated increases for 2017 and 2018 are 1% and 2% respectively. The increased cost to provide policing services for the City is estimated to be $438,000. Due to vacancies, turnover, sickness, maternity leave, etc., the City continues to budget at 90% of the 130 members that have been approved by Council, or 117 members for The increased cost in wages and benefits to provide firefighting services is estimated at $424,000 and reflects the recently negotiated contract with the IAFF. Operating Budget Review Inflation and increases in insurance premiums, debt costs, communications, banking fees, and auxiliary police training have resulted in an increase to the general fund budget of $388,000. As part of the annual budget process, each line item within the operating budget for the general and the utilities budgets were reviewed and adjusted based on the three-year average spending. In addition, the line items are adjusted up or down to reflect changes in contract prices or other external factors. The City expects a $303,000 increase in revenue as a result of the parking fee rate increase and increased activity in permitting, parks and recreation, and the Fire Training Centre. Increase in Capital Budget The increase in the property tax contribution of $806,000 to the capital budget reflects a return to previous years' levels, with the reduction in the prior year reflecting a variation in the funding sources year over year and not an actual increase in the capital budget. All of the capital expenses were anticipated in the current Financial Plan. 6

9 Increases in Hydro and Natural Gas Costs It is estimated that hydro costs will increase by 4% and natural gas costs will increase by 2%, which will translate to a $128,000 cost increase in the budget. The City continues to look for energy efficiencies to reduce its energy consumption Increase in Transit Budget Costs The City budgets for transit based on the budgeted costs provided by BC Transit. In addition to BC Transit and the City having different fiscal year-end dates, BC Transit's three-year budget cycle does not always coincide with the City's fiscal plan, resulting in a surplus at December 31. To ensure that the funds budgeted by the City for transit remain available for future transit costs, the Finance Department will seek approval from Council in the new year to reserve any surplus funds in the transit accounts in a Transit Reserve fund. Based on BC Transit's plan, the increase in costs for 2016 will be $267,000. It should be noted that this increase does not include an increase in transit hours for the City and is required to maintain the 2015 level of service. Reduced Return on Investments As interest rates remain low, the City is experiencing a decline in the interest revenue earned on its investments. In 2016, it is estimated that the City will see a reduction in interest revenue of $267,000. DNA Analysis Services The provincial government recently announced that each municipality will be required to cover its own share of the cost of DNA analysis services. This is expected to add $54,000 in costs to the City budget for Savings From the Temporary Closure of Westsyde Community Centre Pool The temporary closure of the Westsyde Community Centre Pool will result in a one-time savings of $72,000 in These operating costs will recur once the pool is reopened later in Increase in the Cost of Community Solid Waste Services Property taxes pay for the portion of solid waste collection that relates to community services such as recycling collection at depots and garbage collection from transit areas. There is a $52,000 increase in the cost of these services. Transfer From Utilities The City continues to align the costs to provide utility services with the user fees collected. There is an expected increase of $498,000 in the amount recovered from utilities. Water Utility The five-year financial model for the water utility projects the need for a $33.39 increase over the next five years; however, this can be accomplished with no rate increase (0%) for Once the City has completed a full year with residential water meters, a rate review will be conducted in 2017, which will allow Administration to provide a recommendation to Council for rates for the following years. The review will take into account the actual water usage and operational costs for the water utility. The key changes in both revenue and expenses in the water utility are as follows: $984,000 increase in capital expenditures; $250,000 cost savings through use of the internal hydrovac truck, which was purchased in 2015; $1,286,000 reduction in debt servicing as one of the Kamloops Centre for Water Quality debts was paid in full in 2015; and $1,708,000 decrease in revenues due to reduced water consumption. 7

10 Sanitary Sewer Utility The five-year financial model for the sewer utility indicates a need for a $22.37 rate increase over the next five years. The 2016 increase of $2.71 (1%) is required for the debt servicing, operation costs for the Kamloops Sewage Treatment Centre (KSTC), and increased capital expenditures funded from sewer levies. It should be noted that staff are still working on possible solutions for dealing with the biosolids that are created at the KSTC. Preliminary work has provided several options, which range from off-site disposal to on-site composting with green waste and organics from the landfill. The options range in price from $1.5 million to $17 million. More work is required before staff will be comfortable presenting a recommendation to Council. Regardless of which option is recommended by staff and ultimately approved by Council, the budget will need to be adjusted accordingly. At this time, no additional funds have been added to the budget to address biosolids. The $95,000 net change in the sewer utility is primarily due to an increase in a capital project to upgrade a sewer main along Tranquille Road. This increase was approved by Council in 2015 to be funded primarily from surplus. Solid Waste Utility Overall, solid waste and recycling collection costs in 2016 are expected to increase due to the following main cost drivers: $300,000 increase for vehicle costs related to fuel and maintenance; $385,000 additional expenses for recycling processing and marketing fees; $230,000 decrease in revenue from sale of recycling materials; $245,000 increase in various other expenses, including consulting, composting, yard waste depots, cart replacements, etc.; $146,000 increase for in solid waste's share of City administration expenses such as Human Resources, Finance, Information Technology, etc.; and $484,000 increase in revenue from operations of the Resource Recovery Centre, which offsets the other expense increases. To accommodate the outlined cost pressures, residential curbside recycling collection rates for 2016 must increase by $17 for the average curbside customer. To accommodate the outlined cost pressures, commercial cardboard and multi-family bin recycling collection rates for 2016 must increase $5 annually, on average, for each residential unit. 8

11 2016 Financial Plan - General Fund Operations 2015 Approved Budget 2016 Draft Budget Revenue Real property taxes 96,254,000 99,199,005 Special assessments 4,443,479 4,565,622 Fees, rates, and sales of service 28,110,256 30,442,338 Grants 17,688,864 18,369,962 Investment income 3,628,873 3,447,685 Sale of capital assets 125, ,000 Private contributions 384,000 72,637 Total Revenue 150,634, ,222,249 Expenditures Cemetery 474, ,341 Community development 4,879,996 5,156,533 Corporate administration 10,414,229 10,842,515 Environmental services 554, ,085 Fire services 18,500,599 17,139,315 Infrastructure maintenance 8,403,093 8,298,086 Legislative and enforcement 5,420,107 5,446,828 Parks, recreation, and culture 26,637,954 27,038,259 Police services 27,521,172 28,113,925 Public transit 16,962,259 17,096,808 Solid waste 7,670,330 9,829,023 Debt servicing costs 6,817,209 7,258, Total General Expenditures 134,256, ,993,405 9

12 Operating Expenses for 2016 Draft Budget 4.31% Sewer Utility Operations 5.59% Water Utility Operations 8.79% Debt Servicing Costs 0.30% Cemetery 3.23% Community Development 6.80% Corporate Administration 0.18% Environmental Services 10.74% Fire Services 6.16% Solid Waste 10.72% Public Transit 5.20% Infrastructure Maintenance 3.41% Legislative and Enforcement 16.95% Parks, Recreation, and Culture 17.62% Police Services 10

13 Challenges, Opportunities, and Efficiencies Affecting the 2016 Provisional Budget This page summarizes highlights of changes from the approved 2015 General Fund budget to the 2016 draft budget. Influencers INCREASE Details City Staff Wages and Benefits $ $1,453,520 Wage and benefit increases for CUPE, IAFF, and Management staff Capital Expenditures $802,308 Increase of capital projects funded from current property taxes instead of other funding sources Contracted RCMP Services $438,047 Increase of RCMP costs (net of federal grant) to provide the same number of members as in 2015 Other Budget Changes (Expenses) $388,056 Increase of expense from various programs throughout the City Transit Contract $267,527 Increase in transit contract Investment Income $233,930 Reduced return on investments Hydro and Natural Gas $128,095 Increase in hydro and natural gas costs based on projected rate increases of 4% and 2% respectively DNA Analysis $54,200 Cost of providing DNA analysis services required by the RCMP Solid Waste $52,707 Increase in the cost of community garbage and recycling collection funded by taxation Influencers DECREASE Details Utilities $497,827 Increase in costs recovered from Water and Sewer Utilities Other Budget Changes (Revenue) $303,479 Increase in revenues such as parking, permitting, and other activities Westsyde Pool $72,079 One-time savings from the temporary closure of Westsyde Pool 11

14 Your Tax Dollars Are at Work Every Day Tax revenue is invested in services and infrastructure that maintain the high quality of life Kamloops residents enjoy. Typical Daily Household Tax and Utility Expenditures City taxes and City utilities account for $7.91 of the total Income taxes City taxes 5.19 Cell phone 2.85 Power 2.75 City utilities 2.72 School District 2.31 Cable 1.92 Natural gas 1.67 Internet 1.33 Telephone 0.92 TNRD/HD/BCAA 0.87 $0 $5 $10 $15 $20 $25 $30 $35 $40 Valuations based on: Property taxes based on average British Columbia Assessment Authority assessed value of $351,431 in Statistics Canada average household expenditures in BC used to estimate daily income taxes and GST/PST expenditures. Calculated City taxes exclude the Homeowners Grant discount. City utility payments include 10% discount for prompt payment. Property taxes and utility fees based on 2015 budget and rates. Total 2015 City Levies: $7.91/day 2015 City Taxes: $5.19/day Total Police services $1.152 Parks, recreation, and culture $1.047 Public transit $0.288 Fire services $0.817 Police services Parks, recreation, and culture Corporate administration $0.251 Fire services Infrastructure maintenance Capital Infrastructure maintenance $0.584 Public transit Debt servicing costs Debt Corporate administration servicing costs $0.279 Legislative and enforcement Community development Capital Environmental services $0.479 Cemetery Community development $0.114 Legislative and enforcement $0.167 Environmental services $0.011 Cemetery $0.001 City Utilities: $2.72/day Water $1.494 Sewer $0.743 Garbage and Recycling $

15 City Taxes and Utilities for 2015 Average Assessment: $351,431 Police services $ Parks, recreation, and culture $ Fire services $ Infrastructure maintenance $ Capital $ Debt servicing costs $ Public transit $ Corporate administration $91.50 Legislative and enforcement $60.99 Community development $41.51 Environmental services $4.09 Cemetery $0.43 CITY TAXES TOTAL $1, Water $ Sewer $ Garbage and recycling $ UTILITY RATES TOTAL $ Total Property Taxes and Utilities $2,

16 How City Property Taxes are Shared (2015 Rates) The City of Kamloops collects taxes from a variety of sources each year with the majority - almost 61% - coming from residential property taxes. Residential Tax rate = 5.39 Share of City taxes = 60.9% Business and Other Tax rate = Share of City taxes = 27.2% Recreation/Non-profit Tax rate = Share of City taxes = 0.2% City fiscal management Farm Tax rate = Share of City taxes = 0.1% Utilities Tax rate = Share of City taxes = 3.0% Major Industrial Tax rate = Share of City taxes = 6.9% Light Industrial Tax rate = Share of City taxes = 1.7% 14

17 Total Cumulative City Debt TOTAL CITY DEBT * 120,000, ,000,000 25,463,331 23,207,648 20,992,090 80,000,000 23,644,284 18,077,031 15,418,875 12,945,395 18,950,219 14,199,206 16,867,753 60,000,000 18,216,487 11,873,466 40,000,000 46,353,867 70,468,663 65,374,642 64,256,254 59,130,730 53,809,643 20,000, *Does not include Airport debt General Fund Water Fund Sewer Fund 15

18 City Programs and Functions and the Corporate Management Hierarchy City Programs To serve the citizens of Kamloops, City operations are divided into 69 programs. These programs represent everything the City does as part of its annual operations. These include police and fire protection, road maintenance, parks and recreation programs, development services, and provision of the water and sewer utilities, as well as administrative services that support City Council and the other operating programs such as human resources, payroll, accounting, and information technology. These programs are grouped within two distinct hierarchies: the corporate management structure and the function provided to the general public. Corporate Management Hierarchy Within the corporate management structure, each program is assigned to a division and department. Each division has a manager who oversees the operations of the programs within his/her authority. In turn, each division manager reports to a department director who has authority over all programs within his/her department and represents the interest of the department at the Senior Management table. There are seven departments, each of which reports to the Chief Administrative Officer. They are: Administration Department Parks, Recreation, and Cultural Services Finance Development and Engineering Services Public Works and Utilities Corporate Services and Community Safety Human Resources Functional Hierarchy Within the functional hierarchy, each program is assigned to one of 15 functions. A function is a broad grouping of like services. The classifications used are the same as those in the Financial Plan Bylaw and in the annual financial statements. The functions are: Solid Waste Development Cemeteries Legislative and Enforcement Police Corporate Administration Fire Water Infrastructure Maintenance Sewer Public Transit Debt Servicing Parks, Recreation, and Culture Capital Expenditures Environmental 16

19 Corporate Policies and Explanations Financial Plan Process and Timing The Financial Plan process began in July Guidelines, a timetable, and current operating reports were sent to all the program coordinators. A capital plan and a financial plan for each program were prepared by the managers. The Chief Administrative Officer and the Senior Management team met in early November to review the capital plan and determine what would be presented to Council. During October, each department director reviewed his/her program operating budgets. In November, the program operating budgets were reviewed with the Chief Administrative Officer and the department directors. In December 2015, the Financial Plan and the Utility Rates Bylaws were presented to Council for amendment. Starting in January 2016, Council will begin deliberations of the Financial Plan. Each department will present its budget to Council and explain the services it provides, the significant impacts it dealt with when preparing its budgets, the budget adjustments made to respond to these impacts, and the effects on the services it provides. Council will consider the information received from City staff, as well as the input received from the general public, and direct Administration to make any necessary adjustments to the plan. In April 2016, the City will receive the Authenticated Roll from the BC Assessment Authority, allowing us to determine the amount of new growth in the City. With that information, revenue projections will be revised in the Financial Plan. In early May, Council will adopt the Financial Plan and Tax Rate Bylaws at an open Council meeting. Budget Basis The operating budget is prepared on an incremental basis. This means it focuses on changes from the previous year's budget. These changes might include new or expanded programs; non-controllable cost increases; salary and employment benefit increases; and the removal or addition of one-time, non-recurring revenues and expenditures from the preceding year. 17

20 Municipal Funds Operating and Capital Funds The City has three operating and capital funds: the General Fund, the Water Fund, and the Sanitary Sewer Fund. In broad terms, the General Fund represents the cost of providing all municipal services other than the water and sanitary sewer utilities. Costs that are in excess of user fees and other non-tax revenue raised are funded by property taxes. The Community Charter requires that all revenue sources be identified to cover all anticipated expenditures. The Charter does not allow the City to incur an accumulated deficit. The Water and Sanitary Sewer Funds are both self-sufficient utilities. The revenue raised by each fund through user fees or other sources can only be used to fund the expenses in each respective fund. Like the General Fund, the Community Charter does not allow the City to incur an accumulated deficit in either Utility Fund. Revenue cannot be transferred between funds. Statutory Reserve Funds The Community Charter controls the creation and use of statutory reserves. Statutory reserves are created through a bylaw of Council and require approval of two-thirds of Council to expend funds from these reserves. There are restrictions as to the type of expenditures that can be funded from each statutory reserve. The City has six statutory reserves as follows: Tax Sale Property Reserve Fund; Parking Facility Reserve Fund; Debt Retirement Reserve Fund; Local Improvement Reserve Fund; Land Sale Reserve Fund; and Equipment Replacement Reserve Fund. Statutory in Trust Fund The Cemetery Perpetual Care Fund represents funds held in trust by the City for the permanent care of grave sites and columbariums in the municipal cemeteries. 18

21 Property Taxes Service Levels The majority of the City's revenue is obtained through property taxes. When preparing the budget, we first determine the amount of revenue required to provide all municipal services to our residents. Then we determine the amount of revenue (other than property taxes) that we can expect to receive through fees and charges, federal and provincial government grants, investment income, etc. The difference between the budgeted expenditures and the other revenue represents the amount of property tax revenue the City must collect to provide the services to the levels prescribed by Council. To adjust the amount of property taxes required, we must adjust the service levels provided. If we lower the service level provided, we can lower the budgeted expenditures and consequently lower the property tax revenue requirement. Our challenge is to determine the appropriate service level to provide weighed against the cost of providing that service. When the cost of providing a service increases (through inflation and other cost of living increases), we must either raise more revenue to provide the same level of service or adjust the level of service provided. The Tax Rate The City determines the "tax rate" (a charge per thousand) by dividing the sum of all the property values in the City by the amount of property tax revenue that must be collected. The tax rate is simply a means of determining how much each individual property owner must pay. The rationale for this approach is that owners of larger properties should pay more than owners of smaller properties or that these individuals have an ability to pay more than those in lesser valued properties. An alternative approach would be to charge every home the same amount regardless of its value. We have chosen to adopt the former approach whereby the actual amount paid by each property owner is determined by the value of his or her property. Consequently, we must calculate the tax rate each year based on the revenue we must collect and the assessed values of all the properties in the City at that time. Changes in the total assessed values in the City will cause the tax rate to change, but will have no effect on the amount each property owner must pay unless his/her assessed value change is different than the average. The following spreadsheet illustrates the effect assessments have on the tax rate. Tax Rates and Property Tax Revenue The following example shows how much each of five property owners must pay to provide the City with $5,000. Please note that although the tax rate changes, the amount the City collects remains the same. Year 1 Year 2 Assessed Value Tax Rate (charge per Property Taxes thousand) Assessed Value % Change from prior year Tax Rate (charge per thousand) Property Taxes Property Tax Increase (%) Property 1 150, ,000 10% % Property 2 150, ,000 10% % Property 3 200, , ,000 15% , % Property 4 200, , ,000 5% % Property 5 300, , ,000 10% , % 1,000,000 5,000 1,100,000 10% 5, % In the above example, the owners of properties 1, 2, and 5 pay the same amount of property taxes in both years as the assessed value of their property changed by the same amount as the average of the entire group. The assessed values of properties 2 and 3 changed by different amounts; therefore, the total amount they paid was different. 19

22 Property Tax Increases Much of the discussion of the budget will focus on the effect the budget will have on property taxes. If the cost of providing the same level of service increases and there are no additional revenue sources, the City must increase the property taxes collected to provide these same services. The only alternative is to adjust the level of service provided. To ensure everyone is fully aware of how much more they are paying for the services we provide, any property tax increase will be expressed as a percentage of the total amount we need to collect. The actual tax rate changes from year to year will not reflect the property tax increase as it is also affected by the assessed values as shown on the example on the previous page. The following example outlines the effect a 5% tax increase has on the tax rate and the total amount paid by the property owners (the same data from the first example is used). Property Tax Increases and the Tax Rate Year 1 Year 2 Assessed Value Tax Rate (charge per thousand) Property Taxes Assessed Value % Change from prior year Tax Rate (charge per thousand) Property Taxes Property Tax Increase (%) Property 1 150, ,000 10% % Property 2 150, ,000 10% % Property 3 200, , ,000 15% , % Property 4 200, , ,000 5% , % Property 5 300, , ,000 10% , % 1,000,000 5,000 1,100,000 10% 5, % You will note from the above example that although the tax rate decreased by 4.5%, the total amount collected by the City actually increased by 5%. Unlike the federal and provincial governments, we will express this to our taxpayers as a 5% increase in property taxes as opposed to a 4.5% decrease in the tax rate. This is significant to note as the federal and provincial government like to claim that they have not increased income taxes even when they are collecting more money from you. Assuming that the combined federal and provincial income tax rate is 40%, individuals earning $40,000 a year will pay $16,000. If these individuals receive a 5% raise (new income level = $42,000), he/she will pay 5% more in income tax (40% of $42,000 = $16,800) even though the rate is still 40%. 20

23 Grants-in-aid City Council has a current policy whereby the City may support voluntary, not-for-profit organizations. These grants are subject to annual review and approval. Fees for service and operating grants The largest portion of the grants is given to organizations either in the form of fees for service or operating grants. These organizations provide a service to the residents of the City that is deemed desirable by the City. If these organizations did not provide these services, the City would use its own forces to provide the same service. In 2015 and 2016, the following fees for service agreements and operating grants included in the budget were: Fees for service: 2015 Budget 2016 Budget BC Wildlife Park $316,200 $316,200 Crime Stoppers $107,702 $107,702 Kamloops Community YM/YWCA $212,058 $217,148 Kamloops Heritage Railway $200,000 $202,000 Community Arts Council $37,486 $37,861 Sagebrush Theatre $134,640 $134,640 Kamloops Art Gallery $337,848 $341,226 Graffiti Task Force $150,000 $150,000 S.P.C.A. $32,460 $32,460 Chamber of Commerce $123,500 $123,500 Community Gardens $40,000 $20,000 Operating grant: 2015 Budget 2016 Budget Kamloops Symphony Society $99,000 $99,990 Western Canada Theatre $167,804 $169,482 Boys and Girls Club $123,895 $128,104 Venture Kamloops $585,163 $596,886 Tourism Kamloops $250,000 $250,000 Ambassador grants $35,032 $35,300 Other operating grants $132,900 $132,650 21

24 Community Social, Cultural, and Recreational Events The City also provides grants for community events, cultural activities, and social organizations within the City. The following grants are included in the 2015 and 2016 budgets: Community events: 2015 Budget 2016 Budget Canada Day in the Park $12,500 $12,500 Canada Day fireworks $15,000 $15,000 KIBIHT $10,000 $10,000 Music in the Park $100,000 $100,000 Tournament bids $250,000 $200,000 Other events $30,000 $30,000 Grants recommended by commissions and boards: 2015 Budget 2016 Budget 24 Social Planning grants $90,000 $90, Arts Commission grants $55,000 $55,000 Property Tax Exemptions The Community Charter has provisions for City Council to grant permissive tax exemptions for specified categories of property. Council Policies GGL-22 and GGL-23 stipulate exemptions for the following: Senior citizen housing projects built with provincial assistance; Non-profit organizations; Land surrounding building for public worship, independent schools, seniors' housing, or private hospitals; and Heritage properties. The 2016 permissive exemptions are estimated to be $932,946. Other Revenue Sources Grants-in-lieu of property taxes The City receives grant funding from the federal and provincial governments, their agencies, and Crown Corporations equal to the taxes that would be assessed on land and improvements. The total amount of grants-in-lieu of taxes in 2016 is estimated at $628,041. 1% Utility Tax The 1% utility tax is a tax-in-lieu on utility companies in exchange for the tax exemption status of their linear assets. The total amount of 1% utility tax revenues is estimated to be $1,413,115 in

25 Consolidated Statement of Financial Position Year Ended December 31, 2014, with Comparatives for Financial assets Cash (note 3) $ 16,388,853 $ 16,105,546 Short-term investments (note 3) 110,400, ,912,980 Accounts receivable (note 4) 17,646,669 21,397,596 Long-term investments (note 5) 1,911, , ,347, ,762,850 Liabilities Accounts payable (note 6) 20,558,447 25,115,220 Payroll benefits payable 4,087,246 3,751,022 Post-employment benefits payable (note 7) 7,661,000 7,605,000 Landfill post-closure costs (note 8) 2,388,073 2,378,272 Deferred revenue (note 9) 27,615,654 30,363,916 Long-term debt (note 10) 96,768,498 96,834, ,078, ,047,666 Net debt (12,731,266) (12,284,816) Non-financial assets Inventory 1,218,656 1,176,232 Prepaid expenses 1,592, ,511 Tangible capital assets (note 11 and Schedule 1) 1,101,188,358 1,072,115,218 1,103,999,381 1,074,184,961 Accumulated surplus (note 12) $ 1,091,268,115 $ 1,061,900,145 Commitments and contingencies (note 16) See accompanying notes to consolidated financial statements. * Doug Stewart, CPA, CGA * * Peter Milobar* Doug Stewart, CPA, CGA Acting Finance Director Peter Milobar Mayor 23

26 Notes to Consolidated Financial Statements Year Ended December 31, 2014, with Comparatives for Accumulated Surplus: (a) Reserves for operating purposes Balance at December 31, 2013 Interest income and contributions Transfers to operations and capital Balance at December 31, 2014 General Fund: Affordable Housing $ 955,775 $ 79,700 $ (121,500) $ 913,975 Art Gallery 464, ,069 Arts Legacy 229, ,044 Bi-centennial Legacy 346,728 14, ,032 Canada Games Legacy 568, ,300 Climate Action 606, , ,628 Community Arts 7, ,999 Downtown Parking Reserve 51,166 86, ,231 Deferred Operating 5,184, ,018 (1,779,198) 3,929,715 Environmental Grant 30, ,000 General Building 102,339 5, ,482 Heritage Foundation 210,000 20, ,000 Insurance 567, , ,176 Oak Hills Dyke 12, ,932 Police Contract 3,627, ,426-4,527,874 Return to Work 237, ,146 Health Benefit Premiums 167, , ,000 Solid Waste 2,573, ,668 (541,679) 2,936,059 Sports Legacy 192, ,019 Working Capital 1,811,407 - (173,496) 1,637,911 Youth Legacy 4, , BC Summer Games 99, ,357 Water Fund: $ 18,048,943 $ 3,212,210 $ (2,615,873) $ 18,645,280 Deferred Operating $ 600,652 $ $ (295,915) $ 304,737 Sewer Fund: Deferred Operating $ 50,000 $ - $ (50,000) $ - Venture Kamloops Business Development Society: Reserve Fund $ 23,792 (2,230) 21,562 $ 18,723,387 $ 3,212,210 $ (2,964,018) $ 18,971,579 24

27 Notes to Consolidated Financial Statements Year Ended December 31, 2014, with comparatives for Accumulated Surplus (continued): (b) Reserves for capital purposes Balance at December 31, 2013 Interest income and contributions Transfers to operations and capital Balance at December 31, 2014 Statutory reserves: Tax Sale Property Fund $ 10,733,336 $ 224,657 $ (1,495,774) $ 9,462,219 Local Improvement Fund 951, ,357-1,071,391 Debt Retirement Fund 1,120,124 21,601 (355,167) 786,558 Parking Facility Reserve 1,531, ,795 (129,637) 1,636,118 Land Sale Reserve Fund 2,378,785 2,186,359 (1,180,660) 3,384,484 Equipment Replacement Fund 17,996,638 5,144,151 (2,673,903) 20,466,886 34,711,877 7,930,920 (5,835,141) 36,807,656 Non-statutory reserves: General Fund $ 12,727,805 8,274,899 (11,229,719) 9,772,985 Community Works Fund - 4,550,135-4,550,135 Water Fund 11,364,040 1,986,864 (1,785,791) 11,565,113 Sewer Fund 5,465,381 1,896,453 (1,257,941) 6,103,893 29,557,226 16,708,351 (14,273,451) 31,992,126 Airport Capital Fund $ 3,451,350 2,239,516 (1,471,796) 4,219,070 $ 67,720,453 $ 26,878,787 $ (21,580,388) $ 73,018,852 25

28 Notes to Consolidated Statement of Financial Position Year Ended December 31, 2014, with Comparatives for Accumulated Surplus (continued): (c) Current funds General Fund: Balance, beginning of year $ 8,386,135 $ 10,955,772 Operating Surplus (deficit) for the year 248,201 (2,569,637) 8,634,336 8,386,135 Water Fund: Balance, beginning of year 4,008,268 6,631,303 Operating Surplus (deficit) for the year (1,486,609) (2,623,035) 2,521,659 4,008,268 Sewer Fund: Balance, beginning of year 6,328,782 6,057,997 Operating Surplus (deficit) for the year 828, ,785 7,157,423 6,328,782 Kamloops Airport Authority Society: Balance, beginning of year 405, ,577 Operating Surplus (deficit) for the year 4,434 3, , ,445 Venture Kamloops Business Development Society: Balance, beginning of year - 85,568 Operating Surplus (deficit) for the year - (85,568) - - $ 18,723,297 $ 19,128,630 26

29 Notes to Consolidated Statement of Financial Position Year Ended December 31, 2014, with Comparatives for Accumulated Surplus (continued): (d) Capital equity General Fund: Balance, beginning of year $ 757,825,548 $ 752,582,806 Net capital equity addition for the year 16,727,314 5,242, ,552, ,825,548 Water Fund: Balance, beginning of year 84,938,269 82,864,903 Net capital equity addition for the year 1,357,538 2,073,366 86,295,807 84,938,269 Sewer Fund: Balance, beginning of year 65,145,285 50,138,371 Net capital equity addition for the year 6,668,714 15,006,914 71,813,999 65,145,285 Kamloops Airport Authority Society: Balance, beginning of year 48,392,675 48,573,777 Net capital equity addition for the year (516,514) (181,102) 47,876,161 48,392,675 Venture Kamloops Business Development Society: Balance, beginning of year 25,898 26,170 Net capital equity addition for the year (10,340) (272) 15,558 25,898 $ 980,554,387 $ 956,327,675 Total Accumulated Surplus General Fund $ 816,155,598 $ 796,988,431 Water Fund 100,687, ,911,229 Sewer Fund 85,075,315 76,989,448 Statutory reserves 36,807,656 34,711,877 Kamloops Airport Authority Society 52,505,110 52,249,470 Venture Kamloops Business Development Society 37,120 49,690 $ 1,091,268,115 $ 1,061,900,145 27

30 28

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