pitt meadows corporate plan financial overview - 2014
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8/13/2019 Pitt Meadows Corporate Plan Financial Overview - 2014
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• u e
City of Pitt Meadows2014 Financial Plan Presentation
Celebrating 100 Years 1914-2014
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2014 Financial Planopics
• Financial Planning
Process
• u u
• Utilities Budget
• Reserves
• Summary• Next Steps
• o u y o u o , o u u
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2014 Financial Plan inancia anning rocess
•
Guidelines
Set ‐
Jun
2013• Budget Packages Distributed – Jul 2013
• Budgets Drafted by Departments – Aug 2013
• Finance Department Budget Review – Sep 2013
• Corporate Leadership Team Review – Sep/Oct 2013
• – ,
• Business Plan
Presentations
&
Public
Input
– Dec
4/5,
2013
• Budget Deliberation by Council & Public Input – Dec 12, 2013
• Final Presentation to Council & Public Input – Jan 21, 2014
• Financial Plan Bylaw – Three Readings – Jan 21, 2014
• Financial Plan Bylaw – Adoption – Feb 4, 2014
Note ‐
All
resentations are
advertised
and
o en
for
ublic
attendance
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2014 Financial Plan inancia anning rocess – overne y egis ation
•
Municipal
Purpose
(Community
Charter,
Section
7) – Provide ood overnment – Provide services, laws and other matters for community benefit – Provide stewardship of public assets – Foster economic, social and environmental well‐being of community
•
Financial Plan
(Community Charter,
Section
165)
– Adopt a 5‐Year Plan (can be amended anytime during the year)
• Annual Pro ert Tax B law Communit Charter Section 197
– Tax rates adopted by bylaw before May 15, 2014 – Authority to levy taxes on properties to allocate funding for services
•
– Ensures the public have an opportunity to comment
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2014 Financial Plan enera un u get
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2014 Financial Plan enera un u get: perating xecutive ummary
Description Amount $ Tax % Comment
•Revenue Changes ‐70,800 ‐0.45 Various fees, grant‐in‐lieu of taxes, development fees
•Growt ‐240,000 ‐1.54 New tax revenues rom eve opment
•2013 BC Assessment Authority (BCAA) error 153,000 0.98 Tax revenue correction
•Reserve Changes 286,525 1.80 Capital reserves increases; offset by $50K BCAA error funding
•Salaries 182,700 1.21 Cost of living, steps, reclassifications, auxiliary support, PT Safety Coord.
• ‐, .
•
Non‐Salary Budget
Reductions
Offset
by
Inflation
‐222,026
‐1.43 Adjust
budgets
to past
actuals;
budget
reductions;
offset
by
inflation
Sub‐total ‐ City Departments 177,899 1.14
•Arena ‐84,400 ‐0.54 Nustadia mgmt fee recovery from Maple Ridge ‐ previously not budgeted
•Librar 44 800 0.29 Fraser Valle Re ional Librar Cost Sharin A reement
•Parks & Leisure Services 70,000 0.45 Maple Ridge / Pitt Meadows Joint Services Agreement
•Police ‐ RCMP 274,000 1.75 RCMP / Maple Ridge Housing & Support Agreements
Sub‐total ‐ Service Delivery Partners 304,400 1.95
Total 482 299 3.09 =
52 FOR THE
AVERAGE
SINGLE
FAMILY
HOME
1% Tax Increase = $156,000
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2014 Financial Plan enera un u get: ere oes t e money go
Police 23%
Reserve Transfers20%
Salaries & Wages23%
Arena 6%Parks & Leisure10%
Supplies &Equipment 1%
Training &Development 1%
Ec Dev Fee 1%
Insuranc e, Legal & Au dit 1%Debt Servicing 3%Leases 1%
Contracts & Fees
3%
Library 4%
es
Vehic les 2%
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2014 Financial Plan enera un u get: ere oes t e money come rom
Taxation 77%
Fees & Charges 18%
Reserve Transfers
Grants 2%3%
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2014 Financial PlanGeneral Fund Budget: Significant 2014 Capital Projects
Description Amount
Works Yard Building Expansion $285,000
RCMP Community Police Office Expansion 610,000
Arena Chiller Replacement 115,000
Purchase Pre‐owned Grader 205,000
Street
Repaving ‐
Various 700,000Core Business Systems Needs Analysis 50,000
Pitt Meadows Senior Secondary Change Rooms 150,000
Airport Way Park Development 150,000
Total 2014
Capital
Program
– General
Fund $3.7
million
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2014 Financial Plan ti ities u get
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2014 Financial Plan
Changes Examples Budget $
Total
ti ities u get: perating xecutive ummary
Key Budget Changes:
•Revenue 2013 sewer growth; MMBC financial incentive; recycling processing (25,200)
•Reserves Capital reserve contributions; reduced reliance on rate stabilization 251,400
•Debt servicing costs GVS & DD treatment; offset by debt costs for pump upgrades (66,500)
•Expenses reductions Maintenance; Waste Management contract; tipping fees (182,000)
•Expenses increases Hydro; GVWD water supply costs 103,100
2014 Proposed Budget $8,396,500
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2014 Financial Plan
Service Type 2013 2014 $
ti ities u get: ee y ervice ype – ing e ami y ome
Budget Budget Variance
Sanitary Sewer Services $ 309.00 $ 283.00 $ (26.00)
Water Services 419.00 438.00 19.00
Storm Drainage Services 33.75 35.75 2.00
Dyking 2.00 2.00 0.00
o as e erv ces . . .
Subtotal (User Fee Charges) $1,013.75 $1,011.75 $ (2.00)
Storm Drainage Services (mill rate) 60.45 62.45 2.00
Total Utility Charges $1,072.20 $1,072.20 $ 0.00
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2014 Financial Plan
– Maintenance bud et for all utilities reflectin three‐ ear avera e costs
ti ities u get: ain rivers or ero ncrease
– Unanticipated 2013 growth in the Sewer Fund
– Metro Vancouver’s policy to fund debt servicing costs from reserves for sewer
treatment costs – savings were passed to municipalities
– MMBC recycling financial incentive passed along to residences
–
– Reduced garbage tipping fees resulting from less tonnage
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2014 Financial Plan
Description Amount
Miscellaneous Culvert Replacements $150,000
Utilities Budget: Significant 2014 Capital Projects
Major Slough Cleaning – Phase 2 100,000
McKechnie Pump Station Trash Rack System 225,000
McKechnie Life Cycle Pump Replacement 535,000
Area #4 Pump Station Replacement (grant dependent) 5,135,000
Sewer Pipe Rehabilitation 300,000
Sanitary Main Realignment (Ford and 193) 250,000
Baynes Road Water Main Replacement – Phase 2 350,000
Ford Road Water Main Replacement (189 St. to Baynes Road) 300,000
Wildwood Crescent
Water
Main
Replacement 300,000
Total 2014 Capital Program – Utilities $8.2 million
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2014 Financial Planeserves
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2014 Financial Planeserves
• City has approximately $171 Million in assets
– $51 Million
land
/ $120
Million
infrastructure/equipment
– original
cost
– .
– Annual replacement cost is significantly higher (conservative estimate) $7,500,000
• Asset Funding ‐ 2013
– General Fund Ca ital 2 300 000
– Utility
Capital 1,600,000 – DCCs (estimate) 500,000
– Road Levies (estimate) 300,000
4,700,000
• Total Annual Infrastructure Funding Gap (estimate) $ 2,800,000
Note – 1% Strategic Capital Levy not included – Funds new infrastructure
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2014 Financial Planummary
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2014 Financial Plan
Business Unit
2013
Budget2014
Budget$
Variance
User
Fee/Tax
Impact
ummary – ing e ami y ome
General Government $ 518.00 $ 500.00 $ (18.00) (1.03)%
Library 112.00 117.00 5.00 0.32%
Parks & Leisure 230.00 237.00 7.00 0.43%
o ce ‐ . . . .
Capital Reserves 328.00 342.00 14.00 0.80%
1 % Asset Infrastructure Levy 46.00 63.00 17.00 1.00%
Subtotal ‐ Before Utilities $1,698.00 $1,750.00 $ 52.00 3.09%
Storm Drainage (mill rate) 60.45 62.45 2.00 3.31%
User Fee Utilities (Drainage, Water, Sewer, Dyking, Solid Waste) 1,013.75 1,011.75 (2.00) (0.20)%
Total Property Charges $2,772.20 $2,824.20 $ 52.00 1.90%
* Based on April, 2013 BC Assessment Roll Average Assessed – Single Family = $450,000
2014 Average assessed value will not be known until tax rolls published in 2014
** Approximately $17 for every 1% increase (e.g. 3.09% x $17 ~ $52)
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2014 Financial Plan
Cit
ummary – ing e ami y ome
Outside
Municipal
Taxes 45%
29%
City
Utilities
26%
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2014 Financial Plan
Transportation & Public WorksLibrary
Debt Service
66117
43
ummary – ing e ami y ome
Contributi ons to Reserves
Police Services
General Government
Parks & Leisure Services
Development Services
,
405493
209237
89
Total
Water Utili tySewer Utility
Solid Waste
2,824438283
253
Gas & Electricit y
Home Insurance
Home Security System
Telephone & Internet
Cable TV (HD Basic)
2,250850
350900
600,
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2014 – 2018 Five Year Financial Plan
Taxation User Fee UtilitiesYear General Service Ca ital 1% Sub- Storm Sewer Water Solid Sub- Total
ummary – ing e ami y ome
Gov’t. Delivery
Partners
Reserves Asset
Levy
total Drainage Waste total with
Utilities
2014 $ (18) $ 39 $ 14 $ 17 $ 52 $ 4 $(26) $ 19 $ 3 $ 0 $ 52
2015 22 19 13 18 72 14 10 30 12 66 1382016 12 26 15 18 71 3 13 29 19 64 135
2017 5 38 11 19 73 5 15 29 12 61 134
* Average value based on Apr il, 2013 BC Assessment Roll = $450,000
2018 15 27 11 20 73 6 17 18 4 45 118
Ave. 7 30 13 18 68 7 14 26 12 59 127
** Approximately $17 for every 1% increase (e.g. 3.09% x $17 ~ $52)
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2014 Financial Plan
Date Time Topic
ext teps
January 21 (tonight) 7:00pm 2014 Financial Plan Bylaw – Three Readings
February 4 7:00pm 2014 Financial Plan Bylaw – Adoption
pr : pm ax a e y ee y aws – ree ea ngs
Late April
or
Early
May 7:00pm 2014
Tax
Rate
&
Utility Fee
Bylaws
– Adoption
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