Belcarra Five-Year Financial Plan by hkn69139

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									   Village of Belcarra

      2010 – 2014
Five Year Financial Plan
       Presentation Outline

1. Property Assessment Values
2. 2010 Municipal Revenues & Expenditures
3. 2010 – 2014 Financial Plan
4. Municipal Property Taxation
5. Municipal Financial Health
    Property Tax Classification

 BC Assessment Authority determines the
  property assessments.
 Based on the property use and
  requirements of the tax class.
 Assessment value is determined by the
  market, and set in the previous year.
 There may be exemptions that automatically
  apply against assessment.
      Average Assessment Change

   Market Changes (Residential Properties)
   In 2010 the “average” house assessment is:
    $884,000
   In 2009, the “average” house assessment was:
    $830,000
   Change of $54,000 represents a 6.5% increase
    due to market change, given that assessments
    were frozen at 2008 values.
   Tax rate reduced to offset the increase.
              2010 Property Assessments
                        NET TAXABLE RESIDENTIAL ASSESSED VALUES
MUNICIPALITY                 2009                   2010              INCREASE
Coquitlam           $    19,313,705,005     $   19,014,345,985         -1.55%
Port Coquitlam      $     7,589,199,577     $     7,262,240,704        -4.31%
Port Moody          $     5,678,267,502     $     5,556,949,522        -2.14%
Anmore              $       701,794,343     $      714,896,000         +1.87%
Belcarra *          $       334,019,200     $      360,039,700         +7.79%
DISTRICT TOTAL      $    33,616,985,627     $   32,908,471,911         -2.11%
* 1.3% is due to new construction; 6.5% is due to market increases.
    2010 Municipal
Revenues & Expenditures
      Financial Planning Objectives

   $200,000 per year contribution to capital
          minimum requirement to maintain infrastructure

   Maintain reserves at 25% of budget
          financial safety net

   Water Supply and Distribution System
          provide a long term, potable and sustainable drinking water
           distribution and supply system
          provide fire protection works
          property insurance savings for property owners

   Develop Community Infrastructure
          enhance liveability, health and safety, active lifestyles and civic pride
          funding from TransLink Major Roads Network (MRN)
            2010 Budget Highlights

   Average Assessed Home ($884,000):

-   Municipal Property Tax Rate = $1.44 per $1,000 of assessed value.
                         (decreased from $1.49 per $1,000 in 2009)

        - This represents a 3.4% decrease in the tax rate.

         - Recycle/Refuse User Fee = $200.91 / year / residence.
                               (Increase of $17.91 / year / residence)

        - This represents a 9.8% increase in the Recycle / Refuse
          User Fee.

   Capital Program Contributions = $1,099,752
           2010 General Fund Program
                          2009         2010             $        %
Category                 Budget       Budget        Change     Change
Municipal Taxes         $ 501,965   $ 545,835      $ 43,870         9%
Government Grants       $ 337,962   $   72,986     $ (264,976)    -78%
Fees & Charges          $ 47,545    $   40,200     $ (7,345)      -15%
Total Revenue:          $ 887,472   $ 659,021      $ (228,451)    -26%
Expenditures:
General Government      $ 613,381   $   638,598    $ 25,217         4%
Public Works            $ 81,836    $    80,363    $ (1,473)       -2%
Total Expenditures:     $ 695,217   $   718,961    $ 23,744         3%
Sub-Total:              $ 192,255   $   (59,940)   $ (252,195)   -131%
Capital Expenditures:
Capital Projects        $ 126,300 $   97,290 $ (29,010)          -23%
Reserve Contribution    $ 140,955 $ (157,230) $ (16,275)         -12%
Previous Year Surplus   $ 75,000
Surplus (Deficit):              $0         $0 $ (239,460)
     2010 Public Works Program

General Breakdown:
 $35,400 roads & drainage maintenance.
 $6,800 hazard tree assessment & removal.
 $10,000 municipal hall & building maintenance.
 $28,163 operations & maintenance.
           2010 Recycle & Refuse Program

                               2009         2010         $          %
Category                      Budget       Budget     Change    Change
Service Fees and Charges     $ 65,578     $ 71,265   $ 5,687         8.7%
Municipal Taxes              $ 10,469     $     -    $ (10,469)  -100.0%
Prev. Year Surplus/Reserve   $ 45,241     $     -    $ (45,241)  -100.0%
Total Revenue:               $ 121,288    $ 71,265   $ (50,023)    -41.2%
Expenditures:
General Operating            $   65,578   $ 66,265   $     687      1.0%
Total Expenditures:          $   65,578   $ 66,265   $     687      1.0%
Sub-Total:                   $   55,710   $ 5,000    $ (50,710)   -91.0%
Capital Expenditures:
Capital Projects             $   54,166 $    2,000 $ (52,166)     -96.3%
Reserve Contribution         $    1,544 $    3,000 $ 1,456         94.3%
Surplus (Deficit):                    $0         $0        $0
          2010 Major Road Network Program
                (Bedwell Bay Road)
                                2009        2010          $        %
Category                       Budget      Budget      Change    Change
MRN & Other Grants           $ 76,862     $ 79,391    $ 2,529         3%
Prev. Year Surplus/Reserve   $      -     $ 27,620    $ 27,620
Municipal Taxes              $ 11,275     $     -     $ (11,275)   -100%
Total Revenue:               $ 88,137     $ 107,011   $ 18,874       21%
Expenditures:
General Operating            $   44,428   $ 52,461    $ 8,033       18%
Total Expenditures:          $   44,428   $ 52,461    $ 8,033       18%
Sub-Total:                   $   43,709   $ 54,550    $ 10,841      25%
Capital Expenditures:
Capital Projects             $   23,050 $ 32,000 $       8,950      39%
Reserve Contribution         $   20,659 $ 22,550 $       1,891       9%
Surplus (Deficit):                    $0       $0            $0
                   2010 Capital Program

                                                                              General  Other           Reserve
Program                  Project Description                    Total Cost
                                                                              Revenues Funding         Funds

                         Municipal Hall Improvements &
General Fund                                                    $    35,000   $ 19,000                 $ 16,000
                         Reserve Contribution

                         Roads & Drainage Works - Non-MRIF $         20,000   $ 20,000
                         Equipment Reserve Contribution         $     5,690   $   5,690
                         PW Shop Natural Gas Radiant Heat       $     5,100                            $   5,100
                         Bostock Road Bank Stabilization        $    15,000                            $ 15,000
                         Information and Technology             $    16,500   $ 16,500
Recycle & Refuse         Road Acess Improvements                $     5,000               $    5,000
Major Road Network       Contribution to Non-MRIF Works         $    32,000               $   32,000
                         Culvert Headwall                       $    22,550               $   11,275   $ 11,275
Water Supply & Dist.     Supply & Distribution Infrastructure   $   942,912               $ 942,912

Total Capital Projects                                          $ 1,099,752   $ 61,190    $ 991,187    $ 47,375
                   2010 Expenditures
                                   General Gov't

                                   Water System
               Refuse &
               Recycle    MRN      Refuse & Recycle
                  4%       3%
                                   MRN



                                       General Gov't
                                           40%
Water System
    53%
Five Year Financial Plan
 2010 – 2014 Budgets
       2010 – 2014 Financial Plan:
              Assumptions

Most significant assumptions used:
 Continuance of Strategic Community Investment
  Funds Grant.
 Continuance of MRN funding for Bedwell Bay
  Road.
 Complete Water Supply and Distribution System
  which includes fire protection system.
 Build Financial Reserves for sustainability.
                2010 – 2014 Financial Plan:
                      General Fund
GENERAL FUND                           2010         2011         2012         2013         2014
 REVENUE:
 Municipal Taxes                   $ 526,438 $      760,497 $ 581,166 $ 513,456 $ 679,039
 Grant In Lieu of Taxes            $ 19,397 $        19,979 $ 20,578 $ 21,196 $ 21,832
 Government Grants                 $ 72,986 $       194,118 $ 194,118 $ 194,118 $ 194,118
 Fees and Charges                  $ 40,200 $        41,406 $ 42,648 $ 43,928 $ 45,245
TOTAL REVENUES:                    $ 659,021 $ 1,016,000 $ 838,510 $ 772,698 $ 940,234
 EXPENDITURES:
 General Government Expenditures   $ 621,681 $      640,331 $ 656,340 $ 672,748 $ 686,203

 Public Works                      $ 80,363 $        78,368 $ 72,168 $ 72,488 $ 75,088
TOTAL EXPENDITURES:                $ 718,961 $      718,699 $ 728,508 $ 745,236 $ 761,291
SUB-TOTAL:                         -$ 59,940 $      297,301 $ 110,002 $ 27,462 $ 178,943
CAPITAL EXPENDITURES:              $ 97,290 $       357,301 $ 152,003 $ 55,503 $ 178,943
Transfers (FR) to Reserves         $ 121,130 $             - $          - $          - $          -
Previous Year Surplus              $ 36,100 $              - $          - $          - $          -
SURPLUS(/DEFICIT)                  $          - $          - $          - $          - $          -
                         2010 – 2014
                        Capital: Facilities
Municipal Facilities Capital                 2010         2011         2012         2013         2014
Municipal Hall Improvements & cont. to
                                         $ 15,000     $ 15,000     $ 15,000     $ 15,000     $ 15,000
reserve
Municipal Recreation Area cont. to
                                         $    2,000   $    2,000   $    2,000   $    2,000   $    2,000
reserve
Municipal Hall Entrance Rockwork &
                                                      $ 10,000
Sign
Municipal Hall Service Connection &
                                         $    2,000
Supply
Municipal Hall Parking Lot Overlay &
                                                      $ 18,000
Line Painting

Roadside Electronic Speed Reader                                                $    8,500

Roadside Electronic Noticr Board                      $    8,500

Information and Technology               $ 16,500     $    3,000   $    1,000   $    1,000   $    1,000

PW Shop Natural Gas Radiant Heater       $    5,100

Municipal Hall Furnace Replacement       $ 16,000

Total Capital Municipal Facilities       $ 56,600     $ 56,500     $ 18,000     $ 26,500     $ 18,000
                           2010 ‒ 2014 Capital:
                           Roads & Drainage
Roads & Drainage Capital (Non-MRN)                   2010          2011          2012          2013           2014
Overlays
 Turtlehead Road Overlay                                       $    25,000
 Kelly Road Redesign and Overlay                               $    38,000
 4078 Marine to West Road at Bedwell Bay Road    $    30,000
 Lower Coombe Lane Overlay                       $    15,000
 Marine Ave Overlay Young Ave to 4022 Marine     $    15,000
 Robson Road Storm Sewer, Curb and Overlay                     $     6,000
 Belcarra Bay Rd / Bedwell Bay Rd to Midden Rd                 $    35,000

 Old Park Entrance to Midden to Belcarra Bay                                 $    35,000

 West Road Re-Design and Overlay                 $    35,000
 4078 Marine to West Road on Bedwell Bay Road    $    30,000
Other Works
 Young Road Turn a Round Design and Const.       $     3,000   $    25,000
 Bostock Road Bank Stabilization                 $    15,000
 Senkler Bridge Girders                                        $    40,000   $    40,000
 Main Avenue Storm Sewer Replacement             $    18,000
Total Capital Roads & Drainage (Non-MRN)         $   161,000   $   169,000   $    75,000   $          -   $          -
             2010 – 2014 Financial Plan:
                 Recycle & Refuse

RECYCLE & REFUSE                       2010         2011         2012         2013         2014

 REVENUE:
 Service Fees and Charges          $ 71,265     $ 73,275     $ 75,125     $ 76,125     $ 77,825
 Municipal Taxes                   $          - $          - $          - $          - $          -
 Previous Year Surplus / Reserve   $          - $          - $          - $          - $          -
 TOTAL REVENUES:                   $ 71,265     $ 73,275     $ 75,125     $ 76,125     $ 77,825
 EXPENDITURES:
 General Operating                 $ 66,265     $ 68,265     $ 70,115     $ 71,115     $ 72,815
 TOTAL EXPENDITURES:               $ 66,265     $ 68,265     $ 70,115     $ 71,115     $ 72,815
 SUB-TOTAL                         $    5,000   $    5,010   $    5,010   $    5,010   $    5,010
 TOTAL CAPITAL EXPENDITURES:       $    2,000   $      10    $      10    $      10    $      10
 Transfer To Reserves:             $    3,000   $    5,000   $    5,000   $    5,000   $    5,000

 SURPLUS(/DEFICIT)                 $          - $          - $          - $          - $          -
            2010 – 2014 Financial Plan:
               Major Road Network

MAJOR ROAD NETWORK                   2010           2011         2012         2013        2014
 REVENUE:
 MRN & Other Grants              $ 79,391       $ 68,116     $ 68,116     $ 68,116       $ 68,116
 Previous Year Surplus/Reserve   $ 27,620       $          - $ 29,546     $ 18,901       $ 19,760
 Municipal Taxes                 $          -                             $          -
 TOTAL REVENUES:                 $ 107,011      $ 68,116     $ 97,662     $ 87,017
 EXPENDITURES:
 General Operating               $ 52,461       $ 57,210     $ 53,662     $ 52,017       $ 52,876
 TOTAL EXPENDITURES:             $ 52,461       $ 57,210     $ 53,662     $ 52,017

 SUB-TOTAL:                      $ 54,550       $ 10,906     $ 44,000     $ 35,000

 CAPITAL EXPENDITURES:           $ 32,000       $          - $ 44,000     $ 35,000       $ 35,000
 Transfer To Reserves:           $ 22,550       $ 10,906     $          - $          -

 SURPLUS(/DEFICIT)               $          - $            - $          - $          -
                2010 – 2014 Capital: MRN

MRN Capital (Bedwell Bay Road)       2010         2011       2012      2013       2014
West Road on Bedwell Bay to
                                   $ 6,000
Firehall Overlay
Firehall Road Widening & Off-street
                                    $ 6,000                $ 18,000
Parking / Retaining Wall
Midden Road to Ray Creek Overlay   $ 4,000                            $ 35,000

Ray Creek to West Road Overlay     $ 16,000                $ 26,000              $ 35,000
3264 & 3455 Bedwell Bay Road
                                   $ 22,550
Culvert Headwalls
Total Capital MRN                  $ 54,550   $          - $ 44,000   $ 35,000   $ 35,000
               2010 ‒ 2014 Water Supply
                and Distribution System
GENERAL FUND                     2010         2011          2012          2013         2014
REVENUE:
Parcel Taxes                 $          - $          - $           - $           - $ 253,794
Government Grants            $ 628,608    $ 1,590,114   $ 1,816,544   $          - $          -
Fees and Charges             $          - $    12,900   $    13,287   $ 13,686     $ 45,096
Interim Borrowing            $ 314,304    $ 1,134,702   $   908,272   $ 471,456    $          -
TOTAL REVENUES:              $ 942,912    $ 2,737,716   $ 2,738,103   $ 485,142    $ 298,890
EXPENDITURES:
Operating and Maintenance    $          - $    12,900   $    13,287   $ 13,686     $ 38,096
Borrowing Interest           $ 11,005     $    67,716   $    69,336   $ 43,968     $ 181,257
Debenture Principal          $          - $          - $           - $           - $ 72,538
TOTAL EXPENDITURES:          $ 11,005     $    80,616   $    82,623   $ 57,654     $ 291,891
SUB-TOTAL:                   $ 931,907    $ 2,657,100   $ 2,655,480   $ 427,488    $    6,999
CAPITAL EXPENDITURES:        $ 942,912    $ 2,724,816   $ 2,724,816   $ 471,456    $    6,999
Transfers (FR) To Reserves   $ 11,005     $    67,716   $    69,336   $ 43,968     $          -

SURPLUS(/DEFICIT)            $          - $          - $           - $           - $          -
Municipal Property Taxation
                  Municipal Tax Rates


2010 Municipal Tax Rate = $1.44 per $1000

(Assessed Value) x (Tax Rate) = Tax Levy

What appears on Property Tax Statement
$884,000 x $1.44 per $1000 = $1,273

(This is the portion of taxes that the Village levies for municipal services.)
           How a 3.1% Tax Rate Increase
           Affects the Municipal Tax Levy
   Assessment         2010     2009    $ Change
Municipal Tax Rate    $1.44    $1.49      -$0.05

       $700,000      $1008    $1,043       -$35
       $800,000      $1,152   $1,192       -$40
       $900,000      $1,296   $1,341       -$45
    $1,000,000       $1,440   $1,490       -$50
    $1,100,000       $1,584   $1,639       -$55
    $1,200,000       $1,728   $1,788       -$60
      General Information About
          Property Taxes
   Your tax bill contains charges from other taxing
    jurisdictions: BCAA, GVRD, TransLink, MFA,
    School District 43, Police (RCMP).
   The Village of Belcarra has no control over the
    amount of other jurisdiction’s charges.
   Belcarra is required to include these levies on the
    property tax bill.
   Belcarra is required to submit these levies to other
    governments by July 31st, whether or not the taxes
    are paid by taxpayers.
             2009 Tax Dollars:
            Where Did They Go?


            TransLink   BCAA
                                                  Schools
               8%        2%
     GVRD
      2%
                               Police             Belcarra
                                3%
   SVFD                                           SVFD
    5%
                                                  GVRD
                                                  TransLink
                                        Schools
Belcarra
                                         44%      BCAA
 36%
                                                  Police
   2009 Statistics (Ministry of Community Development)
                 Residential Property Taxes ― Single Family Dwelling
                                                    GVRD BCA,           Total
                         Average           Municip    /    MFA Parcel Res. User Total Res
Municipalities          Ass. Value School al Taxes SVFD Other Taxes     Fees     Taxes
Pitt Meadows               420,616     865    1,396     28  182    63       843     3,377
Langley City               432,584     867    1,571     29  187     0       752     3,406
Maple Ridge                451,930     929    1,613     30  195   142       605     3,514
Langley Township           484,466     971    1,414     32  209     0       794     3,420
Port Coquitlam             492,895     917    1,705     31  213     0       755     3,621
Delta                      522,182     975    1,676     35  348     0       735     3,768
Surrey                     548,766   1,030    1,239     35  237   161     1,080     3,782
New Westminster            566,628   1,130    2,065     37  245     0       894     4,371
Coquitlam                  597,524   1,111    1,751     40  258   324       566     4,050
Richmond                   663,933   1,226    1,573     41  287     0       955     4,083
Port Moody                 674,010   1,253    2,027     45  291     0       778     4,395
Burnaby                    692,205   1,233    1,716     46  299   371       363     4,027
North Vancouver City       755,984   1,212    1,807     50  327     0       588     3,983
White Rock                 763,343   1,433    2,644     50  330    18       377     4,852
Belcarra                   788,544   1,466    1,175   212   455     0       183     3,491
Bowen Island               815,312   1,051    1,537     51  575   273     1,348     4,836
North Vancouver Dist.      847,575   1,358    2,079     57  366     0       916     4,777
Vancouver                  944,916   1,458    2,019     64  408     0       760     4,710
Anmore                     993,207   1,847    1,028   225   626   122       470     4,318
Lions Bay                1,067,247   1,376    1,612     71  621   485     1,195     5,361
West Vancouver           1,574,558   2,030    3,322   104   680     0     1,050     7,187
 Average                $ 718,972 $ 1,226 $ 1,760 $ 63 $ 349 $ 93 $        762 $ 4,524
           What is the Financial
           Health of the Municipality?
   The municipality is in good financial health, as
    suggested by the following financial indicators:

      No debt !
      Pay-as-you-go policy.
      Financial reserves.
      Low cost of operations.


     It is prudent to maintain financial reserves
     at a minimum of 25% of the annual budget.
              Financial Health –
        Reserve Balances (31-12-2009)

Operating Reserve             $ 77,938
Capital Reserve               $338,965
                              $416,903

Reserves should be minimum 25% of the annual budget to
maintain Financial Health; that is, a minimum of $241,727.
Much of reserve balance is earmarked for 2011‒2013 projects.

The purpose of setting aside reserves is to provide funding for
various anticipated future capital expenditures in order to
ensure sufficient funds are available when required to avoid
the need to incur debt.
     Future Budgets & Tax Changes

   Predicting future tax changes is very
    difficult for a number of reasons:
    – There are many variables involved including
      Provincial Government requirements and
      legislative changes.
    – Many projections are based on other
      governing agency’s projections.
    – Small changes can make big differences in
      the final tax rates.
    – Councils set budgets and tax rates yearly.
    Legislative Requirements
     For the Budget Process

 The  Community Charter requires
  the Financial Plan Bylaw to be
  adopted prior to the Annual Tax
  Rate Bylaw.
 The Tax Rate Bylaw must be
  adopted by May 15th each year.

								
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