2018-2022 Financial Plan

BUDGET AT A GLANCE

PRIORITIES AND KEY ISSUES Drainage Rehabilitation/Maintenance

Parks, Recreation & Culture The Parks, Recreation & Culture Master Plan was adopted in 2010 through community consultation. There are a number of priorities in the plan that this funding could be allocated toward, the specifics of which will be determined by Council. We could push back the phased-in funding which would delay planning and implementation of those priorities. The 2018 funding includes the amounts needed for debt payments and operating costs for a number of Parks & Recreation projects approved in 2017. The final approval for these projects is subject to the approval of the electors. Town Centre Investment Incentive Program This three year program began in 2011 and provided incentives for multi-family residential and mixed use buildings, new commercial construction, commercial renovations and commercial facade improvements. Due to the success of the program, Council extended the commercial portion of the program to the end of 2016. Eligible projects included commercial and mixed- use projects such as hotels, conference/meeting facilities, offices, post-secondary and retail developments. As of December 31, 2016, 130 projects with combined estimated construction values of just over $100 million have been completed or are underway. As tax exemptions expire, these projects assist with funding infrastructure renewal. In 2018, expired exemptions are expected to bring in over $110,000 in revenue. Transportation Master Plan In 2014 the City updated the Transportation Plan that was developed in 2003. Since the Plan was adopted, there have been a number of changes to land use patterns and the transportation network within Maple Ridge and the surrounding area, including the Golden Ears and Pitt River bridges. The updated Transportation Plan that has been endorsed by Council will guide decision-making for transportation over the next 20 years and beyond and recommends improvements for all modes of transportation, including vehicles, walking, cycling and public transit. This process is important to ensure that transportation investments work towards achieving the City’s strategic goals, make the best use of our tax dollars and help shift towards a more sustainable future.

Parts of the community have high potential for flooding and we have been trying to systematically make improvements to our drainage system. A yearly property tax increase of 0.30% is planned to increase funding for drainage works throughout the City. This equates to an annual increase of about $5 on the average home’s property taxes. Council approved this direction a few years ago. Employment Lands Investment Incentive Program Council is committed to supporting the creation of local, high-value jobs, particularly in the growing technology and advanced manufacturing sectors. The Employment Land Investment Incentive Program is specifically designed to encourage job creation by supporting private investment in buildings and infrastructure on identified “employment lands”. This program has supported new commercial and light industrial use construc- tion and continues through to the end of 2018. Gaming Center In 2010, the City began receiving revenues from the local gaming facility. Gaming revenues are inherently volatile in nature which is why Council adopted a policy framework to guide its use. The additional revenue received has been allocated to funding infrastructure replacement and has allowed the property tax increase dedicated to infrastructure replacement to be reduced slightly. Infrastructure Deficit All levels of government across Canada have an infrastructure deficit. The infrastructure deficit is an estimate of the total additional investment needed to repair or replace existing infrastructure. Beginning in 2008, Council directed an annual tax increase of 1% to go toward infrastructure sustainability. This helps with major rehabilitation and replacement of the City’s assets which currently have a replacement value estimated in excess of $1.4 billion. For the years 2018 through 2022, the amount of the increase is 0.70%. This amount is estimated to be $5.8 million for 2018, $6.4 million for 2019, $7.0 million for 2020, $7.7 million for 2021 and $8.3 million for 2022. The Unfunded Liability Chart in Appendix C on page 200, (Infrastructure Funding Strategy), highlights the impact that the 1% tax increase has on the infrastructure deficit.

Maple Ridge  Financial Plan 2018-2022

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