2018-2022 Financial Plan

BUDGET AT A GLANCE

CAPITAL SPENDING $ in thousands Government Technology Protective Fire Protective Police

2018

2019 1,524 2,345

2020

2021

2022

700

511

964

374

1,618 1498

1,972

1,193

1,196

—

—

— —

— —

9

40

158

Parks

26,478 15,799

23,635

2,693

2,866

1,365 7,303 3,753

Highways Drainage

9,556 2,587 5,786 6,543

12,455

12,139

1,516 8,328 6,912

3,089 1,966 3,310

2,682

Sewage

941

941

Water

4,395

4,775

Grand Total

62,857

52,015

26,154

25,179

19,706

The capital program includes replacement of existing assets as well as new capital improvements associated with a growing community. The five-year Capital Works Program is $191 million; 2018 planned capital projects are $62.8 million, excluding projects that will be carried forward from previous years. For a complete listing refer to Appendix D on page 215. HOW MUCH MONEY IS IN SAVINGS: RESERVE BALANCES Maple Ridge has financial resources held in reserves. These balances provide the base for the Financial Plan projected transactions for the coming years, as amounts are transferred in and out for various purposes. They also serve to stabilize taxes, fees and charges by providing funds during tight years and receiving those funds back during better years, thus shielding our customers and taxpayers from sharp rate increases.

Balances as of December 31

2016

2017

Accumulated Surplus

$ 28,726,265 $ 31,787,778

Reserve Funds

38,755,844

41,639,403

Total Reserve Accounts

45,884,890

56,016,190

Total Reserves and Revenue Accumulated Surplus

$113,366,999 $129,443,371

BORROWING The Financial Plan incorporates debt proceeds into the overall funding strategy.

Existing Debt Debt issued and outstanding as at December 31, 2017 was $28,273,707. The majority of this debt, $28,164,360, was for the downtown civic improvements (Library, Leisure Centre, Youth Centre, The ACT Arts Centre, Office Complex and associated underground parking). Previously Approved Borrowing. Debt authorized, but unissued as the capital work associated has yet to occur, includes Fire Hall No. 4 construction of $6,000,000 and the Cemetery expansion of $1,100,000. The cash flow to service this debt has already been provided for in the Financial Plan. Future Borrowing Considerations IN 2018, borrowing of up to $49.5 million for a number of Parks, Recreation & Culture facilities was approved. Additional detail can be found in the Capital Program section on page 56. Metro Vancouver recently completed significant water infrastructure projects, the Barnston/Maple Ridge Pump Station and a new water main, Maple Ridge Main West, for which Maple Ridge was responsible for a share of the costs. The City has internally financed its share through the use of other DCC funds (roads, drainage parks). If external borrowing is required, a Loan Authorization Bylaw will be prepared and public approval for the borrowing will be sought.

Maple Ridge  Financial Plan 2018-2022

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