2018-2022 Financial Plan

BUDGET AT A GLANCE

Borrowing Capacity Under Community Charter legislation 1 , the maximum amount of borrowing Maple Ridge can undertake is such that the annual cost to service the debt does not exceed 25% of revenues as defined in the legislation. As noted in our 2016 Annual Report the unused liability servicing capacity at the end of 2016 was $23.8 million. LEGISLATION AND REGULATIONS Maple Ridge is required to adopt a five year Financial Plan (Budget) in accordance with Section 165 of the Community Charter. The Financial Plan must include both operational and capital budgets and be adopted by bylaw before the annual tax rates are set (i.e. before May 15 th ).

Council must undertake a process of public consultation before the proposed Financial Plan is finally adopted. The bylaw remains in effect until a new or revised bylaw is adopted.

Balanced Budget In compliance with Section 165 of the Community Charter , the Financial Plan must be balanced. The Financial Plan must not plan for a “deficit.” This means for each year of the plan, the total of proposed expenditures and transfers to other funds must not exceed proposed funding sources plus transfers from other funds 2 .

AVERAGE TAX IMPACT

2017

2018

Increase

%

Residence Assessed Value

$592,666

Average Home Municipal Levies General Purpose (Includes Infrastructure Sustainability)

$1,934.64

$ 51.49

$1,986.13

Drainage Improvement Levy

25.78 19.80

31.72 31.68

5.94

Parks & Recreation Improvements

11.88

Subtotal Property Taxes

$1,980.22 $2,049.53 $ 69.31 3.50%

User Fees Recycling (fixed rate)

$ 71.37 578.20 357.25

$ 72.56 604.20 368.85

$ 1.19 1.67% 26.00 4.50% 11.60 3.25%

Water (fixed rate) Sewer (fixed rate)

Total Property Taxes and User Fees

$2,987.04 $3,095.14 $108.10 3.62%

LONG TERM ISSUES AND DIRECTION The current financial position and vast array of services delivered are a function of the strong leadership and support of well-developed business planning practices. These practices include more than a dozen financial policies addressing the financial aspects of short-term and long-term needs of the community. Maple Ridge is recognized as taking a progressive approach to addressing the infrastructure funding gap. Maple Ridge will continue to focus on asset management and sustainability to ensure that future generations can enjoy our current service levels. Maple Ridge will grow significantly over the next few decades with population projections nearly doubling. With continued strong planning practices and strategic direction, our growth will see this community continue to flourish.

1 B.C. Reg. 254/2004, Municipal Liabilities Regulation, Community Charter. 2 Community Charter s. 165(5) and Local Government Act s. 815(5).

Maple Ridge  Financial Plan 2018-2022

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