2018-2022 Financial Plan

FINANCIAL PLAN OVERVIEW

Previously Approved Borrowing Still Unissued The 2018-2022 Financial Plan includes debt payments on the following previously approved projects:

Fire Hall No. 4 Construction ($6 million) The City has authorization to borrow $6 million for this project, with the debt servicing costs funded from the Fire Department Capital Acquisition Reserve. This project was approved quite some time ago and it is likely that the construction costs need to be updated. Council recently approved a contract for the design work for Fire Hall No. 4 which will provide a more accurate cost estimate. The intent is to fund additional costs from the same reserve as the debt payments. Cemetery Expansion ($1.1 million) The City is also authorized to borrow $1.1 million for the expansion of the cemetery. Debt payments associated with the land purchases for cemetery expansion are funded through increased cemetery fees. Two of the three properties have been purchased and $2.22 million of external borrowing has been arranged. The key elements when considering debt funding are that the debt payments are being funded by a secure funding source, the borrowing capacity exists and the appropriate public consultation and approval processes are undertaken. Public approval has been obtained for the projects noted above. Proposed Borrowing for Parks & Recreation Projects In July, following an extensive public consultation process, Council directed staff to proceed with a number of Parks & Recreation projects. The funding strategy for these projects included borrowing of $49.5 million. Electoral approval is required to proceed with borrowing and Council has elected to follow the Alternative Approval Process to obtain this. In September the first step of this process was advanced when Council gave three readings to the Loan Authorization Bylaws for each project.

The following amounts are included in the City’s Capital Program as debt funding.

MR Leisure Ctr Renovation Telosky Stad Synthetic Fields Albion Community Centre Silver Valley Gath’g Places Hammond Comty Ctr Reno Whonnock Lk Canoe & Kayak MRSS Track Facility Upgrades

$ 3.5 million 7.0 million 8.5 million 1.0 million 2.5 million 1.0 million 2.5 million 23.5 million

Additional Ice Sheet

The Business Planning Guidelines include an annual 0.35% property tax increase, starting in 2018, for seven years to provide for the debt servicing and operating costs for the above projects. Council also advanced a $6 million Loan Authorization bylaw for an outdoor pool. The vision for this project has since changed, necessitating further work to assess the impact of the change and related cost implications. As a result the outdoor pool is not included in the 2018-2022 Financial Plan at this time. The Financial Plan can be amended once the additional details are known. Potential Future Borrowing 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.

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