2018-2022 Financial Plan

FINANCIAL PLAN OVERVIEW

Conclusion For 2018, the City expects approximately $4.6 million in new revenue. This is primarily due to property taxes; both new taxes due to additional development and increases in property taxes. The majority of the additional revenue is used to fund the cost increases for existing services, such as labour and the RCMP Contract. A portion of the property tax increase is dedicated to improve the level of infrastructure replacement, drainage infrastructure improvements and Parks & Recreation Master Plan funding. We continue to face pressures in delivering services to a community that is growing at a brisk pace. To address this a number of incremental requests are recommended to address workload pressures that have been building. In addressing priority items, the Corporate Management Team has reallocated funding from other areas to minimize the impact to the bottom line. Maple Ridge’s Business Planning culture also ensures the business and financial acumen exists to address current community needs. A phrase that is often used to describe our Business Planning process is ensuring that we are, “Doing the right things right.” This is achieved through looking at what and how we do things and revisiting these processes to ensure we are getting the most value out of the time, effort and resources invested. This five year Financial Plan builds on the groundwork set through many years of focus on a strong Business Planning culture. Council’s continued support of Business Planning and the underlying financial policies and business processes that support it are key success factors for the community. It helps ensure that we, as public servants, provide the best overall service levels possible within the constraints that exist. Council continues to recognize the value in focusing on long term Financial Planning in setting dedicated funding to be spent on infrastructure renewal ensuring that the services our citizens currently enjoy from our assets is sustainable. Council also recognizes some areas require additional investment and continues to commit funding, from a dedicated property tax increase, to be invested in drainage and parks and recreation improvements. Funding strategies have been developed to advance investments in parks and recreation. Depending on the timing, size of investment, ongoing operating costs and level of senior government grants, the funding model can be adapted and the resulting magnitude and duration of the dedicated property tax increase will likely need to be adjusted. Council can amend the Financial Plan Bylaw at any time and once the investments and associated funding decisions have been made the Financial Plan can be amended accordingly.

In summary, this Financial Plan allows the community to move forward, while respecting the current economic times.

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