Pitt Meadows Corporate Plan Financial Overview - 2014

8/13/2019 Pitt Meadows Corporate Plan Financial Overview - 2014

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• u e

City of Pitt Meadows2014 Financial Plan Presentation

Celebrating 100 Years 1914-2014

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2014 Financial Planopics

• Financial Planning

Process

• u u

• Utilities Budget

• Reserves

• Summary• Next Steps

• o u y o u o , o u u

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2014 Financial Plan inancia anning rocess

•

Guidelines

Set ‐

Jun

2013• Budget Packages Distributed – Jul 2013

• Budgets Drafted by Departments – Aug 2013

• Finance Department Budget Review – Sep 2013

• Corporate Leadership Team Review – Sep/Oct 2013

• – ,

• Business Plan

Presentations

&

Public

Input

– Dec

4/5,

2013

• Budget Deliberation by Council & Public Input – Dec 12, 2013

• Final Presentation to Council & Public Input – Jan 21, 2014

• Financial Plan Bylaw – Three Readings – Jan 21, 2014

• Financial Plan Bylaw – Adoption – Feb 4, 2014

Note ‐

All

resentations are

advertised

and

o en

for

ublic

attendance

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2014 Financial Plan inancia anning rocess – overne y egis ation

•

Municipal

Purpose

(Community

Charter,

Section

7) – Provide ood overnment – Provide services, laws and other matters for community benefit – Provide stewardship of public assets – Foster economic, social and environmental well‐being of community

•

Financial Plan

(Community Charter,

Section

165)

– Adopt a 5‐Year Plan (can be amended anytime during the year)

• Annual Pro ert Tax B law Communit Charter Section 197

– Tax rates adopted by bylaw before May 15, 2014 – Authority to levy taxes on properties to allocate funding for services

•

– Ensures the public have an opportunity to comment

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2014 Financial Plan enera un u get

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2014 Financial Plan enera un u get: perating xecutive ummary

Description Amount $ Tax % Comment

•Revenue Changes ‐70,800 ‐0.45 Various fees, grant‐in‐lieu of taxes, development fees

•Growt ‐240,000 ‐1.54 New tax revenues rom eve opment

•2013 BC Assessment Authority (BCAA) error 153,000 0.98 Tax revenue correction

•Reserve Changes 286,525 1.80 Capital reserves increases; offset by $50K BCAA error funding

•Salaries 182,700 1.21 Cost of living, steps, reclassifications, auxiliary support, PT Safety Coord.

• ‐, .

•

Non‐Salary Budget

Reductions

Offset

by

Inflation

‐222,026

‐1.43 Adjust

budgets

to past

actuals;

budget

reductions;

offset

by

inflation

Sub‐total ‐ City Departments 177,899 1.14

•Arena ‐84,400 ‐0.54 Nustadia mgmt fee recovery from Maple Ridge ‐ previously not budgeted

•Librar 44 800 0.29 Fraser Valle Re ional Librar Cost Sharin A reement

•Parks & Leisure Services 70,000 0.45 Maple Ridge / Pitt Meadows Joint Services Agreement

•Police ‐ RCMP 274,000 1.75 RCMP / Maple Ridge Housing & Support Agreements

Sub‐total ‐ Service Delivery Partners 304,400 1.95

Total 482 299 3.09 =

52 FOR THE

AVERAGE

SINGLE

FAMILY

HOME

1% Tax Increase = $156,000

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2014 Financial Plan enera un u get: ere oes t e money go

Police 23%

Reserve Transfers20%

Salaries & Wages23%

Arena 6%Parks & Leisure10%

Supplies &Equipment 1%

Training &Development 1%

Ec Dev Fee 1%

Insuranc e, Legal & Au dit 1%Debt Servicing 3%Leases 1%

Contracts & Fees

3%

Library 4%

es

Vehic les 2%

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2014 Financial Plan enera un u get: ere oes t e money come rom

Taxation 77%

Fees & Charges 18%

Reserve Transfers

Grants 2%3%

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2014 Financial PlanGeneral Fund Budget: Significant 2014 Capital Projects

Description Amount

Works Yard Building Expansion $285,000

RCMP Community Police Office Expansion 610,000

Arena Chiller Replacement 115,000

Purchase Pre‐owned Grader 205,000

Street

Repaving ‐

Various 700,000Core Business Systems Needs Analysis 50,000

Pitt Meadows Senior Secondary Change Rooms 150,000

Airport Way Park Development 150,000

Total 2014

Capital

Program

– General

Fund $3.7

million

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2014 Financial Plan ti ities u get

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2014 Financial Plan

Changes Examples Budget $

Total

ti ities u get: perating xecutive ummary

Key Budget Changes:

•Revenue 2013 sewer growth; MMBC financial incentive; recycling processing (25,200)

•Reserves Capital reserve contributions; reduced reliance on rate stabilization 251,400

•Debt servicing costs GVS & DD treatment; offset by debt costs for pump upgrades (66,500)

•Expenses reductions Maintenance; Waste Management contract; tipping fees (182,000)

•Expenses increases Hydro; GVWD water supply costs 103,100

2014 Proposed Budget $8,396,500

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2014 Financial Plan

Service Type 2013 2014 $

ti ities u get: ee y ervice ype – ing e ami y ome

Budget Budget Variance

Sanitary Sewer Services $ 309.00 $ 283.00 $ (26.00)

Water Services 419.00 438.00 19.00

Storm Drainage Services 33.75 35.75 2.00

Dyking 2.00 2.00 0.00

o as e erv ces . . .

Subtotal (User Fee Charges) $1,013.75 $1,011.75 $ (2.00)

Storm Drainage Services (mill rate) 60.45 62.45 2.00

Total Utility Charges $1,072.20 $1,072.20 $ 0.00

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2014 Financial Plan

– Maintenance bud et for all utilities reflectin three‐ ear avera e costs

ti ities u get: ain rivers or ero ncrease

– Unanticipated 2013 growth in the Sewer Fund

– Metro Vancouver’s policy to fund debt servicing costs from reserves for sewer

treatment costs – savings were passed to municipalities

– MMBC recycling financial incentive passed along to residences

–

– Reduced garbage tipping fees resulting from less tonnage

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2014 Financial Plan

Description Amount

Miscellaneous Culvert Replacements $150,000

Utilities Budget: Significant 2014 Capital Projects

Major Slough Cleaning – Phase 2 100,000

McKechnie Pump Station Trash Rack System 225,000

McKechnie Life Cycle Pump Replacement 535,000

Area #4 Pump Station Replacement (grant dependent) 5,135,000

Sewer Pipe Rehabilitation 300,000

Sanitary Main Realignment (Ford and 193) 250,000

Baynes Road Water Main Replacement – Phase 2 350,000

Ford Road Water Main Replacement (189 St. to Baynes Road) 300,000

Wildwood Crescent

Water

Main

Replacement 300,000

Total 2014 Capital Program – Utilities $8.2 million

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2014 Financial Planeserves

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2014 Financial Planeserves

• City has approximately $171 Million in assets

– $51 Million

land

/ $120

Million

infrastructure/equipment

– original

cost

– .

– Annual replacement cost is significantly higher (conservative estimate) $7,500,000

• Asset Funding ‐ 2013

– General Fund Ca ital 2 300 000

– Utility

Capital 1,600,000 – DCCs (estimate) 500,000

– Road Levies (estimate) 300,000

4,700,000

• Total Annual Infrastructure Funding Gap (estimate) $ 2,800,000

Note – 1% Strategic Capital Levy not included – Funds new infrastructure

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2014 Financial Planummary

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2014 Financial Plan

Business Unit

2013

Budget2014

Budget$

Variance

User

Fee/Tax

Impact

ummary – ing e ami y ome

General Government $ 518.00 $ 500.00 $ (18.00) (1.03)%

Library 112.00 117.00 5.00 0.32%

Parks & Leisure 230.00 237.00 7.00 0.43%

o ce ‐ . . . .

Capital Reserves 328.00 342.00 14.00 0.80%

1 % Asset Infrastructure Levy 46.00 63.00 17.00 1.00%

Subtotal ‐ Before Utilities $1,698.00 $1,750.00 $ 52.00 3.09%

Storm Drainage (mill rate) 60.45 62.45 2.00 3.31%

User Fee Utilities (Drainage, Water, Sewer, Dyking, Solid Waste) 1,013.75 1,011.75 (2.00) (0.20)%

Total Property Charges $2,772.20 $2,824.20 $ 52.00 1.90%

* Based on April, 2013 BC Assessment Roll Average Assessed – Single Family = $450,000

2014 Average assessed value will not be known until tax rolls published in 2014

** Approximately $17 for every 1% increase (e.g. 3.09% x $17 ~ $52)

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2014 Financial Plan

Cit


Outside

Municipal

Taxes 45%

29%

City

Utilities

26%

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2014 Financial Plan

Transportation & Public WorksLibrary

Debt Service

66117

43


Contributi ons to Reserves

Police Services

General Government

Parks & Leisure Services

Development Services

,

405493

209237

89

Total

Water Utili tySewer Utility

Solid Waste

2,824438283

253

Gas & Electricit y

Home Insurance

Home Security System

Telephone & Internet

Cable TV (HD Basic)

2,250850

350900

600,

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2014 – 2018 Five Year Financial Plan

Taxation User Fee UtilitiesYear General Service Ca ital 1% Sub- Storm Sewer Water Solid Sub- Total


Gov’t. Delivery

Partners

Reserves Asset

Levy

total Drainage Waste total with

Utilities

2014 $ (18) $ 39 $ 14 $ 17 $ 52 $ 4 $(26) $ 19 $ 3 $ 0 $ 52

2015 22 19 13 18 72 14 10 30 12 66 1382016 12 26 15 18 71 3 13 29 19 64 135

2017 5 38 11 19 73 5 15 29 12 61 134

* Average value based on Apr il, 2013 BC Assessment Roll = $450,000

2018 15 27 11 20 73 6 17 18 4 45 118

Ave. 7 30 13 18 68 7 14 26 12 59 127

** Approximately $17 for every 1% increase (e.g. 3.09% x $17 ~ $52)

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2014 Financial Plan

Date Time Topic

ext teps

January 21 (tonight) 7:00pm 2014 Financial Plan Bylaw – Three Readings

February 4 7:00pm 2014 Financial Plan Bylaw – Adoption

pr : pm ax a e y ee y aws – ree ea ngs

Late April

or

Early

May 7:00pm 2014

Tax

Rate

&

Utility Fee

Bylaws

– Adoption

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Questions, Comments???

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Pitt Meadows Corporate Plan Financial Overview - 2014

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