City of Coquitlam 2021-2025 Financial Plan - Budget Highlights

2021–2025 FINANCIAL PLAN Budget Highlights

2021 Budget Highlights Please visit Coquitlam’s Open Book to explore the City’s Financial Plan using a financial visualization tool by going to coquitlam.openbook.questica.com.

Total Financial Plan $124M Other $113M Collections on behalf of

Other Governments

The first year of the 2021–2025 Financial Plan totals $529 million and is made up of the Operating Plan ($330 million) to fund the daily operations and maintenance of the City, the Capital Plan ($75 million) to fund the rehabilitation and expansion of the City’s infrastructure, and other ($124 million) primarily made up of non-City collections such as Province of BC School Tax and developer contributed assets.

$11M Other

$529

$75M Capital Plan

Million

$35M Expansion $40M Rehabilitation

and Other

$330M Operating Plan $260M General Fund $70M Utilities Fund

$24.4M Other $11.3M Transfers from Reserves

$41.3M Fees and Service Charges

$8.6M Solid Waste Rates

$29.9M Water Rates

$20M Municipal Land Sales

Total Operating Revenues

$157.2 M Taxation

$330

$37.1M Sewer and Drainage Rates

City of Coquitlam Financial Plan Budget Highlights 2021

million

The City receives revenues from a variety of sources. This chart illustrates where the money comes from.

Water

$18

Planning and Development

$18

Capital Construction and Civic Lands

$13

Park Services

$11

Police Services

$11

Fire Services

$8

Garbage Pick Up and Recycling

$7

Street Maintenance

$6

Sewer and Drainage

$6

Other

$4

Arts and Culture

$1

Recreation Facilities and Programs

-$10

The financial impact of inflationary increases and 2021 service level adjustments is a $93 increase for the average Coquitlam household, including property taxation, water, sewer and drainage and solid waste. This chart illustrates how this increase is allocated.

$93

Total -$50

Financial Impact of Inflationary Budget Increases

0

By Type

$50

$100

Operating Expenditures

By Department

Utilities $69.7M Labour $115.4M Fiscal Services $86.2M Transfers to Reserves $84.6M Police Protection $40.5M

Total Expenditures

Insurance and Other $47.1M

$330

Corporate Services $13M Parks, Recreation, Culture and Facilities $38.1M

million

Finance and Lands $5.6M

Contracted Services $45.9M

Fire/Rescue Services $29.5M Planing and Development $11.6M

Grants Issued $9.2M

Engineering and Public Works $27.6M

Utilities $4.4M Debt Repayment $6.4M

The City expenditures are broken down in two different ways to show where the money goes.

Equipment $8.5M

Deputy City Manager $5.4M

Capital Funding $8.3M

City Manager’s Office $2.5M

City of Coquitlam Financial Plan Budget Highlights 2021

Over the next 5 years, the City will invest $356 million in capital infrastructure ($75 million planned in the first year), broken down as follows.

2021–2025 Capital Plan

$356 million

$35.4M Land Management

$109.7M Transportation

$17.1M Sewer

$20.9M Drainage $35.1M Water

$23M Facilities

$32M Other, Assets and Equipment

$82.8M Parks and Trails

COVID-19 Financial Implications

Approved Tax Increases

The 2021 projected financial impact related to the pandemic will be funded by the COVID-19 Safe Restart Grant, which mitigates the tax impact to residents and businesses.

The 2021 budget incorporates a 2.69% average increase in property taxes.

The property tax increase is allocated to the budget as follows:

LOST REVENUES

EXPENSE SAVINGS

2021 NET IMPACT

Parks, Recreation, Culture and Facilities

(4,200)

5,100

900

Planning and Development

(1,100)

-

(1,100)

DEPARTMENT ($000s)

City Manager/Deputy City Manager

%

$000s Explanation

Revenue Tax Growth

0.99 1,500 New taxation from development growth Other Adjustments

0.23

340

Increase in Port Coquitlam RCMP cost share recovery

(300)

-

(300)

Other Corporate

(2,100)

(1,000)

(3,100)

0.13 191 Increase in development fees and

charges to offset cost of related positions

NET IMPACT (LOSS)

(7,700)

4,100

(3,600)

Other Revenues

Fees and Charges

(0.19)

(280)

2021 Budget Increases

Lease income loss, partially offset by an increase in grants in lieu and revenue volume adjustments

1.16 1,751

$6,000 Other $60

$5,000

$4,000

Fees and Charges $191

Tax Growth $1,500

Asset Replacement $420

Expenditures Labour

Non-Labour $1,372 Service Enhancements (Labour) $479

$3,000

2.66 4,019 Net impact of collective agreement

adjustments, step adjustments,

reclassification and additional labour requests

Non-Labour 0.91 1,372 Cost pressures resulting from

contractual increases, operating

costs for new capital and service level enhancements

Asset replacement

$2,000 Tax Increase $4,060

Contractual Labour $3,250

$1,000

$0

Revenue

Expenditures

0.28 420 Increase to address asset replacement needs for inflationary pressures and new asset additions

3.85 5,811

Approved Tax Increase

2.69 4,060