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