2022–2026 Financial Plan
Foundations for the Future Budget Highlights
2022 Budget Highlights Please visit Coquitlam’s Open Book to explore the City’s Financial Plan by going to coquitlam.openbook.questica.com.
$369M Operating Plan
Total Financial Plan
$295M General Fund $74M
The first year of the 2022–2026 Financial Plan totals $626 million and is made up of the Operating Plan ($369 million) to fund the daily operations and maintenance of the City, the Capital Plan ($128 million) to fund the rehabilitation and expansion of the City’s infrastructure, and other ($129 million) primarily made up of developer contributed assets and nonCity collections such as Province of BC School Tax.
Utilities Fund
$129M Other
$626 Million
$116M Collections on behalf of Other Governments $13M
Other
$128M Capital Plan $84M
Expansion
$44M
Rehabilitation and Other
$10M Transfers from Reserves $9M Solid Waste Fees and Charges
$30M Municipal Land Sales
$27M Other
Total Operating Revenues
$369
$32M Water Fees
$167M Property Taxation
million
Operating Revenues
$39M Sewer and Drainage Fees and Charges
$55M Fees and Service Charges
City of Coquitlam Financial Plan Budget Highlights 2022
The City receives revenues from a variety of sources. This chart illustrates where the money comes from.
Capital Construction and Civic Lands Recreation Facilities and Programs
$33 $25
Sewer and Drainage
$23
Water
$19
Police Services
$15
Park Services
$11
Garbage Pick Up and Recycling
$10
Fire Services
$9
Street Maintenance
$8
Arts and Culture
$8
Other
-$2
Planning and Development
-$33
The financial impact of inflationary increases and 2022 service level adjustments is a $126 increase for the average Coquitlam household, including property taxation, water, sewer and drainage and solid waste. This chart illustrates how this increase is allocated.
$126
Total
-60
Financial Impact of Inflationary Budget Increases
-30
By Type
0
30
60
90
Operating Expenditures The City expenditures are broken down into two different ways to show where the money goes.
Labour $128.1M
Transfers to Reserves $102.6M
Total Expenditures
$369 million
Insurance and Other $53.6M
120
150
By Department
Treasury, Reserves and Capital Financing $108.4M
Utilities $74M
Parks, Recreation, Culture and Facilities $44.7M Police Protection $41.3M Fire/Rescue Services $30.1M
Contracted Services $47.7M
Engineering and Public Works $28.6M Corporate Services $14.1M Planning and Development $11.7M
Grants Issued $9.8M Equipment $9.2M Capital Funding $6.5M Debt Repayment $6.5M Utilities $4.6M
Legislative Services $7.7M Finance and Lands $6M Deputy City Manager $1.3M City Manager’s Office $0.7M
City of Coquitlam Financial Plan Budget Highlights 2022
2022–2026 Capital Plan
Over the next 5 years, the City will invest $558 million in capital infrastructure ($128 million planned in the first year), broken down as follows:
$558 million
$145M Civic Facilities
$131M Transportation
$25.5M Drainage
$124.6 Parks and Trails
$39.1M Water
2022 Budget Increases $10,000
Other Revenues $489
$0.5M Waste
$38.8M Other, Assets and Equipment
$32.3M Land Management
Fees and Charges $227
$21.5M Sewer
Approved Tax Increases Asset Replacement $940
The 2022 budget incorporate a 3.43% average increase in property taxes. The property tax increase is allocated to the budget as follows: %
$000s
Explanation
Revenue
New Services $1,070 $8,000
Non-Labour $1,203 Property Tax Growth $4,300
RCMP Contract $1,341
$6,000
Development Stabilization Contribution to Reserve $2,000
$4,000
$2,000
Property Tax Increase $5,378
New Assessment Growth 2.74 4,300 New taxation from development growth Other Revenues 0.43 679
Transfer from reserve to supplement asset replacement funding, increase in grants in lieu of property taxes and rental revenues
Fees and Charges
Inflationary adjustments
3.19
227
5,016
Labour 3.13 4,910 Net collective agreement and other labour costs Non-Labour 2.04 3,203 RCMP Contract
Contractual Labour $3,840
$0
Expenditures
Decrease in Port Coquitlam RCMP cost share recovery
Expenditures
0.85
Contractual increases, operating costs for new capital, contribution to development stabilization reserve and new services
1,341 RCMP contract renewal impact
Asset replacement 0.60 940 Approved Tax Increase
Revenue
0.14
Other Adjustments (0.12) (190)
6.62
10,394
3.43
5,378
Increase to address asset replacement needs for inflationary pressures and new asset additions