City of Coquitlam 2022–2026 Financial Plan Highlights

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