Message From Mayor Richard Stewart

The City of Coquitlam’s 2023 – 2027 Financial Plan lays out our five-year operating and capital budget This plan is developed annually by City Council, with input from the community and support from staff, and addresses Coquitlam’s funding priorities

Our work for 2023 centers around four overarching Business Plan themes: Balanced Growth and Livability; Resiliency; Reconciliation; and Equity, Diversity and Inclusion These themes span across all departments, impacting all our business plan priorities, and are reflected in the way we work and the services we deliver to our community

A Balanced Approach

Like many municipalities in Metro Vancouver, Coquitlam is being impacted by unusual challenges on the heels of the pandemic, including rising costs, as well as supply-chain issues and labour shortages Despite these challenges, we can’t set aside our obligation to provide the diversity of services our community relies on, while continuing to plan and prepare for the future

Coquitlam’s strong commitment to fiscal responsibility is reflected in this year’s budget The approved operating budget of $398 million will maintain core services and make important investments in our community for now and into the future It includes an average residential property tax increase of 5 48% that breaks down to a $123 increase for the average homeowner One percent of that increase is to fund the RCMP labour settlement increases that are beyond the control of the City Most of the remainder covers increased costs associated with inflation, labour contracts and new facilities that have come on stream

We understand the burdens facing taxpayers and we strive to create a budget that balances the community’s needs and priorities with fiscal discipline As a result, we rank very high for our financial and capital assets, revenues, investments and reserve levels, while having among the lowest debt and liabilities per capita in the region

Budget Highlights

As mentioned above, our work in 2023 will be guided by four key themes:

Balanced Growth and Livability: Our work in this area will continue to focus on Housing Affordability Strategy initiatives to help meet the demand for more rental and multi-family housing, updates to the Strategic Transportation Plan, the renewal of the Austin Works Yard, and the implementation of the Environmental Sustainability Plan

Resiliency: A focus on further bolstering our local economy and creating local jobs through the creation of an Economic Development Strategy that will provide a unifying and guiding roadmap towards a clear five-year action plan

Reconciliation: There is ongoing work in building trust and respectful relationships with local Indigenous peoples, and increasing community and staff understanding of reconciliation through learning resources, training opportunities, information sessions and the implementation of a structured process for Indigenous territorial land acknowledgement

Equity, diversity and inclusion: Further incorporating equity, diversity and inclusion in all City business – including policies and practices, the language used, how neighbourhoods are planned, and how and what services the City provides remains a priority

Capital Investments

Last year, we saw the completion of the Bettie Allard YMCA and the Maillardville Community Centre, which had been approved as part of past financial plans The work towards delivering community priorities continues this year with the five-year capital budget of $631 million This budget includes: h Cedar Drive Upgrade Project h Spani Pool renewal h Renovation and repurposing the Town Centre Park Community Centre, formerly known as the Innovation Centre h New parks, including a joint school/park on Burke Mountain, and the new track surface at Percy Perry stadium

Saving for the Future

As we look towards the future, we’ve identified a gap between the eventual costs of new infrastructure and the replacement of existing assets, and how much we’re saving for them Our new Sustainable Infrastructure Renewal Funding Strategy will provide us with options to fill that gap, including phased annual funding, starting with an increase to the contribution of $900,000 in 2023 This is an equivalent of a tenth of the proposed tax increase

Although development fees pay for all new growth-related infrastructure, planning and building often takes place in advance of when the fees will be collected By leveraging Coquitlam’s low overall debt levels, we are able to borrow and bridge that timing gap to ensure facilities are in place as they are needed, with repayments to be covered through the development fees, and not through taxes

Conclusion

Council and staff work together to present a budget with a balanced approach – one that meets the community’s needs and priorities while being sensitive to the impact inflation is having on our taxpayers

All who are involved are committed to ensuring Coquitlam remains a great place to live, raise a family, start a business, invest, and enjoy work/life balance, now and into the future

Richard Stewart Mayor