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City of Vancouver’s 2016-2020 Budget Outlook now available online

September 23 2015

Vancouver City Hall

The 2016-2020 Budget Outlook:

  • Describes our approach to budgeting
  • Describes the upcoming budget’s anticipated direction
  • Provides the context and factors that will be considered when developing the budget for 2016

The proposed 2016 Budget is due to be released later this year and will be reviewed by Council and the public prior to being finalized in December.

Read the 2016 Budget Outlook

Help inform the final budget

Last year’s 2015 Budget process engaged over 3,000 residents and businesses.

Share your thoughts and opinions on the operational and strategic priorities of the City:

  • Online (Survey will be live from October 1 to October 25.)
  • By phone (Our 3-1-1 team will be asking random 3-1-1 callers questions about the budget throughout October.)
  • In-person at Doors Open Vancouver at Vancouver City Hall (October 2 and 3) and Pop-Up City Hall (Locations listed below.)

When Financial staff will be at Pop-Up City Hall

Day

Time

Location

Thursday, October 15

5:00pm - 8:00pm

Renfrew Community Centre

Friday, October 16

2:30pm - 6:30pm

Britannia Community Centre

Thursday, October 22

10:30am - 5:00pm

Kerrisdale Community Centre

Friday, October 23

5:00pm -7:00pm

Champlain Heights Community Centre

Key points from this year’s budget outlook

Vancouver's property tax among the lowest in Metro Vancouver

Property tax increases over the past five years, averaging 2% per year, have been among the lowest in the Metro Vancouver region. This has been achieved while sustaining core services and delivering on priorities including:

  • New affordable housing units
  • Initiatives to support the Downtown Eastside
  • Infrastructure enhancements
  • Delivery of more online services such as trade permits and recreation programs
  • Successfully hosting the FIFA Women’s World Cup Canada 2015 tournament among many other important accomplishments

Vancouver is expected to lead the nation in economic growth

The Conference Board of Canada is forecasting that Vancouver and our region will lead the nation in economic growth from 2016 - 2019.

Our debt rating is upgraded to AA+ and we maintained a AAA debt rating

Our continued improvement in cash position, and consistently strong budgetary performance resulted in our debt rating being upgraded by Standard and Poor from AA to AA+ in 2015.  We also maintained our AAA debt rating from Moody’s, which improved their outlook for the City from negative to stable. Our strong credit ratings are among the best for a Canadian city.

Financial plan will be for a five-year period to better align with best practices

New this year, the Budget Outlook as well as the proposed budget to be presented to City Council later in the year, will include a financial plan covering a five-year period from 2016 to 2020 to better align with best practices. Budget decisions will be based on a five-year financial plan to ensure Council priorities are addressed, to enable proactive planning for business transformation opportunities, and to respond to emerging risks. 

Learn more about our budget and finances