City releases Draft 2022 Budget ahead of December 1 Special Council meeting
Our Draft 2022 Budget and Five-Year Financial Plan are now available to view and will be considered by City Council at their Special Council meeting on December 1.
Staff have taken a cautious approach to building the Draft 2022 Budget in recognition of the financial difficulties that Vancouver residents and businesses continue to face due to the pandemic and constraints the pandemic has placed on our funds. The budget options presented also follow City Council’s direction to provide options for a property tax increase of no more than 5%.
Get to know the Draft 2022 Budget
The Draft 2022 Operating Budget for consideration by Council is $1.7 billion. To keep the property tax increase for next year at or below 5%, staff have identified opportunities to reduce 2022 forecasted expenses by $45 million.
These cost-saving measures include:
- Identifying work that could be deferred
- Holding staffing vacancies
- Finding new cost efficiencies
Without these cost mitigations, a much higher tax increase would have been required to balance the budget. There will also be limited funds available in 2022 for new programs or improvements.
Our finances continue to be impacted by the COVID-19 pandemic and, while operating revenues improved over the course of the 2021 Budget, there remains risk to revenues in 2022. There are also additional costs related to our pandemic response.
Staff are also proposing adjustments to the Draft 2022 Capital Budget, which would reduce spending in the 2019-2022 Capital Plan by approximately $43 million. This scenario still allows us to focus on maintaining and renewing assets and infrastructure, as these investments are essential to avoid higher costs in the future.
Learn about input we received from the public on 2022 spending in our Public Engagement Report PDF file (6 MB).
Projected average annual increases
If Council approves a 5% property tax increase, the average annual increases for 2022, based on median property values in each category, would be:
- $137 for a single-family home (assessed at $1.7 million)
- $57 for a condo or strata unit (assessed at $711,000)
- $247 for a business property (assessed at $1 million)
- $95 for a residential property overall (assessed at $1.2 million)
The actual tax notice for each property owner will differ from the above average amounts and depend on the assessed value of the property, as well as the change in assessed value of that property relative to the average change in that property class. A property’s assessed value is determined by BC Assessment.
These estimates reflect our portion of taxes only. The amount due on a property owner’s tax notice will also include utility fees, Provincial school taxes, and taxes levied by other taxing authorities including Translink, Metro Vancouver, BC Assessment, and the Municipal Finance Authority.
The total property tax levy for 2022 will be set once a final budget is approved by Council.
How to provide feedback
Provide feedback to Council on the Draft 2022 Budget by: