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Five-year financial plan

The purpose of the five-year financial plan is to provide a longer-term projection on our revenues and expenses, as well as insights on potential pressures and risks.

Many decisions have multi-year impacts. Developing an operating plan for the five-year period allows for a more informed planning and decision making.

Operating revenues

Operating revenue is projected to increase by an average of 5.4% per year from 2019 to 2023. This increase is driven primarily by the following broad financial assumptions, in line with the Long‑Term Financial Sustainability Guidelines:

  • Property tax increases are on average 4.9% for the period of 2020 to 2023. This is consistent with the prior five-year plan of 3.9% and increased by approximately 1% to reflect the Capital Plan investments in renewing aging infrastructure
  • Increased property taxes from new construction are based on historical trends
  • Program fees and other user fees increase by 2%
  • Growth in parking and bylaw revenues is increasing in 2019 by managing curb space using performance pricing strategies to ensure on street availability and by reducing the congestion and greenhouse gas (GHG) impacts associated with drivers searching for on-street parking

Operating expenditures

Operating expenditures are projected to increase by an average of 5.4% per year from 2019 to 2023. This is driven primarily by the following assumptions:

  • Increases in department budgets, in line with forecasted inflation over five years, will result in fixed cost increases
  • Increases to regional utility charges assessed by Metro Vancouver to fund regional infrastructure improvements, including costs associated with the Iona Island Wastewater Treatment Plant site preparation for secondary treatment
  • In line with the 2018 fee review, expenditures in 2019 reflect higher staffing costs in:
    • Development, Buildings, and Licensing
    • Planning, Urban Design, and Sustainability
    • Engineering Services
    • Human Resources
    • Legal Services