2023-2027 Five Year Financial Plan to Be Present At April 11, 2023 Council Meeting

At the March 21, 2023 Special Council Meeting Council provided staff direction on a preferred 2023 budget increase of 6.99% or less. As presented in the 2023-2027 Five Year Financial Plan Bylaw the 2023 budget increase is 6.99%. This represents an increase of approximately $100/year in residential property taxes for the average residential property.

Based on the direction provided to staff at the March 21 Special Budget Council meeting staff made reductions to various department funding requests including:

$15K reduction in Council travel (2023 Budget $40K)
$10K reduction in IT Software (2023 Budget $170K)
$10K reduction in HR Training (2023 Budget $0)
$50K reduction in Rainwater maintenance (2023 Budget $100K)
$3K reduction in Parks Materials (2023 Budget $90K)
$10K reduction in Hazardous vegetation (2023 Budget $30K)
$20K reduction in Property maintenance (2023 Budget $120K)
$10K reduction in Snow Removal (2023 Budget $5K - Reserve fund will be accessed as required in 2023)
$5K reduction in Relief Worker (2023 Budget $75K)
$8K increase in Sooke Fine Arts (2023 Budget $15K)
$110K reduction in Optional Capital Asset Reserve Contribution (2023 Budget $176K)

These changes resulted in a decrease to the 2023 budget increase to 6.99%.

Upcoming key dates:

If, at the April 11, 2023 meeting, Council gives three (3) readings to the Financial Plan Bylaw, a Budget Open House will occur on April 19th and the Bylaw will be presented to Council for adoption at the April 24th Regular Council meeting.

If Council does not give three (3) readings to the Financial Plan Bylaw on April 11th staff would request a Special Council meeting be called and the timing of the Budget Open House would be impacted. Both the Financial Plan Bylaw and the Property Tax Rate Bylaw need to be adopted prior to May 15th.