A municipal financial plan is a legally required budget that outlines how a municipality will spend money, where the money will come from, and how funds will be allocated.

A 10-year plan helps current and future Councils balance the challenges and financial pressures that come with a growing community and aging assets to build better reserves for our infrastructure and facilities. The District was among a few B.C. municipalities to adopt a 10-year Financial Plan in 2025, using long-term projections of revenues, expenses, reserves balances and debt requirements, to meet short-term needs and addresses long-term financial sustainability.

The draft 10-Year Financial Plan outlines the District’s operating costs, capital plan, funding sources, and tax and utility rates over a 10-year period.

The District’s Financial Plan is informed by a series of documents including Master Plans, a Strategic Plan, and guided by an Official Community Plan. It reflects key principles to achieve fiscal responsibility, financial stability, and ensures that taxes do not fluctuate greatly.

A General Fund is a municipal operating budget.

The General Fund includes the following budget areas: general government, protective services, transportation and transit, economic and community development, health and social housing, and parks, recreation and culture.

Capital projects create, repair or improve District assets such as roads, reservoirs, dikes, facilities, equipment and vehicles. The cost of these projects is often spread over multiple years. The Capital Plan outlines how these projects will be prioritized and spread over 10-years.

Service Level Changes are additional operating costs added to the base operating budget. These are categorized into three categories: Service Level Increases (e.g. Transit Annual Operating Agreement), Service Level Maintenance (e.g. additional staff required to maintain a newly constructed park) and Service Level Opportunities (e.g. additional staffing due to increased operating hours).

Reserve contributions are funds set aside for future expenses, such as capital projects, equipment replacement, or unforeseen shortfalls. Reserve contributions ensure sufficient and sustainable reserves long-term.

The impact to each taxpayer varies. The impact to you depends on how much your property assessment changed in relation to other properties and property classes in your neighbourhood. Council sets the tax rates each spring to raise the necessary tax revenue required to fund municipal services and infrastructure needs.