2023 Budget Approved
Following public engagement and presentations to Council, the District’s 2023 budget has been finalized. It reflects the community and Council’s priorities by accelerating the District’s Active Transportation Plan, and it has been amended to include funding for the installation of a splash pad at Centennial Park in 2024.
The total tax increase to the average home is 5.29% or $118; this new funding is needed to adapt to inflation of costs and labour. A large portion (2.0% or $45) is specifically being directed to new infrastructure and savings for future replacement of exiting assets. It will go towards important infrastructure including new sidewalks, bike lanes, road, sewer and water replacements.
The budget also increases funding for the District’s Emergency Program. Thank you to everyone who took the time to participate in the budget’s development. LetsTalkCentralSaanich.ca/Budget2023
Annual Budget and Five-Year Financial Plan
Every year, we develop an annual budget outlining how tax dollars are invested to support our businesses and residents. We include a five-year balanced financial plan to guide our strategic investments and service plans while keeping property tax, utility fees, and user fees affordable over the long term.
To balance the budget, we carefully analyze the level of services required to meet the expectations of the community, and we balance those against realistic taxation and user fees levels.
Long Term Financial Framework
The municipality has a long-term financial framework focused on five areas:
- Recognized value for services
- Predictable infrastructure investment
- Competitive property taxes
- Responsible debt management
- Improved reserves and reserve funds
Financial stability is fundamental to the health of the community. Only with stable and sufficient revenues, and careful planning of expenditures, will the District be able to provide the important services residents need and enjoy.
Between February to April, we advertise all budget meetings in advance and public participation in setting priorities is encouraged.
- Property taxes
- Utility fees
- User fees (such as parking meter fees; dog and business licences; parking and building permits; recreation programs including pools, rinks, and fitness centres)
Over half of our operating revenues come from property taxes paid by residents and businesses. Almost one quarter comes from fees and other revenues, with the remainder from utilities.
- June: The budget guideline for the following years plan is developed
- September to November: The user fee review is completed
- September to November: The Twenty-Five Year Capital Plan is updated
- November to January: The Budget Proposal is prepared
- February to April: The Budget Proposal Introduced and reviewed
- May 15: The statutory deadline for budget and tax rate bylaws approval
Municipal governments are required by provincial legislation to balance their budgets. While a municipality can incur debt to pay for large capital acquisitions, it cannot incur a deficit to fund day-to-day operations the same way senior levels of government can.