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CITY OF REVELSTOKE |
FINANCIAL PLAN NEWSLETTER - 2002 |
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| Five Year Financial Plan 2002-2006 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| City Council is in the
process of discussing the City's financial plan for the next five years.
The new five year plan will follow, as closely as possible given the impact of current conditions, the ten year capital plan developed in 1998. Capital expenditures are estimated to be about $3 million in 2002. Some of the more significant capital projects City Council will be considering for inclusion in 2002 are as follows:
The City is estimating that borrowing will increase by about $850,000 in 2002 to fund some of the above projects. In 2004 it is hoped that the Golf Course well will be connected to the main water system to provide a viable back up to the Greeley Creek water source. The cost of this project is estimated to be about $375,000. There is no provision in the financial
plan at this stage for an aquatic centre. |
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| Service Levels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The draft financial plan for
2002-2006 has been prepared on the basis that all services will be
maintained at their current levels. It costs the City about $70,000(net) a
year to provide the transit service to our
customers and we will continue to fund snow
removal at a level of $500,000 a year. Fire and police protection will
continue at previous years' levels. After some substantial increases in the
RCMP contract in recent years it is anticipated that there will be no
significant change in 2002 from the previous year. However, it is expected
that further increases in policing costs will occur in subsequent years and
these have been built into the plan. |
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| Property Taxes | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The ten year capital plan
projected property tax increases of between 4% and 5% a year in real terms
(before inflation) in order to provide sufficient funding for the projects
it recommended. The property tax increase for 2002 has not yet been
determined by Council but is likely to be about 2.5% across all classes. For
a residential property assessed at $100,000 this means an increase of about
$16 a year. For a business with a similar assessment value, the increase
would be about $46 a year.
The financial plan incorporates increases of between 4% and 5% for each of the remaining four years in accordance with previous years' plans and the 10 year capital plan. In order to peg property tax increases to
this level the City will have to use approximately $282,285 from prior
years' surplus during 2002-2005. It is anticipated that the surplus will be
largely replenished in 2006. |
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| Utilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In order to balance the
budget, residential water rates are scheduled to increase from $250 to $275
in 2002 in accordance with previous budget projections. Commercial customers
will see a similar percentage
increase in their rates. It is unlikely that sewer rates will increase from
the current rate of $155. Garbage collection and disposal rates are likely
to remain unchanged for yet another year. This will make 6 years in a row. |
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| Overall Summary of Revenues and Expenditures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Where the money comes
from... |
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| Where the money goes... |
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| Borrowing Level | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| The financial plan's
projection is that by the end of 2006 the City's accumulated borrowing will
be $8,465,793 or about 55% of its current borrowing ability. The
recommendation in the 10 year capital plan was that this percentage should
not exceed 75%. |
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| Feedback | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
City Council invites
comments and suggestions from the public regarding the financial plan.
Please write to:
A
detailed version of the
financial plan can be viewed at City Hall, the local library and
on this website. For more
information on the City's finances please click
here or telephone the Director of Finance
at 837-2161. |
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