City of Kimberley 2018-2022 Financial Plan overview

The City of Kimberley recently held a Public Consultation on the proposed 2018-2022 Financial Plan. The Financial Plan is a comprehensive document that set outs the proposed expenditures by the municipality, the proposed funding sources, and the proposed transfers to or between funds.

The Financial Plan must be adopted by bylaw on or before May 15, 2018. Revenues and expenditures are segregated into three funds: general, sewer and water.

General funds are all expenditures other than water and sewer, property tax is the primary revenue source. Water funds are a self-funded utilities and expenditures are funded by water users. The same goes for sewers, with expenditures funded by sewer user fees.

The proposed revenue and expenditures for 2018 are equal at $26.2 million.

According to the Financial Plan document by Chief Financial Officer Jim Hendricks, 2018 budget accomplishments include the following:

*Savings of $153,149 realized through net reductions to the 2018 General Operating Budget.

*Total of $15.8 million in new construction and other non-market assessment change in 2018 resulting in an estimated $80,000 of un-budgeted revenue.

*Additional $233,149 allocated to enhanced infrastructure renewal with no impact to the tax rates.

*$61.1 million in infrastructure renewal planned from 2018 to 2022.

*2.01 per cent property tax increase on business class properties (averaged 2.7 per cent over the last ten years).

*2.01 per cent property tax increase on residential properties (averaged 4.5 per cent over the last ten years).

Kimberley City Council will vote on the 2018-2022 Financial Plan at an upcoming Regular Council Meeting.

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