Financial Plan for 2022-2026 Bylaw

CITY OF LANGFORD
BYLAW NO. 2069
A BYLAW TO ADOPT A FINANCIAL PLAN FOR 2022 - 2026
WHEREAS under the Community Charter the municipality must have a financial plan adopted by bylaw before
the annual property tax bylaw is adopted;
AND WHEREAS through a public process the financial plan has been presented and the public has had an
opportunity to comment;
AND WHEREAS Council deems this to be a process of publicconsultation as required bythe CommunityCharter,
NOW THEREFORE the Councilof the City of Langford, in open meeting assembled, enacts as follows:
1.
Schedule "A"attached hereto and forming part of this bylaw comprises the City of Langford Consolidated
Five Year Financial Plan for 2022 - 2026.
2.
Schedule "B" attached hereto and forming part of this bylaw comprises the City of Langford Revenue
and Property Tax Policy Disclosure.
3.
This bylaw may be cited for all purposes as "City of Langford 2022-2026 Financial Plan Bylaw No. 2069,
2022".
READ AFIRST TIME this 19*^ day of April, 2022.
READ ASECOND TIME this 19*'^ day of April, 2022.
READ ATHIRD TIME this 19*'^ day of April, 2022.
ADOPTED this 2"" day of May, 2022.
MAYOR
STEWART YOUNG
MAYOR
(Certified Correct)
CORPORATE OFFICER
Will Ying-Udomrat
Deputy Corporate Officer

IREVENUES:
i Exte rn a I Re ve n u e s
I
I
?Development Fees
Development Cost Charges„
I
I
s
IDe ve Io pe r Cont ribu11 o ns
Other Capital Contributions
I
^Development F( es Total
'Municipal Property Taxes
i
iGrants in Lieu
Utility Taxes
I j
{Parcel Taxes
-Fees and Charges
I j
IInterest
Grants Fro mother Governments
iiOther Sources
i
ITotal External Revenues
EXPENDITURES:
External Expenditures
^Operating Fxppnriltures
ilnterest Payments on Debt
Capital Expenditures
I jT0tal External Expenditures
ICHANGE IN NET FINANCIAL POSITION
OTHER REVENUES:
Borrowing Proceeds
IOTHER EXPENDITURES:
Principal Payments on Debt
iTOTAL REVENUES LESS EXPENDITURES
IINTERNAL TRANSFERS:
ITra n s fe r from Reserve Funds
t
i
JAffordable Housing
ICa pItal Works &Equipment
=EquIp_me nt RepIa ce me nt
iParks &Open Space
IPark Improve me nt
Sidewalk Capital
Po11 ce Build ing Capita I
^General Capital Fund
-General Operating
-General Amenil
Bylaw No. 2069
Page 2 of4
Bylaw No.2069
Consolidated Financial Plan 2022-2026
Schedule "A"
2Q22
2022
2024
2025
3,917,860 I $
5,^aOOO
$
2,369,000 {$
345,000
21,621 E10
3,917,860 1
5,990 000
2,369,000 [
1,050 000
38,481.792 ^
42,230,690 ^
46,180,202
!l
51,332,563 i
55,901 181
139,940 i
142,738
145,593 ^
ZIZ 148,505 1
144,537 i
485,995
II
495,715 V
505,630
1111.515,742
'"'"523,057'1
1,869,694
4,604,514
4,604,514
4,604,514
4,604,513 1
3,826,642
3,383,879
3,300,336
3,034,223
2,948,022 1
325,000
325,000
300,000
300,000
"ioaooo i
7,288,089
2,010,061
1,518,978
618,349 ]
639,746 i
"
T
9,571,626 i
9,627,419
9,538,919 1
5494,128 i
95,273,283 i
66,682,083 1
72,172,671 i
72,461,814 !
75,605,184 1
A
56,044,116 I
677,794
110,221,5^
166,943,459 i
^,329,878 j
57^5^)^8601
116,054,645
57,891,613
3,361,707
50,249,000
111,502,320 f
59,994,071 [
4,445,407
5,778,000 i
70,217,478
(49,372,561)}
(39,329,649)j
2,244,336 {
...........j
J
3
[
59,900,000 1
49,500,000J ,
42,500,000 1
2,000,000 i
1,491,900
13,262,076 li
115;PPgJ
_76,648,250"'
1,682,700
2,500,000
107,000 }
120,000
270,700
14^056^956T''''
2,738,107 I
2,610,668 }-$
115,000 J
2,169,000
S
1,554,000 i
70,000 i
120,000
25,000 I
3,872,736 i
702,385 1-$
15,388
1,575,000
$
114,000
i2g,oggJ
3,205,294 '
4,814,864 E
570,528 t $
I
1,275,000 i $
514,000
70,000 j
120,000 '
61,914,716 )
''^'4^3^^0001
4,120^000!
5,185,468 j
2,000,000 1
4,879,864
2,305,603 1
1,250,000
1,000,000
70,000 1
120,000 I
3,834,072
sTransferfrom Reserve Fund Total
25,500,606 i
7,444,985 j
5,099,682 i
5,828,767]
5,499,000
Less: Transferto Reserve and Capital Funds
j
1 i
iReserves:
j
Police Building Capital
i
80,000 j
70,000 j
70,000
;^ooo j
70,000
.Capital Works &Equipment
Equipment Replacement
£305,000
1,000,000
1,405,000 1
900,000
1,405,000
ZZaooo,ooo
3,405J300J
_Z"""'S)0^00l
1,405,000
750,000
Parking Reserve
i
j
Police Special
j
-
j
[
-General Amenity
1
11,081,794 j
364,294
soaoool'"'""'"
1:
Infrastructure Sustainability
1
^General Capital Fund
685,736 i
3,000,000 i
2,000,000 ?
2,750,000 1
3,500,000
i i 1
j
H.152,530 1
5,596,794 1
4,839,294
5,625,000 1
6,225,000
1Tra nsfe rs from (to) Surplus
{
JTra nsfers from(to) Reserve Accounts
{
1.499,000
415,000 !
1,156,163 j
(39^686)1
441,997 1
366,760 1
""~"1
"•
300,000
(1,879,603)
TOTAL INTERNAL TRANSFERS
j $
13,262,076 i S
2,610,668 1$
702,385 I S
f
570,528 f-S
2,305,603

REVENUE DISCLOSURE
Bylaw No. 2069
Revenue and Property Tax Policy Disclosure
Bylaw No. 2069
Page 3 of4
Schedule "B"
IRevenue Proportions
2022 ^
2023
2024
2025
2026 1
1
(S'OOOs)
%
($'000s)
%
($'000s)
%
($'000s)
%
i
($'000s)
%
Property Taxes
38,482
25%r
42,231
36%
46,180
38%
51,333
69%
55,901
72%
Parcel Charges
r
1,870
1%''
4,605
4%
4,605
4%*"
4,605
6%
4,605
6%
Fees
y"
3,827
2%"^
3,384
3%"
3,300
3%"^
3,034
4%
2,948
4%
Other Sources
r
51,096
33%'^
16,4631
14%
18,087'' 17%
13,491
18%
12,151
16%
Proceeds From
r
r
r
^Borrowing
59,900'
39%
49,5003
43%
42,500
37%
2,000S
3%
2,0005
3%!
1 155,1741 100%I
116,182) 100%! 114,6721
99% J
74,4621 100%[
i
77,605| 100%:
Other Sources includes grants from other governments and agencies, development contributions to capital, interest and penalties and
miscellaneous sales of services.
Objectives and Policies
Property tax revenue is the City's primary revenue source, and one which is heavily reliant on the
residential class. Diversification of the tax base and generation of non-tax revenue are ongoing
objectives. Except in extraordinary circumstances, tax increases are kept to cost of living or less.
Parcel Charges are comprised of local area service debt servicing costs for roads.
Fees & Charges are a tool used for cost recovery. Various fees are reviewed every 1-5 years to
ensure that they are adequate to recover costs of providing specific services.
Other Sources will vary greatly from year to year as it includes such items as:
•
Development cost charges used to fund DOC capital projects,
•
Contributions from others for capital,
•
Interest earned on funds invested in accordance with the City's investment policy,
•
Grants, which are sought from other governments and government agencies, often to be
leveraged with City funds,
•
Casino revenue sharing income.
Proceeds from Borrowing - Debt is used where it makes sense such as for urgent projects or to
leverage grants where internal funding is not available. Caution is necessary when considering
debt as it commits future cash flows to debt payments, restricting the ability to use those funds to
provide other services. The source of the debt payments needs to be considered as does the
justification for advancing the project

Bylaw No. 2069
Page 4 of 4
Schedule "B" Continued
Revenue and Property Tax Disclosure
PROPERTY TAX DISCLOSURE
Property Tax Revenue Distribution
The table below presents tax revenue and tax rates based on the 2022 Revised Assessment Roll:
{Property Tax Distribution
Property Class
Taxation Revenue
Net Taxable Assessed
Value
T
Tax Rate
.Multiple
1
g
($'000s) i
i
%
1 1
($'000s) 11%.
i ($/1000); (Rate/Res. Rate)
j
i
:1. Residential
1
[
;2;"utility
3. Supportive Housing
4. Heavy Industry
27,582 1
i71.7%i
T"a4%r"
0.0%
0.0%
i 13.207,317 j
1 87.21%!
10,276
0.07%
0.00%
1 2.0884 1
1.001
"Tl4:6184l
!
7:001
2.0884
1.00
6.7036
3.21
6.4739
3.10
1
1
^5. Light Industry
324
0.8%
:
50,108 1 J
0.33%!
6
Business/Other
i
]7. Managed Forest
10,295
26.8%
1,825,833
12.06%
5.6385
2.70
0[
0.0%
179
0.00%
_L2:.08&4j
1 • i.ooi
2.5165
1.20
j
1
8. Rec./Non-Profit
130
0.3%
51,646
0.34%
9. Farm
0
0.0%
1
154 1
0.00%i
1 2.0884 1
1
I.OOi
1
38,482 ;
15,145,513 I
Objectives and Policies
Council sets tax rates to maintain tax stability between property classes. Property class multiples are
reviewed periodically to ensure that the burdenoftax among property classes is notdistorted bydiffering
marketvalue changes between classes. In 2017 Council embarked on a 10-year program to reduce the
burden of business properties by reducing the multiple by 0.05 each year so that by 2026 the business
multiple will be 2.5.
Permissive Tax Exemptions
Policy with respect to permissive tax exemptions under section 224 of the Community Charter is that
exemption will be considered where the organization has demonstrated proof of community access to
citizens of Langford at a nominal charge and community benefit inthe previousyear.
Council supportsthe establishment of assisted living seniors' housing in Langford and has granted 10-
year exemptions to three such developments.
Council has established a revitalization tax exemption program under section 226 ofthe
Community C/jarterwhich grants an exemption for eligible buildings for up to 10 years. An
exemptioncertificate was issued for one property in 2021 forwhich the exemption expires in
2028.