Financial Plan for 2023-2027 Bylaw

CITY OF LANGFORD
BYLAW NO. 2130
A BYLAW TO ADOPT A FINANCIAL PLAN FOR 2023 - 2027
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;
ANDWHEREAS Council deems this to be a process of public consultation as required by the Commur)ity Charter,
NOW THEREFORE the Council of 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 2023 - 2027.
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 2023-2027 Financial Plan Bylaw No. 2130,
2023".
READ A FIRST TIME this 8^*^ day of May, 2023.
READ ASECOND TIME this 8^^ day of May, 2023.
READ ATHIRD TIME this 8^^ day of May, 2023.
ADOPTED this
day of May, 2023.
MAYOR
SCOHGOODMANSON
MAYOR
(Certified Correct)
CORPORATE OFFICER
Marie WatiT)ough
Corporate Officer

Bylaw No. 2130
Page 2 of 4
MtdmU "A"
Bflav No. 2130
Consolidated Financial Plan 2023-2027
IMZl
2i2J
2A2S
2t2i
1122
RCfCHUCS:
Cxt*rrt«l
Cmrt CK«r^M
$
7,15S,100
%
S.475.000
$
1,425,000
$
1,100,000
$
1,100,000
7.2$1,354
•
•
•
*
0«K*r C«^U«I
-
•
•
•
•
Mvni<i^4i Praftf>rtyT«]<m>
45.00M0J
51.744,^7<
5*,1«MtO
44.45«.147
43.2$3.717
us.^i#
14$.2J7
172,422
144,537
144.537
UtitUxT4XM'
4«5.71$
505.^30
515.742
523.057
523,057
P«r<*IT'«XM
i,in.4n
4.50.43#
4.31M3«
4.313.43$
4.313.43»
F**/ «rk4 Cli>«r'4*r
4.0S2.447
3.724.»i4
3,447,372
3,205,043
2,445,043
SSO.OOO
$00,000
400,000
300,000
300,000
Gr«rktr Fram Otk*r Gav*r
zjsi.n^
1.0«.77$
711,144
725,400
725.400
O^Kt'f Sa^r<M
10.4i<..127
10,545.151
10.2«2.^0»
10.40$.003
10.41$.003
Tat^l Cxt*rA«l R*v*Kv*r
7«.5$«.«54
77.$J^.127
74i.470.10»
$5,377,474
♦3.«03.14
CtPCNOITURCS:
Cxt»rrk«l Cx^*h4itMrAT
iZ.AOZMt
0.$1M44
44,427.445
4t.405,32$
72.444,351
P«ym*A*/ an
502.«51
2.5^4.445
2.50«.145
2.4»«.145
1,744.331
C4fU'*! Cx^*r>4UMr*/
m.zts.us
12.27^.000
4.054.000
31.270.000
30,030.000
Tat4l CxUrA«l Cx»*n4Uvr*r
1$5.1$1.744
75.1^0.0^10
102.543.473
104.725.4^2
CHANGC IH HCT riNANCIAL POSIT
C1f5.C22.91*)
Ct53.7«2|
C17.1t5.744|
C2f.f22.4tt}
OTNCR RCfCNUCS:
Barrauin^ Pra€**4r
u,yu,zz^
5,000,000
2,500,000
27,700,000
27,000,000
OTHCR CIPCNDITURCS:
PriA<ifr«l F*yn>*r,Kr an
i.«i7.«5
5.«^0.314
7.4CC.454
4.544.«44
2.54$.207
TOTAL RCfCHUCS LCSS CIPCHOIT -t
13.0$4.i0^ •I
1.744.074
->
70^.440
444.305 ,J,
3.504.305
IHTCRHAL TRAHSrCRS:
Tr«Mf*rframR*/#rv*Fvft4r
Affar4«VI* Haurin^
11S.000
\s,m
15,445
15,445
15,445
C4^U«I Warkr
$
7,S17,500
$
1.t75,000
$
1.5$0,000
$
475,000
%
1,175,000
i.7t5.053
20^,000
424,000
1,175,000
705,000
P^rk/ It
S^«<*
•
•
•
•
•
P4fk lm^rav*m*n<
•
•
•
•
•
Si4*U4lkC4^U4l
•
•
-
•
•
Pali<*
C4fU4I
70,000
70,000
70,000
70,000
•
G*fv*r4iC4^it4lFvn4
120.000
120,000
120,000
120,000
120,000
G*A*^r4l0^<^r4liik4
-
-
-
•
•
G*«k4r4l Am#AU/
3.5iS.4»5
2.40i.^$5
2.«01.4t5
2.000.000
1.«00.000
Tr4ivf*r frmm KMr*rv*Ttti4 Tat4l
«.»51.03#
4.#^1,373
5.214,4*0
4,355,445
3,»15,445
Lm/: Tr4furf*rtaR«yr#rv*4n404^U4lFun4r
RMr*rv*/:
Pali<*
C4^it4l
70,000
70,000
70,000
70,000
70,000
C4^U4iWark/ tt
1,405,000
1,405,000
1,405,000
1,405,000
1,405,000
1.S00.000
1,000,000
400,000
750,000
400.000
P4rkirk^RMr*rv*
Pali<* S^*<i4l
•
•
•
•
•
G*ft*r4t Am*Aity
10J,«04
}44,2M
500,000
500,000
500,000
lfvfr«rUv<tur* Sur<4in4^ilUx
G»(v*r4i C4r'i<4i Fwk4
.
750.000
2.000.000
2.400.000
4.750.000
J.07«.«04
3,5*^,2^4
4,»75,000
5,425,000
7,425,000
fram(^a) Sur^lM#
1,15^.H4
441.$»7
344,740
300,000
300,000
'lr*tuf*tx fram(^B) R«>/«'rv» A«aMhV
1.O5t.210
-
-
•
•
TOTAL IHTCRHAL TRAHSFCRS
15.0«4.^0^ JL
1.744.07<. JL
70$.440 JL
444.305 JL
3.504.305

REVENUE DISCLOSURE
Revenue Proportions
Bylaw No. 2130
Revenue and Property Tax Policy Dfstclosure
Bylaw No. 2130
Page 3 of 4
Schedule "B'
20?3
?024
20?5
m
?0?7
(S'OOOs)
%
(S'OOOs)
%
(S'OOOs)
%
(S'OOOs)
%
(S'OOOs)
%
Property Taxes
45.009
26%"
51.765
67%''
58,182
72%
64.658
56%
63,284
58%
Parcel Taxes
1,638
1%''
4.313
6%''
4,313
5%"
4,313
4%''
4,313
4%
Fees
4.052
2%''
3.727
5%''
3.467
4%"
3,205
3%"
2.995
3%
Other Sources
28.869
17%''
12.560
16%"
12.082
15%
12.100''
12%
12.111
11%
Proceeds From
r
r
r
r
Borrowing
94.364
64%
5.000
6%
2,500
3%
27,700
25%
27,000
25%
173,933
100%
77.365
100%
80,545
100%
111.977
99%
109,703
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
Propertv 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 DCC 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

Schedule "B" Continued
Revenue and Property Tax Disclosure
Bylaw No. 2130
Page 4 of 4
PROPERTY TAX DISCLOSURE
Property Tax Revenue Distribution
The table below presents tax revenue and tax rates based on the 2023 Revised Assessment Roll:
Property Tax Distribution
Property Class
Taxation Revenue
Net Taxable Assessed
Value
Tax Rate
Myltipl?
(S'OOOs)
%
(S'OOOs)
%
(S/1000) (Rate/Res. Rate)
1. Residential
32,344
71.9%
15.751.430
87.79%
2 0534
1.00
2. Utility
162
04%
11,271
0.06%
14.3740
7.00
4. Heavy Industry
-
0.0%
-
0.00%
6.5915
3.21
5. Light Industry
374
0.8%
56,432
0.31%
6.6233
3.23
6. Business/Other
11,980
26 6%
2.063,155
11,50%
5,8067
2.83
7. Managed Forest
0
0.0%
182
0.00%
2.3508
1.14
8. Rec./Non-Profit
148
0.3%
61.778
0.34%
23953
1.17
9. Farm
0
0.0%
141
0.00%
2.0534
1.00
45.009
17,944,390
Objectives and Policies
Council sets tax rates to maintain tax stability between property classes. Property class multiples are
reviewed periodically toensure that the burden oftax among property classes isnot distorted by differing
market value changes between classes.
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 in the previous year.
Council supports the 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 of the
Community Chartervjh\ch grants an exemption for eligible buildings for up to 10years. An
exemption certificate was issued for one property in 2021 for which the exemption expires in
2028.