# BYLAW NO. 2129 - Revenue Anticipation Borrowing Bylaw, 2023

Meeting: Regular Council — May 1, 2023

Canonical HTML: [Open Langford](<https://openlangford.ca/meetings/2023-05-01-regular-council/documents/4208>)

Meeting record updated: 2026-10-19T07:20:27.821998+00:00

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Source: [Agenda](<https://pub-langford.escribemeetings.com/FileStream.ashx?DocumentId=5721>)

Source pages: 137–138

## AI-processed summary

Bylaw No. 2129 authorizing revenue anticipation borrowing for 2023, presented for first, second and third readings.

## Extracted text

### BYLAW NO. 2129 - Revenue Anticipation Borrowing Bylaw, 2023

Source pages: 137–138

## BYLAW NO. 2129 - Revenue Anticipation Borrowing Bylaw, 2023

t 250.478.7882  
e administration@langford.ca  
2nd Floor, 877 Goldstream Avenue  
Langford, BC V9B 2X8

Staff Report to Council

DATE: Monday, May 1, 2023  
DEPARTMENT: Finance  
SUBJECT:  Revenue Anticipation Borrowing Bylaw

### BACKGROUND and COMMENTARY:
Bylaw No. 2129 will give authority to temporarily borrow up to $20 million to cover current expenses
until taxes are collected.

The main source of revenue for local government is property taxation. Taxes are levied at the beginning
of June and are due on the first business day in July. Expenses on the other hand are incurred
throughout the year. This means that municipalities may face a cash flow shortage in the first six months
of the year. The Community Charter resolves this issue by giving Council the authority to borrow
temporarily and repay any amounts borrowed out of tax collections when they are received.

While the bylaw authorizes up to $20 million in borrowing, only the amount(s) actually required to cover
current expenses will be borrowed.  Council should be aware; in previous years the City of Langford has
not needed to use the borrowing from the Revenue Anticipation Borrowing.  At this point it is not
anticipated that the City will need to use any of this borrowing capacity as we are in a healthy cash flow
position.  Having said this, the reason this is before Council is that it is required as part of the City’s
banking agreements.

### OPTIONS:
Option 1  
THAT Council give first, second and third reading to Revenue Anticipation Borrowing Bylaw No. 2129,
2023.

OR Option 2  
THAT Council not proceed with Bylaw No. 2129.

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SUBMITTED BY: Michael Dillabaugh, CPA, CA, Director of Finance  
Concurrence:  
Donna Petrie, Senior Manager of Business Development and Events  
Concurrence:  
Yari Nielsen, Director of Parks, Recreation and Facilities  
Concurrence:  
Matthew Baldwin, MCIP, RPP, Director of Planning and Subdivision  
Concurrence:  
Katelyn Balzer, P.Eng., Director of Engineering and Public Works  
Concurrence:  
Marie Watmough, Deputy Director of Corporate Services  
Concurrence:   Braden Hutchins, Director of Corporate Services  
Concurrence:  
Darren Kiedyk, Chief Administrative Officer