Courtenay Council Releases 2024-2028 Financial Plan

Courtenay Council has given the first three readings to the 2024-2028 Financial Plan, outlining all spending and revenue needs for capital and operational programs over the next five years.

“Despite pressure from inflation, Courtenay’s taxes remain below average for comparable communities, and this year our Council advocated for a 2 per cent reduction to the originally-proposed property tax increase to help buffer financial impacts for taxpayers,” said City of Courtenay Mayor Bob Wells.

“The City is working hard to support and maintain the important services and priorities our residents and businesses need and value, whether that’s our roads, parks, trails, housing, water, sewer, arts, culture and recreation. On top of our day-to-day services, we’re taking big steps forward on major projects, in large part thanks to our proactive efforts to secure grant funding at every level of government.”

Operational services are the City’s biggest operating expense, including transportation services, parks operations, property maintenance, cemetery, and the storm water system.

External impacts to the financial plan outside the City’s control include increases to contract and professional services, insurance, and utilities.

The plan reflects a 7.47 per cent increase to the City’s portion of property taxes. It also includes an additional $1,025,900 contribution to reserves which will support long-term replacement of municipal assets such as water, sanitary sewer, storm sewer, and roads. Total reserve contributions for 2024 are set at $5.4 million.

The Community Charter requires that Council adopts a five-year financial plan, or budget document, each year prior to adopting the annual property tax bylaw.

Residents can offer feedback until May 7th.

The Financial Plan and Tax Rate bylaws will be adopted by May 14th with tax notices mailed out by the end of May.

To learn more, visit City of Courtenay.