The City of Langley will be hosting a Financial Plan Open House on Wednesday, January 31st at 6:00 pm - 7:30 pm in the Langley City Hall Finance Department foyer (20399 Douglas Crescent). The 2018 Financial Plan currently has a gap of $1,268,790 between total revenues and planned expenditures which would equate to a 4.94% increase in property taxes to balance the budget.
Including utility rate increases, the impact on an average single-family home (assessed at $828,285) would be an increase of 1.47% or $45 and an average multi-family home (assessed at $327,350) would see an increase of 10.48% or $130. Under provincial law, the same tax must be applied to both types of residential properties. The different percentage increase is due to the assessed value of multifamily homes, increasing on average 17% more than single-family homes, reversing the trend seen in the last 5 years. The average multifamily homes taxes have increased 7.14% or $91 since 2014 including the sizable increase in 2018 due to tax reductions in prior years.
City Council will be holding a Committee of the Whole meeting at 7:00 pm on Monday, February 5th in the Council Chambers where a public presentation of the Financial Plan will be made. Following the presentation, there will be an opportunity for the public to share their views with City Council on how the shortfall should be addressed. Additional information can be found on our website at www.langleycity.ca
The capital construction expenditure budget, not included above, is $11,788,695 for 2018 and is funded through transfers from reserves and casino proceeds.
2018 Financial Plan Infographic
The City developed an easy to read infographic to explain the 2018 Financial Plan. The infographic illustrates how the budget was generated, what City Council plans to address within the budget, single family and multi-family home tax differences, casino proceeds received and how it lowers taxes, and where your taxes will go in 2018.