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Financial Plans

The Financial Plan provides detailed funding requirements over the next 5 years and also articulates financial priorities and issues. It helps staff manage day-to-day operations by providing financial and policy information and by identifying financial and staffing resources available to provide services.

The Plan serves as a communication device that gives all readers a comprehensive look at the services provided by the City and the costs related to those services. The City's Financial Plan Summaries are available for download.

Financial Plans

Amended 2020-2024 Financial Plan 

The original 2020 – 2024 Financial Plan (“Financial Plan”) that was adopted in February 2020 had proposed a $1.95 million increase to bridge the financial gap for 2020 which equated to an overall 6.67% property tax increase.  City Council recognizes the current economic challenges for our residents, property and business owners in our community due to the COVID-19 pandemic. Therefore, City Council has decided to take substantial measures to mitigate the taxation impact outlined in the Financial Plan to ease the financial pressures on the taxpayers of the City of Langley. These measures include:

  • Deferral of the borrowing of $10 million in 2020 as part of the Nexus of Community Plan to 2021 which will eliminate the debt servicing costs of $827,665 or 2.83%. 
  • Deferral of several new staffing positions until future years, a reduction of $120,855 or 0.42%.
  • Reducing the contribution to the Capital Works Reserve for infrastructure renewal from $100,000 contribution to $50,000, a reduction of $50,000 or 0.17%. 
  • Increasing new building permit revenue projections to $400,000 or 1.37%.  This revenue projection may not be sustainable in future years and will be reassessed for 2021.

The amended 2020 – 2024 Financial Plan has reduced the increase to bridge the funding gap to $536,000 from $1.95 million. The amended overall property tax increase will be 1.83%. 

Although the total net increase in expenditures results in a 1.83% overall taxation increase, including utility rate increases, the average changes in 2020 are as follows:

Classification

Average Assessed Value

Annual Increase

Monthly Increase

% Increase

Single family

$858,799

$  78

$    6.46

2.44%

Multi-family

$401,664

$  37

$    3.12

2.41%

The original average increase for Business class properties and Light Industrial class properties was 7%. The amended average increase for Business class properties and Light Industrial class properties will see an average increase of 2.01% and 2.14% respectively.  This rate maintains a competitive ratio between residential and business class properties, ensuring that Langley City remains an attractive municipality to locate a business.

The pandemic has necessitated the closure of Cascades Casino.  The Capital Improvement Plan has been redrafted to reduce the anticipated casino proceeds to be received in 2020 from $7.2 million in half, to $3.6 million.  This change in funding will necessitate deferral of future year capital projects, but the current year 2020 plan can continue to be carried out.

Municipal Governments are required under the Provincial Community Charter to adopt a balanced budget and cannot use debt to pay for operating expenditures like the Province, and Federal governments are able to do.  Property taxes are collected halfway through the year and provide the City with the cash flow to ensure the City can provide the essential services such as water, sewer, roads, fire and police services. As well, the City has to pay other taxing authorities like Translink, Metro Vancouver and the BC Assessment Authority on time. Therefore, City Council will maintain the July 2, 2020 property tax payment deadline.

The property tax penalty for residential property owners was previously 5% after the July 2 tax due date and a further 5% after August 2.  In 2020, the penalty will be reduced to 2% after the July 2 tax due date, and the second penalty date will be extended to October 1 at 8%.  The Province has mandated that the Business, Light Industrial and Non-profit classed properties will have one penalty date of October 1 at 10%.   

City Council believes that the reduction in the property tax rate will help to ease the financial burden for the residential and business property taxpayers.   We will work together to overcome the current economic crisis and restore hope for an exciting future.  

 

Financial Plan Documents for Download

Amended 2020-2024 Financial Plan

Amended Financial Plan Infographic

Financial Plan Brochure

Financial Plan Open House - February 6, 2020

2020 Financial Plan

 

 

2019 Financial Plan

Notice of Financial Plan Open House

Date: February 20, 2019
Time: 6:00pm - 7:30pm
Location: Finance Department Foyer (main floor) Langley City Hall, 20399 Douglas Crescent

The 2019 Financial Plan currently has a gap of $1,893,530 between total revenues and planned expenditures which would equate to a 6.98% increase in property taxes to balance the budget. 

Including utility rate increases, the impact on an average single family home (assessed at $886,095) would be an increase of 1.86% or $58 and an average multi-family home (assessed at $407,050) would see an increase of 12.04% or $164.  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 multi-family homes, increasing on average 18% more than single family homes, reversing the historical trend.  

City Council will be holding a Committee of the Whole meeting at 7:00 pm on Monday, February 25th 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. 

The capital construction expenditure budget, not included above, is $10,056,150 for 2019 and is funded through transfers from reserves and casino proceeds.

Financial Plan Documents for Download

2019 Financial Plan

2019 Financial Plan Infographic

2018 Financial Plan

The City of Langley hosted 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 had 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 held 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 was be made.  Following the presentation, there was 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.

 

Financial Plan Documents for Download

2018 Financial Plan 

Financial Plan Infographic

2018 Tax Insert

 

 

 

 

2017 Financial Plan

The City of Langley will be hosting a Financial Plan Open House on Wednesday, February 1st at 6:00 pm in the Langley City Hall Finance Department foyer (20399 Douglas Crescent).  The 2017 Financial Plan currently has a gap of $883,595 between total revenues and planned expenditures which would equate to a 3.61% increase in property taxes to balance the budget.  Including utility rate increases, the impact on an average multi-family home (assessed at $253,636) would be an increase of 3.20% or $39 and an average single family home (assessed at $728,339) would see an increase of 5.92% or $170.

City Council will be holding a Committee of the Whole meeting at 7:00 pm on Monday, February 6th 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 city.langley.bc.ca

The capital construction expenditure budget, not included above, is $21,758,145 for 2017 and is funded through transfers from reserves and senior government infrastructure grants.

Financial Plan Documents for Download

Budget Message

Budget Highlights

Financial Plan Fact Sheet

Financial Plan

Capital Improvement Plan