The Community Charter requires Council to adopt a 5-Year Financial Plan bylaw each year prior to the adoption of the Property Tax Bylaw. The purpose of the 5-Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues, and expenditures in order to best serve the community.
The Financial Plan provides detailed funding requirements 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.
Langley City Council heard from residents during the election campaign about a number of on-going concerns in the community. To that end, City Council has assembled the 2023 Financial Plan to make a significant effort in four key areas:
Preparing for SkyTrain – The City will again look ahead at new opportunities the SkyTrain will bring, as outlined in the Langley City: Nexus of Community Plan which was temporarily paused during the COVID-19 pandemic. Subject to the approval of electors, the City intends to borrow $15 million to purchase strategic property and fund SkyTrain-related improvements to maximize this once-in-a-generation opportunity for residents and businesses.
Investing in the Basics – Additional property taxation and utility fees will help fund much needed replacement of worn roads and end-of-life water mains and sewer lines. For example, $1.4 million is needed to repave 202 Street south of 48 Avenue; $1.4 million is budgeted to repair sanitary and storm sewers; $1.6 million is allocated for upgrading the 200 Street culvert at Brydon Crescent; and, $1.1 million is set aside for replacing asbestos cement water mains.
Enhancing Public Safety – A Citizens' Assembly on Community Safety Reform will be established which will engage representatives of the public to collaborate with experts from community organizations and emergency services across the region to put forward solutions to rebuild trust and confidence in the safety of our community. The City will hire firefighters and public safety personnel to keep pace with the growth of the community.
Addressing Poverty, Health & Homelessness – Social issues relating to mental health, addictions, and homelessness are top of mind in the community. The City will host a series of collaborative dialogues that focus on these critical community issues synthesizing local initiatives that are currently underway and implementing best practices to address social issues and build community resiliency and well-being. We have added staff to help carry out this ongoing advocacy to ensure meaningful action occurs.
The City will also invest in urban forest maintenance, recreational programming for children and aquatics, other service level increments, and additional funds to maintain current service levels while keeping up with inflation.
The 2023 Financial Plan currently has a gap of $3,863,160 between total revenues and planned expenditures which equates to an 11.56% increase in property taxes to balance the budget.
In 2023, the five year financial plan includes $65 million in on-going operating expenditures and a further $47 million in one time capital expenditures. Approximately 75% of the operating expenditures are funded through property taxes and utility charges billed at the end of May each year.
The Province only allows municipalities to have one tax rate for all residential class properties. The assessed value of single family homes increased 16% whereas multi-family homes have increased more at 19%. When the overall tax rate increase of 11.56% is applied, it has a bigger impact on multi-family homes.
The average business property will see an increase of 11.92% if their property tax assessment increased 17.77%. The average light industrial property will increase 11.98% if their property tax assessment increased 35.40%. For properties that have assessment changes higher or lower than the average, the property tax increase will also change. 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 Financial Plan will position the City to capture the positive momentum the SkyTrain will bring to ensure Langley City continues as the Place to Be!
View the 2023-2027 Financial Plan
View the 2023-2027 Financial Plan Infographic
View the 2023 - 2027 Statutory Ad
View the Financial Open House
Property Tax Deferment Program:
The Province has a Property Tax Deferment Program allowing residential taxpayers over 55 years old with 25% equity in their homes, or families with children having 15% equity in their home, to enroll in the program. This may assist some taxpayers during times when the assessed values of their homes have increased so dramatically. For more information visit www.gov.bc.ca/propertytaxdeferment.
