Skip to main content

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

2020 Financial Plan 

City Council has adopted a bold vision with the Nexus of Community Plan.  Currently underway are the Official Community Plan and Zoning Bylaw updates and work has begun on the Nicomekl River District Neighbourhood Plan.  Excitement is building for what the future might bring to Langley City. 

With the anticipated arrival of SkyTrain to Langley City within the next eight to ten years, the City needs to capitalize on this once in a generation opportunity and implement long-term community-building initiatives.

The City can play a key role in directing the type of redevelopment of the properties along the transit corridor to shape growth and create new amenities, facilities and services. 

To make the Nexus of Community Plan a reality, the City plans to invest up to $50 million in four important community-building initiatives that include:

  • $31 million in strategic land acquisitions
  • $3 million in parks and trails improvements
  • $6 million in Downtown Langley infrastructure upgrades
  • $10 million in City and recreation facilities expansions and enhancements

These investments will improve the quality of life for all residents, allow the City to lead redevelopment through strategic property acquisition, take advantage of partnership opportunities, and deliver greater long-term financial gains to support residential and business programs.

The 2020–2024 Financial Plan anticipates borrowing $10 million per year over the next five years to fund the investments.  Each investment will be repaid over a 15 year period through modest annual property tax increases (less than 3% per year in the first five years). 

In 2020, the five-year financial plan includes $54.2 million in operating expenditures and a further $19.4 million in capital expenditures.  Approximately 74% of the operating expenditures are funded through property taxes and utility charges billed at the end of May each year.

New assessment growth in 2020 will generate $275,000 of additional tax revenues.  The net increase in expenditures is $1,121,405, or a 3.84% tax increase, and the debt servicing cost from the Nexus Investment Plan is $827,665, or a 2.83% tax increase. The net taxation increase, therefore, is $1,949,070 or 6.67%.

Although the total net increase in expenditures results in a 6.67% 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

$  179

$  14.95

5.65%

Multi-family

$401,664

$   86

$    7.14

5.52%

Business-class properties will see an average increase of 6.93% and Light Industrial properties a 7.05% increase.  This rate maintains a competitive ratio between residential and business class properties, ensuring the Langley City remains an attractive municipality to locate a business.

The City is anticipating $7.2 million in casino proceeds to be received in 2020. This funding will be used to address infrastructure renewal for capital projects like:

  • Self-Contained Breathing Apparatus (SCBA) investments for the Fire Service
  • Road Rehabilitation (Paving)
  • Pave Walkways on Grade Crescent & 48 Avenue
  • Large Diameter Culvert Cleaning & Inspection
  • 47A Avenue Relining the Storm Sewer

In addition, the City will allocate $168,000 of casino proceeds towards community grants and a further $168,000 to the Enterprise Fund to be used at Council’s discretion for expenditures that are not otherwise anticipated during the year and budget cycle. 

The City of Langley’s 2020 Financial Plan provides for a number of improvements to parks and boulevards, focus on infrastructure renewal and recreational opportunities, reinforcing Langley City’s reputation as the Place to Be!

Financial Plan Documents for Download

2020 Financial Plan

2020 Financial Plan Summary

Financial Plan FAQ

Financial Plan Infographic

Financial Plan Brochure

Financial Plan Open House - February 6, 2020

Financial Plan Statutory Advertisement - January 29, 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