2026 - 2030 Financial Plan Bylaw No. 3048, 2026

Pitt Meadows, British Columbia

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CITY OF PITT MEADOWS 2026 - 2030 FINANCIAL PLAN BYLAW NO. 3048, 2026 202624v1 A Bylaw to adopt the 2026 to 2030 Financial Plan WHEREAS in accordance with Section 165 of the Community Charter, the Council of the City of Pitt Meadows is required, by bylaw, to adopt a Financial Plan for the municipality before the annual property tax bylaw is adopted; NOW THEREFORE the Council of the City of Pitt Meadows enacts as follows: Citation/Title 1. This Bylaw may be cited as the "2026 - 2030 Financial Plan Bylaw No. 3048, 2026". Schedules 2. The following Schedules are attached to, and form part of, this Bylaw: (a) Schedule "A", is adopted as the 2026 - 2030 Financial Plan of the City of Pitt Meadows for the period beginning January 1, 2026 and ending December 31, 2030. (b) Schedule "B", specifies the transfers to, and expenditures from, the City Reserve Funds for the period beginning January 1, 2026 and ending December 31, 2030. (c) Schedule "C", is the Revenue and Taxation Policy for the City of Pitt Meadows. READ a FIRST, SECOND and THIRD time on March 31, 2026. ADOPTED ON April 14, 2026. Nicole MacDonald Mayor Kate Barchard Corporate Officer Bylaw No. 3048, 2026 Page 2 202624v1 SCHEDULE "A" 2026 - 2030 Financial Plan REVENUES 2026 2027 2028 2029 2030 Municipal Property and Other Taxes 37,822,700 $ 40,399,400 $ 42,802,700 $ 45,181,600 $ 47,557,200 $ Utility Charges 17,923,500 18,764,000 19,954,300 21,121,300 22,476,100 Sale of Services 3,055,600 3,127,900 3,213,500 3,289,900 3,378,000 Licenses, Permits, Penalties, Fines 2,470,300 2,194,300 2,211,400 2,228,500 2,217,600 Investment Income 1,255,400 1,182,400 1,239,000 1,349,400 1,432,500 Other Revenue 712,100 712,200 747,700 760,500 779,600 Government Transfers 8,188,600 1,231,700 630,000 919,300 478,900 Contributions 15,189,700 1,441,600 4,247,800 1,213,400 631,500 Total Revenues 86,617,900 69,053,500 75,046,400 76,063,900 78,951,400 EXPENSES Operating Expenditures 48,948,800 50,639,600 52,700,900 54,690,800 57,218,500 Debt Interest 1,016,400 1,014,700 1,013,000 1,011,400 1,009,800 Amortization 6,709,400 6,911,100 7,119,100 7,321,600 7,541,400 Total Operating Expenses 56,674,600 58,565,400 60,833,000 63,023,800 65,769,700 Net Revenues (Expenditure) 29,943,300 10,488,100 14,213,400 13,040,100 13,181,700 ALLOCATIONS Net Transfers from/(to) Reserves 28,738,000 (1,555,100) (5,142,100) (924,700) (6,092,100) Capital Expenditures (64,690,100) (15,124,600) (15,451,100) (18,677,300) (13,850,300) Unfunded Amortization 6,709,400 6,911,100 7,119,100 7,321,600 7,541,400 External Debt Principle Repayment (700,600) (719,500) (739,300) (759,700) (780,700) Total Allocations (29,943,300) (10,488,100) (14,213,400) (13,040,100) (13,181,700) BUDGET BALANCE - $ - $ - $ - $ - $ Bylaw No. 3048, 2026 Page 3 202624v1 SCHEDULE "B" Transfers from Reserves: 2026 2027 2028 2029 2030 Arena Capital Reserve Fund 892,700 $ 150,000 $ 250,000 $ 250,000 $ 250,000 $ Carbon Neutrality Reserve Fund 140,700 145,600 150,700 - - Community Amenity Fund 12,781,500 1,534,400 - - - Diking Capital Reserve Fund 232,200 98,000 107,800 120,600 118,100 Drainage Capital Reserve Fund 6,650,400 1,799,200 1,248,900 523,600 1,193,000 Equipment Replacement Reserve Fund 2,213,100 1,779,800 2,533,000 5,355,900 2,592,700 Facilities & Fixtures Lifecycle Reserve Fund 5,404,500 2,991,200 2,664,700 1,451,600 1,076,400 Future Capital Reserve Fund 37,600 12,500 12,500 12,500 - Growing Communities Reserve Fund 4,598,300 - - - - Minor Capital Reserve Fund 19,900 16,200 16,600 917,000 17,400 Operating Reserve Fund 2,350,600 965,800 644,300 479,900 573,000 Sanitary Sewer Capital Reserve Fund 3,445,200 84,900 683,900 1,531,000 560,000 South Bonson Amenities Reserve Fund 24,400 19,600 16,500 13,400 10,200 Transportation Infrastructure Reserve Fund 4,341,000 7,171,600 2,966,300 5,225,600 7,534,500 Waterworks Capital Reserve Fund 4,527,400 1,873,900 2,241,800 2,615,200 2,194,500 Total Transfers from Reserves 47,659,500 18,642,700 13,537,000 18,496,300 16,119,800 Transfers to Reserves: Arena Capital Reserve Fund (437,300) (455,800) (475,100) (492,400) (510,500) Carbon Neutrality Reserve Fund (16,600) (12,900) (8,900) (4,600) (4,800) Community Amenity Fund (5,381,800) (2,544,900) (10,800) (11,100) (11,500) Diking Capital Reserve Fund (186,400) (189,300) (191,800) (194,100) (196,100) Drainage Capital Reserve Fund (1,703,700) (1,954,400) (2,214,000) (2,505,000) (2,831,400) Equipment Replacement Reserve Fund (1,355,000) (1,741,300) (3,048,500) (5,367,900) (3,307,000) Facilities & Fixtures Lifecycle Reserve Fund (1,447,000) (2,902,500) (4,056,700) (1,876,000) (4,473,900) Future Capital Reserve Fund (1,500) (1,500) (1,200) (900) (500) Minor Capital Reserve Fund (80,500) (82,400) (84,400) (86,400) (61,500) Operating Reserve Fund (230,000) (172,300) (172,800) (175,300) (179,500) Parkland Reserve Fund (8,100) (8,300) (8,600) (8,800) (9,100) Sanitary Sewer Capital Reserve Fund (1,035,600) (2,997,000) (1,520,400) (1,139,000) (2,916,200) South Bonson Amenities Reserve Fund (6,100) (5,600) (5,100) (4,800) (4,500) Transportation Infrastructure Reserve Fund (4,037,900) (5,250,300) (4,633,400) (4,933,700) (5,368,800) Waterworks Capital Reserve Fund (2,994,000) (1,879,300) (2,247,400) (2,621,000) (2,336,600) Total Transfers to Reserves (18,921,500) (20,197,800) (18,679,100) (19,421,000) (22,211,900) Total Transfers from (to) Reserves 28,738,000 $ (1,555,100) $ (5,142,100) $ (924,700) $ (6,092,100) $ Bylaw No. 3048, 2026 Page 4 202624v1 SCHEDULE "C" Revenue and Taxation Policy Policy Statement 1. To comply with the disclosure requirements as set out in section 165 (3.1) of the Community Charter. Policy 2. Total Revenue Charter Requirement: Set out the objectives and policies regarding the proportion of total revenue proposed to come from each funding source. The proportion of funding sources included in the financial plan is as follows: 2026 2027 2028 2029 2030 Municipal Property and Other Taxes 43.7% 58.5% 57.0% 59.4% 60.2% Utility Charges 20.7% 27.2% 26.6% 27.8% 28.5% Sale of Services 3.5% 4.5% 4.3% 4.3% 4.3% Licenses, Permits, Penalties, Fines 2.9% 3.2% 2.9% 2.9% 2.8% Investment Income 1.4% 1.7% 1.7% 1.8% 1.8% Other Revenue 0.8% 1.0% 1.0% 1.0% 1.0% Government Transfers 9.5% 1.8% 0.8% 1.2% 0.6% Contributions 17.5% 2.1% 5.7% 1.6% 0.8% Total 100.0% 100.0% 100.0% 100.0% 100.0% 3. Property Tax is the City's largest source of revenue and provides funding for the "public type" services provided by the City which cannot be or are undesirable to be funded on a user pay basis such as parks and leisure services, public safety, transportation and general government. Its proportion of total revenue will vary from year to year depending on the capital program and the use of reserves, borrowing or grants for the capital program. 4. Policy: The City is committed to, where feasible and for appropriate municipal services, shifting the payment of the services from property taxes to user fees. To this end, the City will review user fees and charges annually and compare to the costs to provide the services and comparative costs from other municipalities. Bylaw No. 3048, 2026 Page 5 202624v1 The City will also regularly review Development Cost Charge rates to ensure that developers who profit from development in the municipality pay an appropriate share of the cost of the municipal infrastructure required to service new developments. 5. Objective: That "private type" services provided by the City are charged and paid for on a full cost recovery basis. 6. Taxation Revenue Charter Requirement: Set out the objectives and policies regarding the distribution of property taxes among the property classes. The distribution of general property tax revenue across different property taxes is as follows: Class Assessment % Revenue % Residential 1 76.24% 53.20% Utilities 2 0.14% 1.06% Major Industry 4 0.18% 0.61% Light Industry 5 4.83% 10.53% Business & Other 6 17.83% 31.28% Recreation / Non-Profit 8 0.58% 0.99% Farm 9 0.20% 2.33% Total 100.00% 100.00% The City remains heavily reliant on residential property taxation at 53.20% of total general property tax revenue. For 2026, approximately 46.8% is budgeted to come from non-residential assessment classes which make up only 23.76% of the total assessed value for the City. 7. Policy: The City is committed to increasing the overall proportion of revenue from non-residential classes through growth and development while working to ensure that the amount of property taxes paid by business and industry does not harm the ability for existing businesses to operate effectively in the community and is not a deterrent for business considering locating in the community. The City will regularly review growth in the respective classes of the tax base and compare the City's tax ratio between residential property owners and business owners relative to other municipalities in Metro Vancouver. Bylaw No. 3048, 2026 Page 6 202624v1 8. Objective: That the City has a broad assessment base in which each class share an equitable portion of the general property tax burden. 9. Permissive Exemptions Charter Requirement: Set out the objectives and policies regarding the use of permissive tax exemptions. 10. Policy: The City of Pitt Meadows uses Policy C061 - Permissive Tax Exemptions, which has been approved by Council. The purpose of the policy is as follows: "A permissive tax exemption is a means for Council to support organizations within the community which further Council's objectives of enhancing quality of life (economic, social, cultural) and delivering services economically. This policy guides identification of organizations meeting Council's objectives." This policy demonstrates that Council will consider providing permissive exemptions to not-for-profit institutions that form a valuable part of our community. These include religious institutions, historical societies, some recreational facilities, service organizations and cultural institutions. 11. Objective: Council will periodically examine its permissive tax exemption policy to determine if changes are necessary.