Williams Lake Council holds' third budget meeting

Courtesy of the City of Williams Lake:

Williams Lake City Council continued its public budget process Tuesday evening, discussing a proposed 2012-2016 financial plan.

The proposed plan, which is not complete nor final:

• anticipates annual capping capital expenditures from the general fund to $500,000
• anticipates $200,000 in taxation from new growth annually
• budgets $45,000 to underwrite the implementation of some Business Expansion and Attraction Task Force recommendations (grants may be available to cover the costs) in 2012
• anticipates a 5% increase in revenues from general sale of services annually
• anticipates a 2.15% decrease in operating expenses in the first year
• anticipates an available surplus of $700,000 at the end of 2011
• anticipates a 2% inflation cost
• anticipates $2.5 million in transfers to the capital reserve and $1.89 million to the pavement management plan over five years, to offset the need for long-term borrowing
• anticipates a 3% increase in revenue from taxation annually

It is important to note that a 3% increase in revenue from taxation does not necessarily mean a 3% tax increase to rate classes (residential, business, industrial, etc). Costs savings and efficiencies were found in a number of departments across the City, including decreases in staff training and development and consulting fees.

Council also has yet to consider a number of other factors in the financial plan, including a revised five-year capital plan, the financial implication of collective bargaining with the International Union of Operating Engineers, and taxation distribution.

The next budget meeting will address taxation, and will be held in March. A date will be announced once it is finalized. Under the Community Charter, the City’s financial plan and property tax rates must be adopted by May 15th of each year.