Independent 2018 Financial Audit Report
Corey Naphtali, Partner, from the KPMG accounting firm, presented an Independent Audit Report of the City’s 2018 Consolidated Financial Statements for the year ended December 31, 2018. The City’s 2018 Financial Statements has received a clean audit in accordance with the Canadian public sector accounting standards.
Five Year Financial Plan (2019 to 2023)
The City of Quesnel Five Financial Plan, for the years 2019 to 2023, outlines the City’s policies regarding revenues, distribution of property taxes and permissive tax exemptions. The City’s Five Year Financial Plan also includes proposed revenues/expenditures and includes the operating/capital budgets. Financial implications for the Five Year Plan include:
CAPITAL
- Capital carryforwards of $0.9 million have been added to the approved 2019 capital budget of $21.6 million.
OPERATING
- 2% Inflation Each Year
- 5% Growth in Water Utility Fees, 2% in Sewer
- The Forestry Initiatives Program continues, but is fully grant funded
- The Memorandum of Understandings with the Cariboo Regional District are continued at the same rates (to be renewed in 2019)
- Funding towards the equipment replacement is increased by $100,000 per year to deal with the aging fleet and recommendations from the fleet review. It is anticipated some borrowing will be required for fleet over the next few years. The payments for any borrowing would come from the increased equipment reserve.
- No capital has been built into the plan at this point for anticipated recommendations from the landfill strategic review that may include gas capture, berm constructions and expansion of the landfill.
- The 2019 Operating Budget includes the following projects that will inform the financial plan in the future: capital reinvestment program update; utility rate review; completion of the landfill strategic plan; and fleet review.
2019 Tax Rates Bylaws
The City has received final assessments from BC Assessment and tax rates from the other taxing authorities, such as the Cariboo Regional District, the Municipal Finance Authority and School District, with the resulting 2019 Tax Rates:
- Average residence in Quesnel (valued at $200,544) will see an increase of $40.96 in the municipal tax portion of their property tax invoice, or $20.43 per $100,000 of assessment.
- Commercial Properties will see an average increase of $67.08 in the municipal property tax portion of their property tax invoice per $100,000 of assessment, which will be partially offset by reductions in regional and school tax rates.
2018 Surplus
Council allocated the 2018 $358,094 General Operating Surplus as follows
- $321,369 to fund one time supplementals in the 2019 Operating Budget; and
- $36,725 to remain in surplus.
Minimum Rental Standards
Council has given first reading to the Minimum Rental Standards Bylaw 1870 that would increase the standards of residential rental properties. A minimum rental standards bylaw provides local government with the ability to assist tenants who live in unsafe and unhealthy accommodation due to poor building maintenance. The Provincial government added provisions to legislation in 1994 to provide local governments with powers to enforce basic levels of maintenance for rental accommodations.
Next Steps:
- A draft of the Minimum Rental Standards Bylaw 1870 can be viewed by visiting the City’s Housing Initiative webpage.
- City staff are drafting policy that will accompany future readings of the bylaw which will guide the process of reports/complaints, investigation, and enforcement actions. This policy will clearly identify the proposed Minimum Rental Standards bylaw is a proactive bylaw that will seek to identify clearly derelict rental properties to improve the quality and liveability standards within the rental market in Quesnel. A process for individuals to make complaints will also be developed. This policy will be brought to a future Policy and Bylaw Committee for review with recommendation(s) to Council for consideration.
- Further bylaw readings for proposed Bylaw 1870 to be brought to a future Regular Council Meeting for consideration with the policy for enforcement.
Bylaws
- 1864 – Five Year Financial Plan (2019-2023) – First, Second, Third Readings
- 1865 – Tax Rates (2019) - First, Second, Third Readings
- 1870 – Minimum Rental Standards (Maintenance Bylaw) – First Reading
Next Meetings
- 5 pm – May 13, 2019 – North Cariboo Joint Planning Committee – Quesnel Youth Soccer Facility
- 6 pm – May 14, 2019 – Regular Council Meeting – City Hall/Council Chambers
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