2023 – 2027 Financial Plan
The District of Mackenzie updates its five-year Financial Plan each year, as required by the BC Community Charter. The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the District to plan the management of its resources, revenues and expenditures in order to best serve the community.
The budget is reviewed and updated by staff and Council and reviewed in an open public meeting on an annual basis. Each municipality in British Columbia must prepare a five-year financial plan, and update it every year. The Financial Plan must be adopted by Council in the form of a Bylaw on or before May 15.
2023 Municipal Budget
The 2023 municipal budget saw an increase of $1,829,902 or 14.2% from the 2022 municipal budget. $1,723,000 of the budget increase was due to a one-time grant from the Provincial Government under the Growing Communities Fund for community infrastructure and amenities. In 2022 the District of Mackenzie had an operating shortfall of approximately $1.1 million dollars due to reduction in assessment value of a major industrial property, loss of utility tax and other revenue. One of the mechanisms to fund the shortfall was through the Financial Stability Reserve with the intent that the amount transferred from the reserve would decrease each year for the next three years. With the reduced transfer from the Financial Stability Reserve, higher inflations costs and annual levy to Capital Renewal Reserve, the shortfall was covered through an increase to property taxes of $363,502 or 7.17%. The average assessed property of $157,126 will see an increase of $82.30 for the year to their municipal property taxes, which works out to $6.85 per month.
Approximately 2/3 of the average residential tax bill in Mackenzie is the municipal portion of taxes, with 1/3 being taxes collected for other government agencies such as: School tax, BC Assessment, Municipal Finance Authority, Police Tax, Regional District and Regional Hospital.
The District is responsible for maintaining an enormous quantity and variety of assets, ranging from major infrastructure such as roads and utilities, to items as small as the computers and telephones used by the District to provide service to the community.
As infrastructure ages, maintenance becomes an ever-increasing challenge. Just like with your car or your home, if not properly maintained, these assets may fail much earlier than expected.
The goal of asset management is to ensure that current community services are delivered in a socially, economically, and environmentally responsible manner that does not compromise the ability of future generations to meet their own needs.
The video below is from the Federation of Canadian Municipalities and explains how asset management and sustainability can help communities.
Further information can be found at Asset Management BC and at Federation of Canadian Municipalities Municipal Asset Management Program.