2022 – 2026 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.
2022 Municipal Budget
Factors that influenced the 2022 municipal budget included a reduction of assessment value for a major industrial property, loss of utility tax and other revenue which resulted in an operating shortfall of just over $1.1 million dollars. After reducing operating expenses, annual transfer to reserves for new projects, increasing user fees & charges and funding from the Financial Stability Reserve, the shortfall of $220,144 was recovered through an increase to property taxes. The average assessed property of $151,126 will see an increase of $77.75 for the year to their municipal property taxes, which works out to $6.48 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.
Council has made Asset Management a 2017 - 2020 Strategic Priority and has completed phase-two of a long-term infrastructure and asset management plan project.
The District was successful in receiving $89,500 towards this project from the Union of British Columbia Municipalities. 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.