TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: April 28, 2025 Report No. FIN-25-005
TO: Council
FROM: Ian Irvine, Director of Financial Services
SUBJECT: 2025 Financial Plan and Tax Rates Bylaw
RECOMMENDATION:
Recommendation
That Council give first, second and third readings to Financial Plan Bylaw, 2025, No. 3159 and Tax Rates Bylaw, 2025, No. 3160 as attached to Staff Report FIN-25-005.
Body
EXECUTIVE SUMMARY:
The Community Charter requires municipalities to adopt Financial Plan and Tax Rate Bylaws prior to May 15 each year. The annual financial plan provides financial information for a five-year period and must set out the policies and objectives for the planning period. The tax rates bylaw is required to provide the Township with the authority to impose property taxes to meet its obligations.
BACKGROUND:
The Financial Plan and Tax Rates Bylaws have been drafted based on Council direction. During meetings held in January, February, March and April, Council was provided an outline of the Township's budget process, as well as detailed information about the capital program, workforce plans, and operational supplemental requests. The draft financial plan includes the various budget components approved by Council to support the desired service levels and the tax rates have been calculated based on the additional revenue required to balance the budget.
Chronology
January 20 - Draft Financial Plan Presentation
February 3 - Operating Supplementals and Workforce Plans
February 24 - Long Term Capital Program
March 3 - Updated Budget Presentation and Reduction Scenarios
March 4 - Capital Supplementals
April 7 - Reconsideration of March 3 Council motion
April 14 - Tax Rate Presentation
ANALYSIS:
During this year's process, Council was provided with various pieces of budgetary information, and a 9.90% tax revenue increase was approved to support the desired service levels. After considering this required increase and the updated assessment va...
Click here for full text