TOWNSHIP OF ESQUIMALT STAFF REPORT
MEETING DATE: March 11, 2024 Report No. FIN-24-005
TO: Committee of the Whole
FROM: Ian Irvine, Director of Financial Services and Dan Horan, Chief Administrative Officer
SUBJECT: Budget 2024 Options Analysis
RECOMMENDATION:
Recommendation
That the Committee of the Whole recommends to Council that staff be directed to prepare the financial plan bylaw that reflects a revenue increase of 7.72%, aligning with the priorities, initiatives and levels of service articulated by Council.
Body
EXECUTIVE SUMMARY:
This report provides Council with further information related to preparation of the 2024 budget. The 2024 draft budget was first published in late January with materials to support Council's deliberations, including a summary of the proposed Capital program, a summary of the Supplemental Requests (proposed increases to the core budget, or one-time project-related funding requests), and a summary of the staffing changes required to support Council's program. This report includes discussion of risks and impacts for different scenarios connected to desired levels of service, Council priorities and the changes in revenue required to achieve Council's desired outcomes.
BACKGROUND:
On January 29, 2024, staff provided a budget overview, including a presentation and a summary of the 2024 Capital and Supplemental Requests. On February 5, 2024, staff followed up with a report on Staffing Proposals to facilitate budget deliberations. The minutes of the February 5th meeting reflect broad discussion, including Council's desire to achieve long-term sustainability, acknowledgement of infrastructure funding challenges, and confirmation that requests for additional staff are supportable. However, Council also communicated that the current draft budget's impact on property taxes is high enough that staff should provide further information to better inform a Council discussion about budget options. Council passed the following res...
Click here for full text