Receive 2024-2028 Budget Outlook

Summary

• Council received the 2024-2028 Budget Outlook for information.
• Staff reported that maintaining current service levels without further action would require an average ~9% annual property tax increase over five years.
• For a median strata property, that equates to roughly $116/year more; for a median single-family home, roughly $304/year more.
• Capital expenditures projected at ~$730 million/year, focused on delivering the 2023-2026 Capital Plan ($3.5 billion total).
• Cost pressures driven by inflation, collective agreement contingencies, full-year costs of 2023 Budget initiatives (e.g., additional police officers), infrastructure renewal, and Metro Vancouver utility levy increases.
• Staff flagged revenue risks in parking and recreation fees due to pandemic-related behavioural changes.
• Council discussion to inform the 2024 Budget process; public engagement (Talk Vancouver survey) planned for August-September 2023.

Vote

Documents

• Report – 2024-2028 Budget Outlook
• Staff Presentation