Council adopted the 2024 Five Year Financial Plan in December 2023 which provided staff with approval to provide services for the 2024 fiscal year. It also enabled staff to proceed with procurement for capital and special projects. It was noted in December that a budget amendment would be forthcoming in Spring of 2024 once estimates could be refined and 2024 assessment values became available.
The attached financial plan amendment bylaw includes the incorporation of changes approved by resolution in the first quarter of 2024, changes in mandatory employment related costs (MERC), reallocation of revenues and costs to departments charged with their management (essentially a restructuring of department responsibility), and updates to the infrastructure replacement project. The attached summary of changes outlines the changes by fund along with the reasons for changes in 2024. The remaining four years of the five-year financial plan have also been updated for changes to the expected funding and costs associated with the infrastructure replacement project.
The bulk of the changes are within grant funded projects with the MERC changes affecting property taxes negatively. However, the non-market change in property assessments brought in enough taxation from new properties to offset these cost increases. As a result, the property tax increase proposed in the fall of 2023 has not changed and remains at 7.7%.
The public can submit comments regarding the proposed amendment to Corinne Bomben, Chief Financial Officer in writing via email at corinne.bomben@princerupert.ca, via fax (250) 627 0999, or delivered to the Customer Service Desk at City Hall at 424 3rd Avenue West, no later than 4:30 pm April 29th, 2024.