COQUITLAM, B.C., Feb. 14, 2023 – Coquitlam’s 2023 budget invests in community safety, public services and infrastructure while ensuring predictable, sustainable service-delivery now and into the future.
Last night, City Council approved the first three of four readings of the 2023 Five-Year Financial Plan Bylaw, including a $398-million 2023 budget that takes into account the current economy and the impact of inflation on taxpayers, along with overarching themes of balanced growth and livability, resiliency, reconciliation, and equity, diversity and inclusion. The bylaw is scheduled for final adoption on Feb. 27, 2023.
As is the City’s practice during election cycles, budget adoption was delayed several weeks to provide the new Council adequate time for input and consideration. The utilities bylaw was adopted in December as usual.
Impact for Taxpayers
Coquitlam’s 2023 budget will maintain core services and respond to community needs and priorities now and in the future. For the coming year, this will include investing in community safety and other services to maintain a high quality of life for residents, while also preparing for future known costs, such as infrastructure replacement and construction.
At the same time, to reduce the burden on taxpayers, the City continues to maximize non-tax revenues such as grants and development fees, and ensure development pays for growth-related costs, including the resources needed for application processing.
As in past years, costs beyond the City’s control had a significant influence on the 2023 budget. For example, inflation added about four per cent on all City expenditures, and the federally-negotiated RCMP wage settlement continues to have an impact.
The resulting 2023 budget includes an average property tax increase of 5.48%, which translates to a $123 increase for the average homeowner. The RCMP wage increase accounts for almost one-fifth of the increase. Despite cost of living increases of four per cent, the City’s base operating budget is rising by less than two per cent.
The increase is also funding five new RCMP officers, investing in long-term infrastructure, and ensuring the City has the flexibility and resiliency to address emerging issues and expenditures.
The budget builds on Coquitlam’s track record of fiscal responsibility that includes robust business planning, well thought-out decision-making, and careful stewardship and use of the City’s reserve accounts to enhance and support the community.
Community input also plays a role. Almost 600 people participated in Coquitlam’s online budget survey – the City’s biggest budget survey response to date – with the majority in favour of maintaining existing funding and service levels.
Budget Highlights for 2023
The City’s work and budget in 2023 will be guided by four overarching themes:
- Balanced growth and livability: Including maintaining existing services levels as costs rise, planning for community growth and increasing service needs, supporting attainable housing and investing in community safety. This theme also includes accommodating development activity that supports community priorities; more than 95 per cent of new development in Coquitlam includes new housing.
- Resiliency: Ensuring the City has the capacity and flexibility to adapt to changes, while having adequate reserves to deal with future known costs.
- Reconciliation: Providing time, effort and resources to enhancing the City’s relationship with local First Nations.
- Equity, diversity and inclusion: Removing barriers and continuing to build a more equitable, inclusive, safe and welcoming community and organization.
The five-year capital budget of $631 million includes about $365 million in capital projects over 2023 and 2024, including:
- The Cedar Drive Upgrade Project
- Renewal and expansion of Spani Pool
- Renovation and repurposing of Town Centre Park Community Centre (formerly known as the Innovation Centre)
- Parks enhancements, including a joint school/park on Burke Mountain and new track surface at Percy Perry stadium
- Transportation improvements across the community including LED street lights, traffic signals and multi-use paths
- A variety of streetscape, sewer and water infrastructure improvements
- Various technology upgrades for efficiency and better service
The capital budget is funded from a mix of sources, including reserves, development revenues and grants with a portion of the capital budget financed through debt borrowing with repayment from future development revenues, not property taxes.
For more information on the 2023-2027 Five-Year Financial Plan, including a copy of Mayor Stewart’s introductory remarks, visit www.coquitlam.ca/budget.
A Prudent Approach to Finances and Long-Term Tax Stability
Coquitlam’s tax and utility rate increases tend to be among the average across Metro Vancouver, while comparing very favourably in terms of financial sustainability. Based on a prudent, responsible approach to City finances, Coquitlam ranks very high for its financial and capital assets, revenues, investments and reserve levels, while having among the lowest debt and liabilities per capita in the region.
The City continues to develop new financial tools to ensure long-term financial sustainability and stability in property tax levels.
For example, the City already makes continual contributions to reserve accounts to provide dedicated and reliable funding for amenities and infrastructure, and is now taking an additional step to provide adequate funding to replace existing assets as they meet the end of their service life. The 2023 budget includes a contribution toward addressing the infrastructure renewal funding gap in line with the City’s Sustainable Infrastructure and Asset Renewal Funding Strategy.
Council also adopted a Loan Authorization Bylaw last night that will enable the City to begin the multi-year process of planning and building the Northeast Community Centre and adjacent park and plaza in advance of when the development fees will be collected to fund the costs, including interest, associated with those projects. This approach will ensure facilities are in place as they are needed by the growing neighbourhood.
Media contact
Michelle Hunt
General Manager, Finance, Lands and Police
604-927-3070
financialplanning@coquitlam.ca