COQUITLAM, B.C., Dec. 5, 2023 – Coquitlam’s 2024 budget intends to make critical investments in key community priorities – including public safety and housing – while maintaining core services and protecting public assets.
Escalating costs related to inflation, provincial decisions, climate change and other factors – and significant uncertainty due to new provincial legislation – have been the backdrop for the development of Coquitlam’s $437-million 2024 budget and Five-Year Financial Plan. Amid this challenging environment, the City has strived to deliver a budget that balances pressing concerns and delivery of reliable, high quality civic services with affordability for taxpayers.
Coquitlam Council gave the draft budget the first three of four readings last night as part of the 2024 Five-Year Financial Plan Bylaw, scheduled for adoption December 11, 2023.
A Balanced Approach
Before the budget process began several months ago, the City knew it would be facing significant financial pressures from a variety of sources beyond its control, including municipal inflation of 7.7 per cent, labour cost increases from contract negotiations, new responsibilities and resource demands related to provincial initiatives, and the impacts of climate change including extreme weather.
These challenges have compounded in recent weeks, as the City has struggled to predict the full impact of newly-adopted provincial legislation on the traditional revenue sources that the operating and capital budgets are built upon, and that have also enabled Coquitlam to become a regional housing leader. This work is ongoing as Coquitlam works to advocate for the community and minimize negative impacts on residents and businesses.
While this uncertainty persists, the City continues to focus on tax stability and the provision of reliable, quality services to the community. To lessen the impact on property owners, Coquitlam took a balanced approach to the 2024 budget, using a mix of taxes and funding from non-tax revenue sources such as reserves and development revenue. Many of the new known costs for 2024 are offset by anticipated new revenues, such as new property taxes from development growth, increased development fees due to a higher volume of applications, and higher investment income.
The resulting 2024 draft budget includes an average property tax increase of 8.92 per cent, while utilities will increase five per cent each for water and sewer and two per cent for solid waste. In total, this amounts to about $273 more for the average Coquitlam home, or about $23 per month.
Coquitlam’s annual budget process is guided by a variety of long-term planning documents, community input such as the annual budget survey and Community Satisfaction Survey, and the City’s diligent, responsible approach that includes sound financial management, long-term planning, and thoughtful decisions that consider what the community needs both now and in the future.
Investing in Priorities
While maintaining core services at existing service levels, the draft budget plans to invest in a variety of priority areas. The current budgeted items for 2024 include:
- Community safety – including 10 new firefighters, nine new RCMP members, two Bylaw Inspectors and an Emergency Management coordinator, with the fire and RCMP staff phased in over two years to spread out the financial impact. These and other resources will boost the work of the newly-created Community Safety Department, which brings together Fire/Rescue, Police Services, Bylaw Enforcement and Emergency Operations.
- New housing and services to support growth – including resources to advance the City’s Housing Affordability Strategy, and process the increase in new housing applications, with most of the costs offset by increasing development revenue. There are also investments in critical infrastructure, new and upgraded parks and amenities, cultural programming, and operation of the expanded Spani Pool and new Town Centre Park Community Centre.
- Accessibility and Inclusion – including supports at recreation programs and summer camps for children with diverse abilities, and an Accessibility and Inclusion Coordinator to work on a provincially-required multi-year accessibility plan. Reconciliation and relationship-building with First Nations, and particularly the kʷikʷəƛ̓əm (Kwikwetlem), will also be a continuing focus in 2024 and funded through reserve funds.
- Civic assets – with targeted contributions to reserves for the $4-plus billion in public-owned assets that are essential to delivering City services, including roads, utilities, buildings, machinery, vehicles, equipment and technology.
Capital Investments
The 2024 draft capital budget dedicates $138 million in 2024 for parks and trails, transportation, facilities, utilities and other assets – part of a $769-million capital investment over the next five years, funded through various sources including development revenues, general utilities revenues, reserves and grants.
Planned highlights for 2024 include:
- Design of the Northeast Community Centre;
- Park investments including development of the Burke Village Park and Plaza and the Burke Mountain Joint School Park, and new sportsfields at Town Centre Park North and Mackin Park;
- Completion of Spani Pool renewal and Town Centre Park Community Centre;
- A variety of facility upgrades including recreation centres and fire stations;
- Transportation improvements across the community such as road rehabilitation, street lights, and enhancements to sidewalks, pedestrian safety and micromobility facilities; and
- Various utility projects including sewer main and watermain replacement and upgrades in southwest Austin Heights.
For more information on the 2024-2028 Five-Year Financial Plan, including a copy of Mayor Richard Stewart’s introductory remarks, visit coquitlam.ca/budget.
Why is Asset Management Important?
The many programs and services that Coquitlam residents use every day rely on more than $4 billion in assets, including roads and utilities, vehicles and machinery, buildings, and equipment and technology. Keeping these public-owned assets working safely and reliably requires careful management and dedicated funding. Coquitlam’s proactive approach is less costly in the long-term than deferring necessary maintenance or replacement, while also helping to ensure Coquitlam residents receive the high quality services they expect.
Media contact
Gorana Cabral
Director Finance
604-927-3070
financialplanning@coquitlam.ca
We acknowledge with gratitude and respect that the name Coquitlam was derived from the hən̓q̓əmin̓əm̓ (HUN-kuh-MEE-num) word kʷikʷəƛ̓əm (kwee-KWET-lum) meaning “Red Fish Up the River”. The City is honoured to be located on the kʷikʷəƛ̓əm traditional and ancestral lands, including those parts that were historically shared with the q̓ic̓əy̓ (kat-zee), and other Coast Salish Peoples.