Thu. May 26th, 2022

THAT The City of Vancouver’s draft budget for 2022 and five-year financial plan are now available for viewing and will be considered by the city council at their special council meeting on December 1, the city announced Tuesday.

Staff have taken a cautious approach to building the draft budget for 2022 in recognition of the economic difficulties that Vancouver residents and businesses continue to face due to the pandemic and the constraints the pandemic has placed on city funds. The budget options presented also follow the City Council’s directive to allow for a property tax increase of no more than five percent.

The draft operating budget for 2022 for consideration in the Council is $ 1.7 billion. To keep next year’s property tax increase at or below five percent, staff have identified opportunities to reduce expected spending in 2022 by $ 45 million.

These cost-saving measures include identifying work that can be postponed, retaining vacancies and finding new cost-effectiveness. Without these cost reductions, a much higher tax increase would have been necessary to balance the budget. There will also be limited funds available in 2022 for new programs or improvements.

The city’s economy continues to be affected by the COVID-19 pandemic, and although operating revenues improved during the 2021 budget, there is still a risk to revenue in 2022. There are also additional costs associated with our pandemic fight.

Staff are also proposing adjustments to the draft capital budget for 2022, which will reduce spending in the 2019-2022 capital plan by approximately $ 43 million. This scenario still allows the municipality to focus on maintaining and renewing assets and infrastructure, as these investments are crucial to avoid higher costs in the future.

See the budget highlights for an overview of the budget proposal for 2022; the detailed budget document and the departments’ service plans are also available on the municipality’s website. Learn about the input the city received from the public about 2022 spending in its public engagement report.

Expected average annual increases

If the Council approves a five per cent property tax increase, the average annual increases for 2022, based on median property values ​​in each category, will be as follows:

  • $ 137 for a single-family home (valued at $ 1.7 million)
  • $ 57 for a condo or strata unit (valued at $ 711,000)
  • $ 247 for a commercial property (valued at $ 1 million)
  • $ 95 for a residential property total (valued at $ 1.2 million)

The actual tax return for the individual property owner will deviate from the above average amount and will depend on the property valuation value of the property, as well as the change in the valuation value of the property in question relative to the average change in the property class in question. The valuation value of a property is determined by BC Valuation.

These estimates only reflect the district of taxes. The amount owed on a property owner’s tax return will also include utilities, provincial school taxes and taxes levied by other tax authorities, including Translink, Metro Vancouver, BC Assessment and the Municipal Finance Authority.

The total property tax for 2022 will be determined once a final budget has been approved by the Council.

How to give feedback

The following options are available to residents and businesses wishing to provide feedback to the Council on the draft budget for 2022:

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