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Budgets and Taxation

Budgets

The Budget Section is responsible for the preparation, implementation and monitoring of the operating, utilities and capital budgets. Each year, a five-year Financial Plan is prepared that includes the current year's budget and projections for the next four years.

Municipalities in British Columbia are required by legislation to have a balanced budget. This means no debt can be incurred to fund the basic annual operating expenditures. Debt can only be used to fund capital projects, such as buildings, road constructions, and water, sewer and drainage works.

Delta's fiscal year is the calendar year. Preparation of the following year's budgets commences in the second half of the current year. The utilities budget and rates are established by the end of the current year. The capital budget is established early in the fiscal year, and the financial plan and property tax rates are finalized before May 15.

Financial Plan

Debt Status

  • Council adopted the debt management policy in 2002, which includes:
    • Move to "pay as you go" funding for regular capital program
    • No more drainage borrowing
    • Eliminate internal debt for regular program
    • On-going efforts to reduce borrowing costs by pursuing debt refinancing and early retirement opportunities
  • Debt payments savings of $2.2 million in 2003 as a result of debt refinancing and internal debt forgiveness
  • No new debt since 2003 Capital Plan.
  • $11.1 million current debt balance and $2.6 million debt payments for 2012
  • Assume no new borrowing, debt will be eliminated by 2022
  • View Debt Balance - { pdf 10KB }
  • View Debt Payments - { pdf 9KB }

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