District releases details in Five Year Financial Plan

  • Apr. 20, 2011 12:00 p.m.

The Community Charter requires that council adopt by bylaw a Five Year Financial Plan each year. The purpose of the Five Year Financial Plan is to provide a budgetary framework for the district to plan the management of its resources, revenues and expenditures in order to best serve the community. Council considered the Five Year Financial Plan Bylaw, 2011 on April 11.

Draft versions of the 2011 Five Year Financial Plan for the District of Sooke have been presented and discussed at Committee of the Whole meetings throughout February and April.  The proposed property tax increase for the municipal portion of the 2011 tax bill is 2.99 per cent; which translates to $29 per average assessed household and generates approximately $180,000 in additional revenue to apply to municipal expenditures. 

Funding for key initiatives has been allocated based on the strategic directions as identified and approved by council in the 2011 Strategic Plan.

Well Planned, Sustainable Community

•$20,000 funding for the development of a Downtown Parking Plan

•$75,000 funding for the development of a Solid Waste Management Plan (100 per cent  grant funding dependent)

•A further $20,000 funding for the completion of the Zoning Bylaw review

•$5,000 funding to supplement the in-house development of a Affordable Housing strategy

•$7,500 funding to supplement the in-house development of an Agricultural Plan.

Responsible Stewardship of the Environment

•$350,000 funding for the installation of a roundabout on Sooke Road to reduce vehicle idling and green house gas emission

Proactive Improved Infrastructure 

•$135,000 to resurface Maple Avenue to be performed in conjunction with Capital Regional District Water Department’s water main upgrade

•$50,000 for culvert replacement

•$22,700 for installation of new public garbage receptacles, street lighting and glass transit shelters

•$2,980,000 funding for the construction of Phase I of the alternative connector road from Phillips Road to Charters Road

Diverse and Vibrant Local Economy

•$5,000 funding for the establishment of a community radio

•$10,000 funding for convention hosting

•$35,000 funding for promoting and marketing the Sooke region in conjunction with Rogers’ Sportsnet

Sustainable Financial Management

Establishment of the Capital Asset Replacement Reserve matches the district’s needs for investment in capital with available financial resources and to minimize borrowing. The purpose of the Reserve is for replacement of ageing infrastructure with funding transfer equivalent to a percentage of the total asset values. Annually, a minimum of 0.5 per cent of the previous year’s amortization expense will be transferred to the reserve.

The District is continuing with its goal of transferring 15 per cent of property taxes to capital projects in future years. In 2011 alone, the district will be transferring $598,982 to capital reserves to finance future expenditures.

The District of Sooke collects taxes for both the municipality and a number of other governing bodies. Of the total property tax, only 42 per cent is applied directly to municipal services. 

 

Just Posted

Federal government actions hurt Sooke hatchery fundraising efforts

Funding denial comes on the heels of fishing closures

Stop work order at Sooke salmon hatchery devastates volunteers

CRD steps in as some volunteers give up their efforts

Oak Bay researcher’s Canadian English dictionary goes to print

How an unknown American hobbyist sparked a Canadian dictionary

Jesse Roper learns to create fire in the wild, in Sacred Knowledge web series

Ragnarock Studios production shares primitive skills with Islanders

Island athlete goes from hoop dreams to icy track

Cyrus Gray hopes to punch his ticket to Olympics in bobsleigh

Police release photos of suspect in daytime sex assault at Vancouver woman’s home

A young woman, in hers 20s, was followed home by the man, before he violently attacked her inside

Raptors beat Bucks 100-94 to advance to franchise’s first-ever NBA Finals

Leonard has 27 points, 17 boards to lead Toronto past Milwaukee

Third person charged in death of B.C. teen Bhavkiran Dhesi

Inderdeep Kaur Deo facing charge of accessory after the fact to murder

SOOKE HISTORY: Pemberton Pool namesake remains a mystery

Historian believes it was possibly named after surveyor Joseph Despard Pemberton

Kamloops girl, 9, recovering from carbon monoxide poisoning now out of ICU

Her mother who was sleeping in the same tent with her did not survive

‘I think he’s still alive’: B.C. mom pleads for help finding son last seen a month ago

Family offering $5,000 reward for information leading to the safe return of Tim Delahaye

New poll suggests one-third don’t want politicians to wear religious symbols

Local politicians shouldn’t be allowed to wear hijabs, crucifixes or turbans on the job, survey suggests

Raptors fans far from home adjust plans to watch pivotal playoff game

Raptors currently lead the playoff series 3-2, and a win Saturday would vault them into NBA finals

PHOTOS: First responders in Fernie rescue baby owl who fell from nest

The baby owl’s inability to fly back to its nest prompted a rescue by first responders

Most Read