Today, I will be finishing off my series on the proposed 2023 budget for Langley City. In two previous posts, you can learn about the overall budget and a more in-depth look at ongoing operating costs.
Langley City funds its one-time capital projects with money from property tax, developer fees, casino revenue, and funding from TransLink, the provinces, and the feds.
The money the City collects from property taxes, developers, and the casino is put into reserve accounts, which act as savings accounts to help fund capital projects. The City will set aside money over several years in these reserves for larger projects.
The following table shows the current, high-level state of the City's reserve accounts at the end of December 2022.
| Type | Amount |
|---|---|
| Developer Contribution Reserves | $40.0m |
| Casino Revenue Reserves | $6.5m |
| Other Reserves | $12.6m |
This year, the City is planning to invest $46.9 million in capital projects. The City will fund these capital projects with $15 million from a loan, $13.1 million from casino revenue, $12.2 million from property tax and user-fee funded reserves, $4.5 million from grants from the feds, province, and TransLink, and $2.1 million from developer fees.
The most significant capital projects include investing:
- $12.9 million to replace some of the oldest water, sewage, and drainage pipes in the City under the Fraser Highway one-way section between 204 St. and 206 St. This project also includes improved sidewalks, underground hydro lines, and greening of the downtown with replanted street trees. The project will be $18.2 million in total, with additional funding proposed in the 2024 budget.
- $15 million to purchase strategic property and fund SkyTrain-related improvements to maximize this once-in-a-generation opportunity for residents and businesses.
- $4.0 million to keep the sewer and drainage system in a state of good repair.
- $3.0 million to keep the water system in a state of good repair.
- $2.6 million to repave various roads.
- $1.7 million to build safe bike lanes on the south side of Michaud Crescent. TransLink would fund $1 million, and developer fees would fund $700,000 of this project.
- $1.5 million for improvements in various parks and the trail network
- $1.1 million to replace various end-of-life traffic lights.
- $769,000 to keep the rec centres and pool in a state of good repair.
For more information, please review the proposed capital budget starting on page 128 of the Langley City 2023 – 2027 Financial Plan.
5 comments:
Third highest, and growing, homeless population, in Metro Vancouver. And now, after countless studies, expensive advocacy groups, church advocates, government buying/ leasing hotels and staffing them and operating them as NO barrier housing to house welfare clients..... The city of Langley is creating a NEW position to study "the problem"!!!!
An approximate 12 PERCENT increase in property taxes, the township is looking at around 7percent and that's too high. You are taxing us out of our homes, young and old. Thanks, great job, maybe you live within our means.
i can not understand why the city council will not listen to the citizens of langley city , 12 % increase of city taxes is outrageous , with inflation at a all time high , most people are struggling to get by . they should reconsider their spending . i wish we had a council to have the balls to stand up and oppose to this ridiculous spending and remember that they are suppose to be working for us , the Langley citizen
Thanks for the comment. Which items would have you removed from the budget?
Good valid question Nathan. I was actually looking forward to reading a detailed reply with all the huff, but … crickets.
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