Monday, June 3, 2024

May 27 Council Notes: Financial Plan Updates and Letters of Support

A few weeks ago, I posted that Langley City's independent auditor gave our 2023 financials a clean bill of health and that, as part of year-end financial results and annual reporting, we need to amend our 2023-27 Financial Plan to reflect the actual numbers.

I also posted about changes to the 2024-28 Financial Plan to reflect changes in capital projects and funding sources. These changes are typical and occur throughout the year.

Langley City Council provided an opportunity for people to provide feedback on the 2023-27 and 2024-28 Financial Plans. However, Council did not receive written feedback, and no one spoke to these items at last Monday's Council meeting.

As such, Langley City Council gave final reading to adopt the updated 2023-27 Financial Plan.

As I posted in early May, Langley City is still awaiting loan authorization. One of the approval steps occurs at the Metro Vancouver Regional District. The Regional District asked that we update our 2024-28 Financial Plan to reflect the estimated long-term debt servicing costs between 2025 and 2028. As a result, Council rescinded third reading of the amended plan, which it gave two weeks ago, and gave third reading of the updated Financial Plan with the long-term borrow cost estimates. Council will consider final reading and adopt this update tonight.

Council also gave final reading to adopt an updated Public Notice Bylaw, which I posted about previously.

Langley City Council received a letter from the City of Abbotsford asking to stand in solidarity with their request to the federal and provincial governments to provide funding for long-term flood mitigation. Council asked City staff to draft a letter of support.

Council also received a letter from the Fraser Valley Ringette Tournament asking for support. We asked staff to refer them to our Community Grant program.

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