2005 Financial Plan
The 2005 Financial Plan was adopted by Council with Bylaw 9414 on May 9, 2005. The municipal taxation demand for 2005 is $70,210,000 which requires an increase of 1.95% for the average property owner.
The City of Kelowna has developed a comprehensive Financial Plan that includes operating expenditures, capital expenditures and general revenues. The Financial Plan has been developed to help guide the City through the next five years of growth and to meet the Provincial legislative requirements under the Community Charter.
A focus of the plan is to maintain an acceptable level of service within budgetary constraints. Several previous plans have been used as the basis for the development of the Financial Plan. These include: City of Kelowna Strategic Plan, The Official Community Plan and the 10 Year Capital Plan.
Within the operating and capital budgets there is a further breakdown between the General Fund (taxation impact) and the Utility Funds. The City of Kelowna operates three major utilities providing water, sewer and electrical service. The ongoing operation of these utilities is funded entirely by user rates in the form of annual parcel taxes and/or monthly user fees. There is also a natural gas utility obtained by a capital lease of the gas distribution system and offset by revenues received from an operating lease back of the system. The Airport also operates similar to a utility and is currently funded by user fees for ongoing operations, maintenance and capital improvements.
The total revenue and expenditures from the three areas are consolidated to form the Financial Plan Bylaw.
The Government Finance Officers Association of the United States and Canada (GFOA) presented a Distinguished Budget Presentation Award to the City of Kelowna, British Columbia for the fiscal year beginning January 1, 2004. In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device.
This award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award.
The 2005 Financial Plan is a consolidation of three budget volumes.
Volume 1 (Provisional) is the main budget document
Volume 2 (Carry Over Requests) contains projects from the previous year that were not able to be completed.
Volume 3 (Final) contains emergency or Council directed requests and includes the 5 year Financial Plan details along with the final tax impact.
For further information or comments please send an e-mail to: ask@kelowna.ca