HomeMy WebLinkAboutFIN-2023-041 - 2023 Capital Budget and 10-Year ForecastFinancial Services Department www.kitchener.ca
REPORT TO: Finance and Corporate Services Committee
DATE OF MEETING: January 23, 2023
SUBMITTED BY: Ryan Hagey, Director of Financial Planning & Reporting, 519-741-2200
ext. 7353
PREPARED BY: Ryan Hagey, Director of Financial Planning & Reporting, 519-741-2200
ext. 7353
WARD(S) INVOLVED: All Wards
DATE OF REPORT: January 6, 2023
REPORT NO.: FIN-2023-041
SUBJECT: 2023 Capital Budget and 10 Year Forecast
RECOMMENDATION:
For discussion.
Note: Final approval of the 2023 Capital Budget will take place as part of Final Budget Day,
scheduled for February 2, 2023.
REPORT HIGHLIGHTS:
The 10-year proposed capital budget and forecast for 2023-2032 includes over 400 projects
at a total cost of $1.6B.
Community engagement included Public Budget Night (January 9) and an online survey
(closes January 17).
This report supports the delivery of core services.
BACKGROUND:
infrastructure (assets) that offer a long-term
benefit to the community. Examples include parks, roads, and sanitary sewers. The projects
included in the Capital Budget often take a number of years to complete, either creating new
assets or renewing existing assets. The term of the budget is 10 years, which helps establish
capital priorities for both the near future and the medium-term. As part of the annual budget
process, Council reviews, deliberates, and approves the Capital Budget.
REPORT:
kitchener.ca/budget) since
early December and includes the following components:
Proposed Budget Summary
Appendix A - Operating Budget
Appendix B - Capital Budget
Appendix C - Issue Papers
Appendix D - Reserve and Reserve Funds
Appendix E - User Fee Schedule
*** This information is available in accessible formats upon request. ***
Please call 519-741-2345 or TTY 1-866-969-9994 for assistance.
STRATEGIC PLAN ALIGNMENT:
This report supports the delivery of core services.
FINANCIAL IMPLICATIONS:
Funding for the capital program is included in the 2023 rate increases. The proposed tax rate
increase of 4.8% is an impact of $56 to the average home. The water utilities (water, sanitary,
stormwater) rate increase of 4.5% approved by Council on December 12 is an impact of $42 to
the average home.
COMMUNITY ENGAGEMENT:
INFORM
council / committee meeting.
CONSULT Citizens have an opportunity to provide input about priority areas of the budget
through a number of processes. Their input comes through public consultation efforts for the
Strategic Plan, comprehensive master plans (e.g. Leisure Facilities Master Plan), strategies (e.g.
Urban Forestry Strategy, Customer Service Strategy), or specific issues (e.g. City Hall Outdoor
Spaces). As part of those processes, staff consider the feedback received from the public as
they make their recommendations and share it with Council when those recommendations are
presented for approval. The budget is the process whereby Council affirms approved priorities
and allocates funds to bring these concepts into reality.
In addition to the opportunities for input on specific topics, staff continue to use multiple methods
toeffectively inform and consult citizens about the budget at large. Staff have proactively
provided website. They have
also prepared videos explaining several budget/finance topics to better inform residents. Citizens
have been encouraged to provide their input into the budget process by:
Attending a public input sessions on January 9
Completing the online budget survey on Engage Kitchener (closes January 17)
Contacting their ward councillor
PREVIOUS REPORTS/AUTHORITIES:
FIN-2022-482 2023 User Fees
FIN-2022-188 2023 Water Utilities Rates
INS-2022-486 2023 Natural Gas Rates
FIN-2023-035 2023 Operating Budget
APPROVED BY: Jonathan Lautenbach, Chief Financial Officer, Financial Services