Council adopts City's 2022 - 2026 Financial Plan

Budget focuses on building a resilient community

NEWS RELEASE - Distributed May 9, 2022 1:15 PM

Summary

At a Special meeting on Monday, May 9, Council adopted the City's 2022-2026 Financial Plan, which includes the 2022 City Budget. This year, property owners can expect a general property tax rate increase of five per cent and a one per cent increase for the General Asset Management Reserve equating to an additional $139 or $11.58/month for the average home.

The City’s budget focuses on a return to a "new normal" and includes a number of initiatives to support Council priorities:

• Enhancing Public and Community Safety: with the addition of seven new RCMP members (three new RCMP members and four new geographically targeted RCMP bike patrol members) and implementation of the Downtown Nanaimo Safety Action Plan. The Downtown Safety Action plan includes 12 Community Safety Officers, two permanent two-person Community Clean Teams, Downtown Ambassadors program, Parks Ambassador program for summer 2022, vandalism relief grant program and additional downtown parkade cleaning. In addition to the above mentioned, an enhanced investment will be made in 2022 for pedestrian amenities including Lenhart Pedestrian Bridge, new sidewalks and multi-use paths and $1 million allocated to additional pedestrian amenities.
• Strengthening Nanaimo’s Economy: through funding for the new Nanaimo Prosperity Corporation to help advance the City’s economic development priorities.
• Supporting Good Governance and Effective Service Delivery: with the continuation of the multi-year project to implement a Corporate Asset Management System to enhance the City’s ability to track and manage assets, and aid future decision-making.
• Fighting Climate Change: with the fixed annual contribution the Climate Action Reserve Fund to support energy and emissions management initiatives, plans and projects.
• Investing in Our Community: with the allocation of $480,000/year for five years to support recommendations and initiatives in the Health and Housing Action Plan. Also, funding recreation opportunities such as Harewood Artificial Turf Fields, Loudon Park Improvements, Marie Davidson Bike Park Improvements, Maffeo Sutton Playground Phase 2 and Westwood Lake Improvements.

The City’s financial planning process is informed by policies, plans endorsed and/or approved by Council and public consultation. The property tax rate is set by Council after reviewing the departmental business plans and the City's Five-Year Project Plan, balancing the community’s interest in maintaining existing levels of services while planning for significant infrastructure needs.

Tax notices will be sent to homes in May along with the annual City Updates newsletter, which includes information on property taxes as well as upcoming community projects, programs and events. For more information on the 2022-2026 Financial Plan, visit www.nanaimo.ca/goto/budget.

Link to Strategic Plan: The 2022-2026 Financial Plan supports Governance Excellence through a number of new initiatives and additions to staffing levels to ensure effective service delivery to residents.

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