City Budget

Annually the City updates the Five-Year Financial Plan and the 10-Year Project Plan, balancing changing needs and priorities within the community. 

In compliance with the Community Charter, the Financial Plan is developed through public consultation and Council direction. Prior to May 15 each year, Council must adopt both a Five-Year Financial Plan Bylaw and a Property Tax Rates Bylaw.

2025 – 2029 Financial Plan (Financial Plan)

The 2025 - 2029 Financial Plan will be introduced to Council beginning November 27^th, 2024 at a Special Finance and Audit Committee meeting. 

The Draft Financial Plan and 2025 Departmental Business Plans will be available in mid-November.

Upcoming Budget Sessions: 

All meetings to be held at the Vancouver Island Conference Centre.

November 27, 2024 starting at 9 am

Budget Overview

November 29, 2024 starting at 1 pm - if required

Budget Overview

E-town Hall December 2, 2024 before regular Council meeting

December 4, 2024 starting at 9 am

Presentations from External Organization

Budget Overview

December 6, 2024 starting at 9 am

Budget Recap and Council Deliberations

Annual Financial Plans

The City's integrated planning framework is comprised of separate but complementary planning processes.  These processes support alignment and integration of resources and activities to achieve the strategic goals and priorities set by Council. 

City Plan

In July 2022, Council adopted City Plan: Nanaimo ReImagined (City Plan).  City Plan adopts the Doughnut Economics model (pictured below) as a framework for achieving its vision and articulates its focus through five goals.  The five goals provide the organizing structure for policies in the City Plan.  How and when the actions and policies described in the City Plan come to fruition is the work of City Council, and will evolve as community priorities shift over time.

2023 – 2026 Strategic Plan

In June 2023 Council endorsed the 2023-2026 Council Strategic Framework. The Framework reflects six key focus areas that will serve to guide Council's decision-making in the years ahead.  The six key focus areas are:

• Implementing City Plan Action Plans and Key Management Plans
• Social, Health and Public Safety Challenges
• Maintaining and Growing Current Services
• Capital Projects
• Communicating with Community
• Governance and Corporate Excellence

20 Year Investment Plan

At the June 14, 2023 Finance and Audit Committee meeting staff presented the 20 Year Investment Plan and Asset Management Plan Update.

The 20 Year Investment Plan and Asset Management Plan Update was led by the City's Asset Management Steering Committee with representation from across the organization including engineering, development, facilities, finance, IT, park operations and public works.

The City's investment in infrastructure supports service delivery of needed and desired services to the community.  The new estimated replacement cost of the City’s infrastructure is $4.8 billion (2021) an increase of $1.8 billion since the last update.

The 20 Year Investment Plan and Asset Management Plan Update, based on 2021 inventory, provides an overview of the City's long term investment plans and funding strategies. The plan includes investment in strategic initiatives, programs and projects, annual investment programs for renewal of existing infrastructure and new/upgraded infrastructure required for growth to maintain current levels of service. The plan will support Council's review and decision making regarding current planning processes, the City's Asset Management System and funding strategies. Projected investment is meant to be attention directing and will change as the timing, scope, and costing of projects, including costing adjustments to reflect current market pricing, is refined in each project planning cycle. 

Projected investment required over the next 20 years is $2.6 billion and current funding strategies may provide $1.6 billion. Strategies have been identified to help address the projected funding shortfall of approximately $1.0 billion including the recommendation to borrow as the funding strategy for the major capital projects under development (project costs, timing and required borrowing will be refined as projects are further developed). The projected shortfall includes $74.9 million in DCC contributions for new/upgraded infrastructure. A DCC review is beginning in 2023 and a new bylaw is intended to address this shortfall.

Read the 20 Year Investment Plan and Asset Management Plan Update.

Get Involved!

Citizens have an opportunity to provide their input and engage in budget discussions once a Draft Financial Plan is presented to Council. Here is how:

• Attend Council and Finance and Audit Committee Meetings on Budget discussions
• Participate in the annual eTown Hall Meeting to discuss the City of Nanaimo's annual budget