SUPPORTS ITEM NO. 2
CS&B COMMITTEE AGENDA
APRIL 24, 1997
ADMINISTRATIVE REPORT
Dated: April 15, 1997
C.C. File No. 1605-1
TO: City Services and Budgets Committee
FROM: Director of Finance
SUBJECT: 1997 Operating Budget: Final Report
RECOMMENDATIONS
THAT Council approve the final 1997 Operating Budget Revenue
and Expenditure estimates as presented in this report and
summarized in Appendix 1 and instruct the Director of
Finance to bring the 1997 Budget Resolution and Rating
By-laws to Council on May 13, 1997.
GENERAL MANAGER COMMENTS
The General Manager of Corporate Services RECOMMENDS
approval of the foregoing.
COUNCIL POLICY
The Vancouver Charter requires the Director of Finance to present
the estimates of revenues and expenditures to Council not later
that April 30 each year and for Council to adopt a resolution
approving the budget and a rating by-law establishing general
purpose tax rates as soon thereafter as possible.
On April 8, 1997, Council approved the recommendations of the
Director of Finance contained in the interim report on the 1997
Operating Budget. These recommendations provided final
instructions to bring the budget into balance, including
application of a 4.5% general purposes tax increase.
PURPOSE
The purpose of this report is to bring forward for Council
approval the final adjustments necessary to ensure that all
appropriate revenue and expenditure estimates are included in the
1997 Operating Budget.
DISCUSSION
Since Council approved the interim estimates, the final steps to
complete the 1997 Operating Budget cycle have been taken. These
include adjustments to reflect final approval of transition
funding for new revenues approved by Council; allocation of
general turnover provision to departments; the allocation of
funding for new and non recurring items in the budget; and the
final adjustments to Contingency Reserve.
The 1997 Operating Budget, upon which the Budget Resolution will
be based, is summarized in Appendix 1 of this report.
COMPLETING THE BUDGET CYCLE
As noted above, completion of the 1997 Operating Budget will
require a formal resolution by Council and adoption of the rating
by-law to establish 1997 general purposes tax rates. However,
before that resolution can be approved, Council will be asked to
give consideration to a series of property tax related issues.
In a separate report before Council this day are recommendations
of the Director of Finance related to the 1997 Property Tax
Limitation (Capping) Program and a consideration item related to
additional taxation policy options put forward by the Director of
Finance and two consideration items put forward by the Citizens
Advisory Committee on Property Taxation. While decisions flowing
from consideration of these issues could impact on the
distribution of the taxation burden among the classes and the
development of final tax rates, they will not change the general
purposes tax levy presented in Appendix 1 of this report.
Based on decisions from this taxation policy report, the Budget
Resolution, necessary special resolutions related to taxation
averaging, and capping and the Rating By-laws will be before
Council on May 13, 1997 for final approval.
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