The Local Government Act requires the City of Coquitlam to complete a Five-Year Financial Plan and Budget each year. The Financial Plan ensures responsible money management and relates directly to the priorities identified by the community.
Purpose of the Financial Plan
The Financial Plan helps ensure that the City is accountable to Coquitlam’s taxpayers by providing City staff with clear direction on spending levels for each defined priority, and the authority to pay for services for Coquitlam residents.
How the City Develops a Financial Plan
Developing the Financial Plan is a complex, months-long process. It begins with strategic planning and includes public consultation, extensive background briefings for Council and comprehensive discussion sessions that culminate in a proposed Five-Year Financial Plan for Council approval. It also includes a number of key budget assumptions. Part of this process also includes City departments and cultural partner presentations to Council at a Finance Standing Committee Meeting. Delivered on Jan. 24 and 25, 2023, these presentations can be viewed online at coquitlam.ca/webcasts.
Using this as a basis, work plans are developed for each department, with resource needs identified. Together with the Strategic Plan and Business Plan, this approach to financial planning provides for a thorough, strategic focus in the budget deliberations.
See section below entitled ‘Interactive Ways to View City Data’ to learn more about where your tax dollars go. See also: 2023 Budget – Property Taxes Explained (PDF)
Public Input on the City’s 2023 Budget
Almost 600 people participated in Coquitlam’s 2023 online budget survey – the City’s biggest budget survey response to date – with the majority in favour of maintaining existing funding and service levels. Read feedback highlight in the What We Heard infographic (PDF).
Public participation in the annual budget planning process helps to ensure the City’s budget reflects the community’s current wants and needs. It also helps inform the community on how city budgets are created, in addition to how your property tax dollars are spent. Public feedback helps the City balance individual needs, alongside the needs of a growing community while delivering on key priorities and projects in a measured way, especially during times of economic uncertainty. Visit the public engagement project page at letstalkcoquitlam.ca/budget.
2023-2027 Financial Plan | A Focus on Resiliency and Fiscal Responsibility
On Feb. 13, 2023 Mayor Richard Stewart provided introductory comments (PDF) and a presentation (PDF) prior to Council consideration of the 2023-2027 Five Year Financial Plan Bylaw. The 2023 Water, Sewer, Drainage and Solid Waste Rate Amendments (PDF) was approved in December 2022.
See also: Information Bulletin – Feb. 14, 2023 – Coquitlam Budget Focuses on Resiliency and Fiscal Responsibility
The City’s Annual Tax Rates are adopted after the BC Assessment Authority information on property values becomes available.
The 2023-2027 budget highlights and plan booklet will be added into the page upon completion.
Interactive Ways to View City Data
Want to learn more about where your tax dollars go? The City of Coquitlam has made available a data visualization tool called Coquitlam OpenBook for the public to easily view information about City budgets and spending. Check the tool to view:
- 2021 Annual Expenses (the City’s most recent audited financial statement data)
- Capital Budgets (breakdown of the 5-year capital budget down to the project level)
- Operating Budgets (breakdown of the operating budget down to the business unit)
- Project Explorer (a highlight of select new and ongoing projects)
- Use Coquitlam OpenBook to view informational text and clickable maps, charts and graphs, and use search and filter functions to explore topics that interest you for more detailed information.
Feel free to provide us with your feedback.