2023 Courtenay Annual Report

Growing Communities Fund In March 2023, the Province of BC announced funding for communities through the Growing Communities Fund. Courtenay received $7.65 million which will be used for the following projects:

Online Budget Engagement The budget simulation tool was designed to give residents greater understanding of the City's annual budget. It asked residents to make budget choices for both revenue and expenditures for the General and Utility Funds. Additionally, specific proposals were placed before residents to consider: • Should the City increase recreation fees to pay for Recreation Services? • Should the City increase Building Permit Fees to offset review and issuing costs? • Should the City hire additional Bylaw Officers? • Should the City save money for future capital projects and reduce reliance on debt? Budgets were grouped by function (i.e. Public Safety, Recreation). Respondents could increase or decrease revenue and expenditure allocations at the department level. Prior to submitting their budget, they needed to balance the budget (revenue greater or equal to expenditures) as municipalities are required to balance budgets each year. Budget simulation stats: • Total pageviews: 842 • Average time on site: 6 minutes • Total time on site: 85 hours, 22 minutes • Total submissions: 125 The Balancing Act Budget Survey will be offered again in 2024.

Financial Sustainability

Growing Communities Fund Allocation

Funding

$2,000,000 1,500,000 1,000,000 1,000,000

Eastside Fire Hall McPhee Meadows

Playgrounds

Implementation of Parks & Recreation Master Plan

1,000,000

6th Street Bridge

655,000 400,000 100,000

Affordable Housing

Renewable Energy Options Small Tool Electrification

$7,655,000

Total grant funding

This $7.65 million investment in the community, is equivalent to 25% of 2023 property taxation. This grant funding reduces the City's costs to deliver key infrastructure and strategic priorities. • Eastside Firehall project $2 million grant funding allocation will reduce long-term debt interest payments by $1.6 million over 20 years (at 4% interest). • Playground equipment funding of $1 million. • 6th Street Bridge project $1 million grant funding allocation reduces long-term debt interest payments by $800,000 over 20 years (at 4% interest).

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City of Courtenay | 2023 Annual Report