The Community Charter requires Council to adopt a 5-Year Financial Plan bylaw each year prior to the adoption of the Property Tax Bylaw. The purpose of the 5-Year Financial Plan is to provide a budgetary framework for the City to plan the management of its resources, revenues, and expenditures in order to best serve the community.
The Financial Plan provides detailed funding requirements and also articulates financial priorities and issues. It helps staff manage day-to-day operations by providing financial and policy information, and by identifying financial and staffing resources available to provide services.
The plan serves as a communication device that gives all readers a comprehensive look at the services provided by the City and the costs related to those services. The City's Financial Plan Summaries are available for download below.
City of Langley Council has listened to residents and worked diligently with staff to develop the draft 2024 Financial Plan. The plan recognizes the current economic environment, while maintaining exceptional City service levels and continuing Langley City Council’s commitment to residents.
The City of Langley updates its five-year Financial Plan to ensure its finances are managed responsibly and reflect the priorities identified by council and the community. Langley City Council heard from residents during the fall neighbourhood meetings about several ongoing concerns in the community and where residents wanted to see additional investment. To that end, City Council has assembled the draft 2024 Financial Plan to make a significant effort in two key areas: Enhancing Public Safety and Investing In The Basics.
After 30+ years, the City is navigating the forced de-integration of the joint RCMP detachment with the Township of Langley. In 2024, the City plans to acquire land and initiate the construction planning for its independent RCMP detachment. To meet the agreed-upon shared staffing levels set in 2023, based on a five-year average of criminal code cases and relative population statistics, the City intends to hire three new RCMP members. City Council remains committed to community safety by hiring three additional firefighters, an Emergency Management Program Advisor, and a Bylaw Enforcement Officer to address the community's growth and needs.
City Council allocates funds for basic vital projects, including $1.0 million for sewer repairs and $2.2 million for asbestos cement water main replacements along Fraser Highway from 201A Street to 203 Street. An additional $1.1 million is set for the 200 Street culvert replacement, delayed in 2023 due to increased costs. The City will invest $1.0 million to replace a Nicomekl floodplain pedestrian bridge at 206A Street. Plans also involve enhancing community events like Community Day, Remembrance Day, and the Magic of Christmas to bring the community together in celebration and remembrance. The 2024 Financial Plan designates $71.0 million for operating expenses and an extra $25 million for capital projects. Property taxes and utility charges, billed at the end of May, cover about 75% of operating expenses.
Langley City Council understands that everyone has been impacted by rising costs and inflation. In the current economic environment, the City is also dealing with inflationary pressures and other rising material and labour costs. The impact of a 9.97% property tax increase affects each class or type of property differently depending on how the individual property assessments have changed. Including utility rate increases, the average changes in 2024 are as follows:
The average business property will increase of 9.98% based on a property assessment increase of 10.80%. The average light industrial property will increase 12.54% based on a property assessment increase of 11.25%. For properties that have assessment changes higher or lower than the average, the property tax increase will also change. This rate maintains a competitive ratio between residential and business class properties, ensuring Langley City remains an attractive municipality to locate a business.
More information on the 2024 - 2028 Financial Plan:
Property Tax Deferment Program:
The Province has a Property Tax Deferment Program allowing residential taxpayers over 55 years old with 25% equity in their homes, or families with children having 15% equity in their home, to enroll in the program. This may assist some taxpayers during times when the assessed values of their homes have increased so significantly.
Tax Prepayment Program:
The City provides a tax prepayment plan, which allows you to make 11 monthly installments towards your next year's property taxes. The plan begins in July, where we estimate the following year's taxes, and then take a property tax installment directly from your bank account on the 15th of each month. By the time the property taxes are billed in the following May, you will have a prepayment balance that can be used to offset the property tax billing.
If you overpay we will deposit your refund back into your bank account shortly after the July due date. If the estimate was slightly off you can pay the balance owing by the July due date. The plan is convenient because you don't have to pay one lump sum on the tax due date, it's a good investment as we pay you interest on your prepayment balance, and it's easy to get started. Click here to download the tax prepayment plan application.