2025 Financial Plan
About
The Community Charter requires Council to adopt a 5-Year Financial Plan bylaw each year before adopting the Property Tax Bylaw. The purpose of the 5-Year Financial Plan is to provide a budgetary framework for the City to manage its resources, revenues, and expenditures to best serve the community.
The Financial Plan provides detailed funding requirements and articulates financial priorities and issues. It helps staff manage day-to-day operations by providing financial and policy information and 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 city's services and related costs.
Current Financial Plan
The 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. During the fall neighbourhood meetings, Langley City Council heard from residents about several ongoing concerns in the community and where residents wanted to see additional investment. To that end, the City Council has assembled the 2024 Financial Plan to make a significant effort in two key areas: Enhancing Public Safety and Investing In The Basics.
Enhancing Public Safety
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. The City intends to hire three new RCMP members 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. 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.
Investing In The Basics
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.
Property Tax Breakdown
Langley City Council understands that rising costs and inflation have impacted everyone. The City is also dealing with inflationary pressures and other rising material and labour costs in the current economic environment.
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:
What Does This Mean For Businesses?
The average business property will increase 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 with 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 in which to locate a business.
