The District of West Vancouver has adopted a Long Term Financial Plan (LTFP), for resiliency, to provide high levels of services and to manage its assets in the best possible way. 2018 marks the third year of addressing asset maintenance through an asset levy. This is critical if we are to maintain our infrastructure, which includes everything from transportation infrastructure to parks to IT infrastructure to community centres to water and sewer lines.
Like any business or household, each year the municipality is challenged with increased costs. The cost of providing services must be balanced with a tax increase the community can afford at any one time.
The District began building the asset reserve in 2016 while continuing to provide you with municipal services of the highest quality.
First, second, and third quarter reviews
The District's Annual Reports for the years 2005 through 2014 were awarded the Government Finance Officers Association of the United States and Canada (GFOA) Canadian Award for Financial Reporting.
Financial Information Act reports
The Financial Information Act regulations require all local governments, to make available to members of the public certain detailed financial schedules in addition to the regular year end financial statements of the District.
The District has significant ongoing surplus and reserve balances (during tax due date, for example). These funds are invested within the restrictions of the Community Charter and the District’s Investment Policy to earn a return for the District.
Fiscal Sustainability Review
The twenty-year projections show that, in the General Fund, the District has an infrastructure gap in the long-term forecast due to insufficiently dedicated reserves for replacement of capital assets.
Provincial school tax
As announced in the province's 2018 budget, an additional school tax will be applied to all residential properties in the province valued at $3 million and above.