2025 to 2029 Financial Plan

The City of Courtenay is committed to responsible financial planning and transparent budgeting.

Each year, the City must adopt a balanced five-year financial plan by May 15, as required under the Community Charter. This plan is updated annually to reflect changing priorities and needs. Council began reviewing the proposed 2025–2029 financial plan at the January 29, 2025, Council meeting.

This page will be updated with new information, reports and documents as the 2025–2029 financial planning process continues.

Public engagement

Community feedback is an important part of the financial planning process.  For the 2025–2029 plan, engagement took place through an online budget simulation tool called Balancing Act. The tool allowed residents to adjust revenues and expenses across different services, helping them understand trade-offs while submitting a balanced budget.

Although the number of submitted simulations (72) was lower than in 2024, the total time spent engaging with the tool was higher at 87 hours. This represents a shift from passive to more active participation compared to previous in-person sessions.

Council direction

January 29 and February 5 Council meetings

Council began reviewing the draft 2025–2029 Financial Plan on January 29, 2025. Staff presented departmental budgets and planned initiatives. The meeting resumed on February 5, 2025.

At the February 5 meeting, Council directed staff to:

  • Fund the Bridge Building demolition through the Gaming Reserve, up to $500,000.
  • Remove the proposed Engagement Specialist position.
  • Report back on the impact of 2025 tax rates at 6 per cent, 6.5 per cent and 7 per cent.
  • Report back on options to phase in the 2025 sewer rate increase over five years.

Direction for the 2026–2030 Financial Plan

Council passed a motion directing staff to explore strategies to lower future tax increases, including:

  • Exploring all revenue options.
  • Reviewing and prioritizing the capital plan.
  • Identifying operational efficiencies.
  • Developing a financial reserves and surplus policy.

February 26 Council meeting

Council reviewed a follow-up report reflecting their direction from January 29 and February 5. Staff recommended adjustments to reduce costs and required revenue, which would help lower property tax increases.

Council adopted the updated 2025–2029 Financial Plan with a 7 per cent discretionary tax increase, down from the original 10 per cent proposal.

Related documents

The following documents provide full details of the 2025–2029 Financial Plan and Council discussions: