City Adopts 2024-2028 Financial Plan

Port Alberni, BC – The City of Port Alberni has adopted its 2024 Financial Plan, with the rate for the average single family residential home set at 9.29%.

The financial planning process began in November 2023 and was introduced to Council on February 5 at a Committee of the Whole meeting. Through a series of Council meetings and community input, Council has adopted a financial plan that prioritizes spending while also investing in capital projects that will extend the life of key assets critical to the City’s growth.

“We want to be mindful of how we use taxpayer dollars while also creating a stable financial foundation that takes into consideration the City’s growth and pressure on existing assets,” said Andrew McGifford, Director of Finance. “Delayed investment in our infrastructure often leads to cost escalation in future years and risk of failure which can impact the City’s economic growth potential.”

Under the provisions of the Community Charter, municipalities must annually adopt a Financial Plan before the annual property tax bylaw is adopted. The Financial Plan spans a five year period, covering 2024 through 2028, while the tax rate bylaw is set only for the current year.

“I want to thank the residents of Port Alberni for their perspective and feedback on this year’s budget,” said City of Port Alberni Mayor Sharie Minions.“We know the financial burden on families today is considerable, and although we started at a much higher proposed tax rate, it was clear around the Council table that we needed to do three things: find cost savings to reduce the financial burden on homeowners, maintain the level of services our residents expect and seek out ways to expand our revenue stream to ensure everyone is contributing their fair share.”

The 2024 Tax Rates Bylaw will be considered for adoption by Council April 22, 2024.

For more information on the City’s Five-Year Financial Plan, visit: www.portalberni.ca/budget.

For More Information: 

Andrew McGifford, Director of Finance
City of Port Alberni
250.720.2821
andrew_mcgifford@portalberni.ca