The City of Langley will be hosting a Financial Plan Open House on Wednesday, February 1st at 6:00 pm in the Langley City Hall Finance Department foyer (20399 Douglas Crescent). The 2017 Financial Plan currently has a gap of $883,595 between total revenues and planned expenditures which would equate to a 3.61% increase in property taxes to balance the budget. Including utility rate increases, the impact on an average multi-family home (assessed at $253,636) would be an increase of 3.20% or $39 and an average single family home (assessed at $728,339) would see an increase of 5.92% or $170.
City Council will be holding a Committee of the Whole meeting at 7:00 pm on Monday, February 6th in the Council Chambers where a public presentation of the Financial Plan will be made. Following the presentation, there will be an opportunity for the public to share their views with City Council on how the shortfall should be addressed. Additional information can be found on our website at www.city.langley.bc.ca
The capital construction expenditure budget, not included above, is $21,758,145 for 2017 and is funded through transfers from reserves and senior government infrastructure grants.