Annually the City updates the 5-year Financial Plan and the 10-year Project Plan, balancing changing needs and priorities within the community.
In compliance with the Community Charter, the Financial Plan is developed through public consultation and Council direction. Prior to May 15th each year, Council must adopt both a Five Year Financial Plan Bylaw and a Property Tax Rates Bylaw.
2023 – 2027 Financial Plan
The 2023 – 2027 Provisional Financial Plan (Financial Plan) is focused on public safety. The Financial Plan also includes investment to maintain more than $3 billion worth of assets and provide infrastructure, amenities and services that support a growing community and make Nanaimo a place for living, working and playing.
The Financial Plan will continue to be updated in the coming months based on further direction from Council and as updates to budget estimates are received. The 2023 – 2027 Final Financial Plan will be presented to Council for review and approval in the Spring of 2023.
2023 - 2027 Provisional Financial Plan Quick Facts contains highlights of the Provisional Budget.
2023 Departmental Business Plans based on the draft budget and Business Cases that were submitted for consideration for inclusion in the 2023 – 2027 Financial Plan are available below.
Upcoming Budget Sessions:
Sessions for the 2023 – 2027 Final Financial Plan will be held in the Spring of 2023. Date(s) to be announced.
Annual Financial Plans
The City’s integrated planning framework is comprised of separate but complementary planning processes. These processes support alignment and integration of resources and activities to achieve the strategic goals and priorities set by Council.
In July 2022, Council adopted City Plan: Nanaimo ReImagined (City Plan). City Plan adopts the Doughnut Economics model (pictured below) as a framework for achieving its vision and articulates its focus through five goals. The five goals provide the organizing structure for policies in the City Plan. How and when the actions and policies described in the City Plan come to fruition is the work of City Council, and will evolve as community priorities shift over time.
2019 – 2022 Strategic Plan
In early 2019, Council developed and adopted the 2019 - 2022 Strategic Plan. The Strategic Plan has four strategic themes and ten focus areas.
In early 2023, the newly elected Council will update the Strategic Plan.
20-Year Investment Plan
On April 5, 2017, staff presented a 20-Year Infrastructure Investment Plan to Council. The plan included projected investment required over the next twenty years for current infrastructure renewal, for new/upgraded infrastructure required due to growth and for specific investment.
Development of the City's first 20 Year Infrastructure Investment Plan was led by the City's Asset Management Steering Committee and included input from the DCC Review Committee. Both committees have representation from across the organization including engineering, development, facilities, IT and finance disciplines.
The 20 Year Infrastructure Investment Plan identified a projected infrastructure investment need of $1.1 billion with current funding strategies providing $794 million. The total potential funding gap is $258 million. The gap is comprised of a funding shortfall of $117 million in development contribution charges for new and upgraded infrastructure required due to growth and $141 million for infrastructure renewal funded from general revenues and reserves. Council approved the following recommendations to close the funding gap:
- Continuation of 1% annual increase to property taxes to 2022 for contributions to the General Asset Management Fund Reserve
- Completion of the DCC Review and adoption of new rates bylaw
- Continued development of the City's asset management capacity
The new DCC rate bylaw was adopted in the Spring of 2018. The City's Asset Management Steering Committee is currently leading an Asset Management Plan and 20 Year Investment Plan Update.
Read the 20-Year Investment Plan.
Citizens have an opportunity to provide their input and engage in budget discussions once a Draft Financial Plan is presented to Council. Here is how:
- Attend Council and Finance and Audit Committee Meetings on Budget discussions
- Participate in the annual eTown Hall Meeting to discuss the City of Nanaimo's annual budget