2023-2027 Financial Plan
The 2023-2027 Financial Plan is available here [PDF - 3 MB].
Victoria City Council has approved a 2023 budget that will invest $480.6 million to deliver more than 200 services and programs as well as invest in infrastructure for future generations. The City's annual budget looks to adapt to change and balance competing priorities, while continuing to provide high-quality services Victoria residents and businesses have come to expect.
The City of Victoria is investing in core services and being responsive to ever-changing circumstances, whether they are economic or environmental, while striving to offer the best value for tax dollars.
Throughout the height of the global pandemic, the City continued to deliver high-quality services and held the line on property taxes to provide financial relief to business and residents during this challenging period.
Council and City staff have worked hard to keep the tax increase at 6.15 per cent for residents and businesses in 2023, despite global pressures on supply chains and inflation, which continue to increase costs.
Like most Canadian municipalities, property taxation is the largest source of revenue, financing most City services, programs and initiatives. Significant investments are being made in 2023 to support safety, housing, transportation, parks and recreation, downtown vibrancy, climate action, infrastructure, reconciliation and arts and culture.
Budget 2023 Highlights
Some Budget 2023 highlights include:
- A top priority for Council is that residents feel safe in the community, which is why the City is making significant investments in police, fire and bylaw services.
- $58.5 million is Victoria’s share of the Victoria Police Budget and up to $255,000 is allotted for additional late-night and daytime patrols of downtown.
- $19.1 million will support fire services and $3.9 million is allotted for bylaw services.
Housing and Community Planning
- $3.1 million of the City budget is dedicated to city-wide and area-based planning, housing, development approvals, climate action, urban design, heritage, social planning and equity, and tenant assistance.
- $22.1 million for multi-modal corridor improvements to support road safety, walking, cycling, transit, liveability and accessibility.
- $741,000 to create new crosswalks and upgrade crossing locations.
- $489,000 for traffic calming measures: installing speed humps; prioritizing installations on streets adjacent to schools, parks and streets with higher speeds and volumes. This investment also supports curb extensions or medians to enhance pedestrian crossings and safety.
Parks, Recreation and Facilities
- $2.1 million to renew aging park infrastructure such as washrooms, fencing, irrigation, furniture, signage, pathways, lighting, drinking fountains and other structures.
- $1.8 million to restart the Crystal Pool Replacement Project.
- $945,000 will be invested in the City’s new Downtown Revitalization program that will focus on beautification, programming, cleaning and safety to support Victoria’s downtown.
- $3.9 million to invest in the City’s public EV charging infrastructure.
- $15.4 million to replace aging service vehicles and heavy equipment and advance the City’s low carbon fleet to meet the City’s greenhouse gas emission reduction targets.
- $46.2 million to rehabilitate Victoria’s underground infrastructure, including replacing and upgrading water, stormwater and sewer mains.
- $11.7 million for road restoration and rehabilitation.
- In the City’s ongoing work towards reconciliation, the 2023 Budget continues the City’s annual Reconciliation Grant of $200,000 for the Songhees and Esquimalt Nations, as well as the voluntary Reconciliation Contribution Fund.
Arts and Culture
- $5.9 million in community-driven initiatives and economic activity with the City’s suite of grant programs that include Direct Award Grants, Festival Investment Grants and My Great Neighbourhood Grants.
Public Engagement Summary
All public feedback was shared with Council for consideration at the March 16, 2023 Committee of the Whole Meeting. View the Public Engagement Summary and watch the webcast.
Thank you to everyone who provided feedback on the 2023 Draft Budget and the City core services and programs that matter most to you through a public meeting on February 23, an online survey and by email to firstname.lastname@example.org by 11:59 p.m. on Sunday, March 5. Learn more.