Each year, the City of Victoria establishes funding priorities through its annual budget. The City's Financial Plan (budget) is essential for providing high-quality services our residents and businesses have come to expect.
City Council sets service levels and allocates funding for all City services, programs, projects and initiatives. Council budget decisions are informed by community input on priorities for investment.
2025-2029 Financial Plan
At the May 1, 2025 Daytime Council Meeting, Council adopted the Five-Year Financial Plan Bylaw 2025 and the Tax Rate Bylaw. The overall tax increase for 2025 is 6.99 per cent.
Council has distributed this increase at 8.18 per cent to residential properties and 5.6 per cent to business properties.
The 2025-2029 Financial Plan will be available here soon.
Background
At the October 24, 2024 Committee of the Whole Meeting, Council was presented the 2025-2029 Draft Financial Plan and a summary of public engagement input to date for consideration.
At the Monday, November 4, 2024 Special Committee of the Whole Meeting, Council deliberations on the 2025 Draft Budget began.
At the December 12, 2024 Committee of the Whole Meeting, Council received a staff report (Agenda Item J.1) that outlined property tax increase reduction scenarios for consideration. View the presentation.
At the February 13, 2025 Committee of the Whole Meeting, Council directed staff to report back on February 27 on the impact of the Crystal Pool Referendum decision on the budget options presented in the December 4, 2024 staff report “2025-2029 Draft Financial Plan – Tax Increase Reduction Options.”
At the February 27, 2025 Committee of the Whole Meeting, Council set the City's portion of the 2025 property tax increase at 4%. The 2025-2029 Draft Financial Plan was referred to the March 3, 2025 Special Committee of the Whole Meeting.
At the March 3, 2025 Special Committee of the Whole Meeting, Council directed staff to bring forward the 2025-2029 Financial Plan Bylaw, incorporating any changes directed by Council, to the April 24, 2025 Committee of the Whole Meeting, with final adoption at the May 1, 2025 Daytime Council Meeting.
Learn about the public engagement that took place in 2024 to help inform the 2025 Draft Budget and Council’s decision making.
Previous Budget Documents
Five years’ worth of previous budget documents are available below.