Financial Planning
Financial Planning Process
The District of Tofino updates its five-year Financial Plan each year, as required by the BC Community Charter. The purpose of the 5 Year Financial Plan is to provide a budgetary framework for the District to manage its resources, revenues, and expenditures to best serve the community.
The budget is reviewed and updated by staff and Council and reviewed in an open public meeting annually. Each municipality in British Columbia must prepare a five-year financial plan and update it every year. Council must adopt the Financial Plan on or before May 15.
The District of Tofino’s 2023-2027 financial planning process is now complete and the 2023 Budget has been adopted.
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Budget Process
What does a municipal budgeting process look like?
It involves balancing the income the municipality will receive within the year with the planned expenditures and preparing detailed plans that reflect those forecasts. The budgeting process starts in the Fall of the previous year and must be adopted by Council no later than May 15th.
How does the budget process work?
The financial planning period for municipalities must include the current fiscal year and the next four fiscal years (five-year Plan). Each year, the District of Tofino updates its Five Year Financial Plan, including operating and capital budgets for each of the five years contained in the Plan.
What's involved in budgeting considerations?
Municipalities are required to prepare a balanced budget each year - while a municipality can incur debt to pay for large capital projects, we cannot incur a deficit to fund day-to-day operations the same way senior levels of government can. In order to balance the budget, a careful analysis must be done regarding the level of service required to meet the expectations of the community balanced against realistic taxation and user fee levels.
How is the public involved?
Tofino residents and businesses are encouraged to make Council aware of your priorities, whether you value more parks, reserves for infrastructure, an age-friendly community, or low taxes. We invite you to attend budget meetings, learn about the process, understand the issues and the challenges, and let Council know your thoughts. District staff are available to answer questions, distribute your feedback to Council, and provide clarity.