Proposed 2024 Financial Plan introduces a new and more transparent way to present the City Budget

News Release

Kelowna City Council will deliberate on the 2024 preliminary budget at an all-day public meeting, starting at 9 a.m. on Thursday, Dec. 7 in Council Chambers.  Residents can tune into the deliberations via livestream at kelowna.ca/council.

The preliminary 2024 Financial Plan is a paradigm shift from traditional budgeting to service-based budgeting, which is organized by service area, rather than departments and divisions. Essentially, a service-based budget shows exactly what our government does, how much it costs to deliver the service, and what the trade-offs are if other services are prioritized.

Increased transparency, accountability, and fiscal agility are the pillars of this new budgeting process, which will result in effective action on the priorities of the community, even as they evolve and change. By presenting investments by service area, residents and council are able to gain a more holistic understanding of the outcomes, progress, and results achieved through funding.

The 2024 budget prioritizes:

• An investment in Community Safety through additional and enhanced resourcing for RCMP, Bylaw & Fire.
• Addressing Homelessness head on through the renewal of the Journey Home Strategy as well as investments in Community Programing and Social Development. 
• Keeping Kelowna moving by investing in more transit infrastructure and prioritizing sustainable transportation and shared mobility.
• A focus on impacts of climate change by investing in proactive ways to tackle wildfire and flood mitigation, and providing financial incentives to residents and businesses that participate in renewable and efficiency programs.
• Improve how citizens do business with the city through Digital Transformation strategies that leverage technology to create more access and efficiency for residents and businesses.

As proposed, the overall tax demand increase would result in a $112.95 increase (or $9.41 per month) for a single-detached home in Kelowna with an average value determined by BC Assessment.  The 4.76 per cent increase includes the addition of the one per cent public safety levy, which was introduced and endorsed by Council in the 2023 Financial Plan.

On average, once the Financial Plan is adopted by Council in April and the annual tax rate is set, the City generates approximately 75 per cent of the total annual revenue through sources other than yearly property taxation. Most revenue used to fund city operations comes from sources such as user fees and charges, reserves, surpluses and grants.

To learn more about the 2024 budget, visit kelowna.ca/budget.