Financial Planning

Updated June 26, 2023

The District of Sooke 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 plan the management of its resources, revenues and expenditures in order to best serve the community.
The budget is informed by the community through an annual engagement process starting mid-June each year, and updated by staff and Council through public meetings on an annual basis. Each municipality in British Columbia must prepare a five-year financial plan, and update it every year. The Financial Plan must be adopted by Council in the form of a Bylaw on or before May 15.
The District of Sooke endeavours to have its budget approved early in the year to maximize the time available for project delivery as our fiscal year operates from January to December.

Additionally, the District must produce annual audited financial statements in accordance with generally accepted accounting principles through the Public Sector Accounting Board of the Canadian Institute of Chartered Accountants. The audited statements must be included in the Annual Municipal Report.

Resources:

Budget Process (Overview)

Updating the district’s budget is a year-long, cyclical, process with two key opportunities for residents to participate:

Citizen Budget Survey (PUBLIC PARTICIPATION)

The Annual Budget Survey is available starting mid-June each year to provide residents with the opportunity to:

  • learn about district services, including what is received for their tax dollars AND how much they spend on that service;
  • let us know how satisfied, or not, they are with the value they are receiving for the current level of service provided; and
  • provide input on district service levels to inform potential changes.

Budget Development

Using the information received from the public during the annual budget survey along with master planning documents, staff prepare a preliminary budget. This preliminary budget identifies potential changes in service levels for Council’s consideration.

Budget Presentations and Council Direction

After staff present preliminary budget information to Council and discuss service levels at a Committee of the Whole public meeting, a draft budget will be considered for first reading (introduction by Council), second reading (initial discussion by Council) and third reading (final discussion).

Community Budget Open House (PUBLIC PARTICIPATION)

The community is invited to an open house to discuss the potential budget with staff. Feedback received is presented to Council before fourth reading and adoption.

Adoption

After the community open house, the budget returns to Council for fourth reading and adoption. After adoption, at a separate meeting, Council will receive the tax rate bylaw and, once approved, tax notices are issued.

Stay informed:

What’s the District of Sooke’s overall direction for the future?

Financial Plans

(Unofficial copies – contact Director of Finance to verify):
2023 – 2027 Five Year Financial Plan
2022 – 2026 Five Year Financial Plan
2021 – 2025 Five Year Financial Plan
2020 – 2024 Amended Five Year Financial Plan
2019 – 2023 Five Year Financial Plan
2018 – 2022 Five Year Financial Plan
2017 – 2021 Five Year Financial Plan
2016 – 2020 Five Year Financial Plan
2015 – 2019 Five Year Financial Plan
2014 – 2018 Five Year Financial Plan
2013 – 2017 Five Year Financial Plan
2012 – 2016 Five Year Financial Plan
2011 – 2015 Five Year Financial Plan
2010 – 2014 Five Year Financial Plan
2009 – 2013 Five Year Financial Plan
2008 – 2012 Five Year Financial Plan
2007 – 2011 Five Year Financial Plan
2006 – 2010 Five Year Financial Plan
2005 – 2009 Five Year Financial Plan
2004 – 2008 Five Year Financial Plan
2003 – 2007 Five Year Financial Plan
2002 – 2006 Five Year Financial Plan