Burnaby’s 2024-2028 Financial Plan includes minimal tax increase, major capital investment plan

Last updated: February 13, 2024

Burnaby City Council has approved the City’s 2024-2028 Financial Plan, which includes a property tax increase of 4.5%, among the lowest in Metro Vancouver.

“Our priority is to ensure Burnaby residents are getting excellent value for their money,” said Mayor Mike Hurley. “By keeping our rates low and using our reserves to finance our capital projects, we’re keeping the cost of living down while ensuring our community can enjoy world-class services and facilities for generations to come.”

The 2024-2028 Financial Plan outlines the funding needs to meet current priorities as well as looking at future requirements to meet the City’s growing needs.

The 4.5% tax increase translates to about $87 for the average property owner in Burnaby. The City is also utilizing reserve funds to keep increases for water and sewer services low while regional rates soar. 

Residents will see increases in 2024 as follows:

  • 0 per cent for water services
  • 5 per cent for sewer services (approx. $29.50 for a house and $16 for a condo)

Actual increase in costs passed along to the City of Burnaby by Metro Vancouver:

  • 7.6 per cent for water services
  • 28.91 per cent for sewer services

Burnaby’s Financial Plan also includes $372.5 million in capital investments for 2024 as part of a plan to invest $2.6 billion in capital projects over the next 5 years. These capital investments are funded from the City’s reserve balances which means the City can build community amenities and infrastructure without borrowing and incurring debt charges.

Learn more: 2024-2028 Financial Plan video explainer

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