2024/2025 Budget Consultation

The 2024-2025 Draft Budget: Summary and Highlights information package has been prepared to solicit community feedback.

Learn more about the key information included in the package and how to submit feedback. Deadline to submit feedback is February 4, 2024 at 12 a.m.

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Operating Budget

Services Levy & The UNA’s Operating Budget

The Services Levy residents pay to UBC is administered by the UNA to provide municipal-like services and to maintain municipal-like reserves on residents’ behalf. The UNA Board of Directors prepares its annual budget before the Services Levy is collected. The UNA Financial Budget includes the Operating Budget and Capital Budget. The Operating Budget covers day-to-day operations that keep the UNA services running smoothly. Approximately 90% of the collected services levy contributes to the UNA Operating Budget.

The remaining will be allocated to Reserves, and to cover the cost of collecting the Services Levy and administering the Neighbours’ Fund. The UNA also generate revenues from its programs and services.

Taxes

Owners of homes in the UNA pay a Rural Tax to the Province of British Columbia and a Services Levy to UBC. The two added together are comparable to the City of Vancouver municipal tax for a similarly assessed property. The Services Levy is collected by UBC and deposited into the Neighbours’ Fund which funds the UNA Operating Budget. Read the brochure Your Guide to the UBC Services Levy. You can find more information about UBC Services Levy Notice here.

UBC Services Levy

The UBC Services Levy is a charge collected annually from homeowners at UBC to fund local programs and municipal-like services. Follow the link learn more about the Services Levy and Rural Taxes.

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Neighbours’ Fund

Providing Municipal-Like Services to UNA Residents

The annual Services Levy is deposited into the Neighbours’ Fund, which is a separate fund within UBC finances. The UNA Annual Operating Budget receives funds from the Neighbours’ Fund to provide municipal-like services to the residents of the UNA. The Neighbours’ Fund is made up of the annual Services Levies collected from UNA homeowners and the Reserves. The Reserves receive annual contributions from the operating budget as well as surpluses from prior years. There are five Reserve Funds within the Neighbours’ Fund:

  • Infrastructure Replacement (used for streets, water, and lights)
  • Capital (used for replacement of the community centre building and play equipment in UNA parks)
  • Rate Stabilization (to guard against unforeseen changes in the City of Vancouver tax rates)
  • Contingency (to provide for unanticipated annual financial needs)
  • Community Field Replacement Reserve (to provide for future replacement of the turf field)

City of Vancouver Empty Homes Tax

We recommend all residents visit the City of Vancouver (COV) webpage to find more information.

Under the Empty Home Tax’s Q&A . COV states the following:

“If your property is located in a municipality that does not fall within the city of Vancouver, such as the University Endowment Lands, Burnaby or Surrey, the tax will not apply.”

This map will help determine if your property in the City of Vancouver.

Speculation and Vacancy Tax

The Speculation and Vacancy Tax is a key measure from the Province of British Columbia in tackling the housing crisis in major urban centres, where home prices and rents have skyrocketed out of reach for many British Columbians.

The UNA is unable to answer any questions on the Speculation and Vacancy Tax as it is a part of BC Provincial tax plan.

For your questions on BC Speculation and Vacancy Tax please visit this page, contact 1 (833) 554-2323 or email: spectaxinfo@gov.bc.ca

Audited Operating Financial Statements

The UNA’s annual Financial Statements include an independent auditors report, statement of financial position, statement of revenue and expenditures, statement of changes in net assets and statement of cash flows.