2022 Proposed Budget Breakdown
In 2022, the City is proposing to collect $48,523,000 – approximately $2,756,000 more than last year – in property taxes from residents and businesses to balance the budget. The proposed tax rate increase is 5.97 per cent over 2021 for the average household. This means the average household would see an increase of approximately $150 for the year – that’s $12.50 per month or $2.88 per week.
One percentage point (equal to $462,000 in 2022) of the proposed 5.97 per cent tax rate increase is for the Asset Renewal Levy, which funds the replacement of existing critical infrastructure, amenities, and facilities; and 0.97 per cent (equal to $450,000) is due to the 2021 change in use of property owned by Mill and Timber Products Limited, which moved from the heavy industry tax classification (Class 4) to business/other (Class 6). The remaining four percentage points (equal to $1,844,000 in 2022) would be used to fund increases to the operating budget and a limited number of new services.
The City is proposing to collect more in property taxes this year to cover rising costs related to factors such as: inflation; labour costs including WorkSafeBC premiums; employee benefits; insurance; improvements to services, facilities, and infrastructure; and increased demand for City services.
Consultation has concluded.