2023 proposed budget breakdown

How much is the City proposing to collect?

In 2023, the City is proposing to collect $54,240,000 – approximately $5,496,000 more than last year – in property taxes from residents and businesses to balance the budget. The proposed tax rate increase for the average household is 11.33 per cent. This means in 2023 the average household would see an increase of approximately $296 for the year – that’s $5.69 per week or $0.81 per day.

Why is the City proposing to collect more than last year?

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.

Nearly eight (7.99) percentage points (equal to $3,866,000) of the proposed 11.33 per cent tax rate increase would be used to fund increases to the operating budget to maintain the same levels of service provided in 2022.

One percentage point (equal to $485,000) is for the Asset Renewal Levy, which funds the replacement of existing critical infrastructure, amenities, and facilities.

And just under one (0.93) percentage point (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 percentage point (1.41), representing net new funding of $687,000, would address increased demand for services.

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