While the Town of View RoyalB次元官网网址檚 draft financial plan anticipates an eight per cent increase in property taxes this year, Mayor David Screech emphasized that number is far from a done deal.
B次元官网网址淭hatB次元官网网址檚 just very much the first kick of the can, council has not looked at it,B次元官网网址� Screech said. B次元官网网址淚B次元官网网址檓 very confident that council will be pairing that down considerably B次元官网网址� ThereB次元官网网址檚 a lot of work left to do, but at the end of the day, I absolutely assure the residents of View Royal that there is not going to be a tax increase of anywhere near eight per cent.B次元官网网址�
In the TownB次元官网网址檚 2018-2022 recently-released draft financial plan, staff are projecting an eight per cent increase in 2018, followed by increases of 2.6 per cent to 3.7 per cent in each of the following years of the five-year plan.
According to the document, nearly 1.7 per cent of this yearB次元官网网址檚 potential eight per cent increase is a result of real property assessment growth.
About 1.3 per cent of the increase is a result of anticipated inflationary or market pressures.
B次元官网网址淭o a certain extent, future demand for revenue is the result of decisions made today, and financial sustainability is possible only if we consider these costs,B次元官网网址� said the report.
B次元官网网址淚n order to convey the future costs of implementing new programs or acquiring assets, proposed projects include the costs associated with maintained the asset or service level in each of the future five years of the financial plan.B次元官网网址�
But Screech said in the end itB次元官网网址檚 councilB次元官网网址檚 decision as to what projects will receive funding and how much property taxes will go up or down this year. During this weekB次元官网网址檚 budget meetings, Screech intends on asking to direct money from the property tax stabilization fund, which was created with the purpose of off-setting property tax increases in future years.
B次元官网网址淭hatB次元官网网址檚 our job is to decide whether or not these are all things that need to be funded and how weB次元官网网址檙e going to fund them,B次元官网网址� he said, noting his personal preference would be to see a two per cent tax increase. B次元官网网址淚tB次元官网网址檚 far from a done deal, council has a lot of work to do in bringing that increase down.B次元官网网址�
Last yearB次元官网网址檚 tax increase was 0.42 per cent.
Council must approve the plan before May 15, as required by legislation.
To read the full draft financial plan visit .
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