According to a 2022 KPMG report commissioned by Saanich, more than $1 billion in capital spending has been approved by council over the next eight years, close to a quarter of that earmarked for a new operations centre (OC). KPMG states that, B次元官网网址淭he bulk of this investment, forecasted between 2026 and 2029, is anticipated to be financed through the tax levy, reserves and the issuance of additional debt.B次元官网网址� Note to self: reserves and debt plus interest must be paid back by taxpayers. Also note: interest rates may rise over the next eight years.

KPMG says, B次元官网网址淭otal debt is projected to increase from $52 million in 2022 to $263 million in 2031 B次元官网网址�. These are record levels of debt for the District.B次元官网网址� We recently learned that Saanich will borrow $25 million to enable property acquisition for the OC.

Saanich says, B次元官网网址淭he facilities are outdated, pose health and safety concerns and are undersized when it comes to building code requirements, operational practices, and future growth needs.B次元官网网址�

SaanichB次元官网网址檚 website warns of a B次元官网网址済rowing risk to effective and sustainable delivery of servicesB次元官网网址� but doesnB次元官网网址檛 specify which services are at risk or the level of risk relative to the increase in taxes and rents. When property taxes increase, so do rents generally.

Saanich concedes that B次元官网网址渢he magnitude of the redevelopment project will require financial resources on a scale previously unseen by Saanich.B次元官网网址�

A new OC might be nice, but is it a priority for taxpayers and worth the squeeze?

Many Saanich homes were built around the same time as the OC (B次元官网网址�50s through the B次元官网网址�70s) and are in great shape, and will be for many decades, despite not meeting ever-changing building codes, etc.

Saanich assures us that B次元官网网址渙pportunities for public engagement at future stages of the project will be outlined in the business case.B次元官网网址� Really? And to what end? In the meantime, KPMG advises that B次元官网网址渂etween 2022 and 2031, the forecasted capital program of $1,028 million will result in large increases to the tax levy.B次元官网网址�

Hold on to your wallets people B次元官网网址� the local tax man cometh!

Mike Pankhurst

Saanich