City Council passed third reading of the 5-year financial plan but still doesn’t have a final dollar figure for taxpayers.
The tax increase for residential properties remains at 3.9%, or an average increase of $77 but when last year’s $800,000 overpayment to the Vancouver Island Regional Library is deducted, the final figure will be even less.
And while council agreed to put money into a savings account for a new pool, it will not affect this years budget according to Mayor Sharie Minions.
“We have funds for the pool that come from new taxation of new units in the community,” she said. “From the new apartment buildings being built and from new single family homes developments, that $165,000 that we are contributing to the pool reserve fund is coming from new units, we are not taxing existing residential taxpayers for those funds so we were able to add some money into the pool reserve without having to increase taxes for the average person.”
Minions said the residential tax increase could be as low as 2.72% once the final figures are in place.
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