Mayor Sharie Minions is warning that tax increases are coming.
At the first presentation of the 5-year financial plan last night, Director of Finance Andrew McGifford pegged this year’s tax increase at 8%
Minions says it’s going to be a difficult year.
“This is a difficult financial year, with inflation that hits the city just like it hits households,” she said. “We’ve also had some significant increases in some of our contracts: RCMP, Fire, Vancouver Island Regional Library a 9% increase, Transit a significant increase as well, the cost of fuel increased our budget over $175,000, so some really significant increases that are out of our control. We have deferred a few projects just to keep the budget as reasonalble as possible and this is really just the starting point, there will be more changes made.”
Minions said the Quay-to-Quay project has been pushed back a year, but some work will be done this year using provincial grants and not local tax dollars.
City Council will meet seven more times before finalizing the 5-year financial plan by May 14th.
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