Kimberley citizens have an opportunity to have a look at the proposed 2017-2021 Financial Plan, as it is now available at City Hall and on the City website at www.kimberley.ca
Next Monday, April 3, in Council Chambers, there will be a public meeting to provide input related to the plan.
For those wishing to provide input who are unable to attend the meeting, written submissions may be dropped off at City Hall or emailed to info@kimberley.ca.
As promised, the City of Kimberley has kept the residential tax increase to 1.9 per cent and the business tax increase to zero. All revenue from the property tax increase is being directed to infrastructure renewal. Council plans to spend $59.5 million on infrastructure renewal in the next five years.
There will be no increase to the Aquatic Centre flat tax, which remains at $152 per parcel.
Council has also decided to continue with phasing out the flat tax, which will be reduced to $626 from $706. This means that $310,640 is moved onto variable rate taxes.
What does this mean for you?
Council is reducing the flat tax because they feel it is unfair to lower valued property owners. If your property is worth $150,000 you will see a $2 reduction on your property taxes. A $300,000 property will see an increase of $75 per year; a $500,000 property increases $179 and a $700,000 property, $283.
Council can revisit the flat tax reduction each year during the ten year phase out period.
The 2017 Water Fee will be $116.94 per quarter ($38.98 per month) and the sewer fee will be -$77.46 per quarter ($25.82 per month).
“To this point in the budget deliberation process Council has made it clear that they want to invest in infrastructure renewal, keep property tax increases to a minimum and create a favourable environment for business. With proposed 2017 tax increases of 0% on business class properties and 1.9% on residential properties and planned capital projects totalling more than $59 million over the next five years, I think this budget goes a long way to achieving these objectives,” said City CFO Jim Hendricks. “Holding the tax adjustments to these levels is particularly significant given that the increases for residential and business class properties have averaged 4.7% and 3.0% respectively over the last 10 years.”
Council can still make changes to the financial plan based on feedback from the community.
It is anticipated that the 2017-2021 Financial Plan Bylaw will be scheduled for consideration of first three readings at the Monday, April 24, 2017 Regular Council Meeting and for adoption at the Monday, May 8, 2017 Regular Council Meeting.
