If approved Williams Lake five-year financial plan would see a two percent tax hike for businesses in 2017 while residential and industrial tax rates would not be increased.

City council gave the first three readings of the city’s five-year financial plan during Tuesday’s regular meeting where Mayor Walt Cobb described the budget as “reasonable.”

“There was a huge assessment change in the different categories, residential particularly went way up, so the decision has been made to hold the line as far as the residential rate goes,” Cobb said. “We have always been the highest on the industrial tax list and this year they got a reduction on their assessments so we decided to hold the mill rate the same.”

Finance chair Coun. Scott Nelson said the budget is pro-growth, but conservative.

Extra money generated from the two per cent tax increase will go toward paving — about $1.4 million, Cobb and Nelson said.

“We put extra effort into bringing something forward that meets the needs of the community in transition,” Nelson said, noting the city’s total budget is about $25 million, with $10 million going to capital works.

Parcel tax roll review for 2017 will be available on May 9, at city hall for inspection, challenges or complaints.