Each year it is council’s responsibility to set the budget for the following year. A great deal of behind the scenes work goes into this as staff prepare, months in advance. First is the public budget meeting, which was held on Sept. 12. This is our citizens’ opportunity to let us know what they think should be included in the budget, and why.
As part of the budget process city council also considers permissive tax exemptions. Some of you may know what these are but many of you may not. The BC Community Charter (the legal document that regulates municipalities) lists properties such as government buildings, places of worship, hospitals, properties vested in, or held by, a society or corporation that is not operated for profit, schools, and colleges as examples of properties that may be exempted from taxes by the city.
Council considers all applications for permissive tax exemption in the fall.
Applications received this year are for the three-year period, 2017 to 2019. Exempt properties are exempt from paying the general municipal tax and taxes levied by other governments such as hospital, regional district, library, BC Assessment Authority and Municipal Finance Authority. It is important to note that the city is responsible for payment of taxes levied by other governments. For a list of properties with permissive tax exemptions, please check our website.
The city’s chief financial officer gets together with each city department to determine their projected financial requirements for the upcoming year. A draft budget is then prepared and distributed to council for review. A special council meeting is scheduled (this year for Nov. 21)in which council deliberates and makes any changes they feel necessary which determines the projected tax rate the next year. The public is welcome, actually encouraged, to attend.
This is a lengthy and interesting process which shows how much consideration goes into the use of the city’s limited resources.
There are so many competing priorities and council must do its best to meet the needs of the community while remaining fiscally responsible. Sadly, not every request makes it on the budget.
Three readings are then given to the updated budget at the end of that meeting.
Finally, the budget is adopted at the next regular council meeting on Nov. 28.
