January 13, 2015 - 9:51 AM
PENTICTON - Penticton city council has finalized their budget after just six days of deliberations.
On Jan. 12, 2015 council approved a 1.3 per cent increase to cover a $326,230 deficit.
Mayor Andrew Jakubeit said the 2015 budget factors in cost control and fiscal responsibility, in addition to several strategic investments asked for by residents and businesses last fall.
“Our citizens have told us they want to see our community grow, and this budget delivers on that promise,” he said.
Budget increases were kept in check in spite of increased RCMP costs of $188,000 and an increase in fire department investments of $309,000. At the same time, the city has also been able to allocate $443,000 to economic development priorities and an additional $125,000 to host a media conference in 2015.
Changes were also made to the city’s business tax multiplier which is intended to make the City of Penticton more competitive and cost effective to business. An incremental change that will see the business multiplier drop from 1.667 to 1.5 will make the city the most competitive in the Okanagan Valley and among the top five in the province.
The tax rate change in 2015 will increase taxes on an average assessed home of $350,000 by $30.92 annually.
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News from © InfoTel News Ltd, 2015