December 13, 2013 - 1:49 PM
Kelowna City Council reviewed the provisional budget submitted by staff, setting a tax increase of 2.49 per cent after a full day of deliberations.
A 2.49 per cent increase translates to a $42.07 increase for the average Kelowna homeowner (the Average Single Family Home is assessed at $451,440).
City staff submitted a provisional tax increase of 2.67 per cent to Council at Monday's Council meeting. Council sets the tax rate requirement after reviewing the 2014 Financial Plan to determine which projects to fund and which projects to defer or cancel, balancing the community’s interest in maintaining existing levels of services while planning for significant infrastructure needs.
Proposed operating expenditures for 2014 are $105 million and include adding three new RCMP members along with increasing transit service. Total capital project funding was included at $44 million. 2014 Capital project costs are 39% asset renewal (i.e. maintenance and replacement of existing City buildings and infrastructure) and 61% new capital.
The general fund capital program includes projects such as Lakeshore Bridge and the Queensway transit exchange.
Final budget, including a 5 Year Financial Plan and final taxation rates will be presented to City Council in May.
News from © InfoTel News Ltd, 2013