May 06, 2014 - 10:29 AM
KELOWNA – Homeowners in Kelowna will have to pay 2.49 per cent more in municipal taxes in 2014. And that’s just the start.
Approved Monday, the budget means Council has to find a way to increase their revenues from $107.7 million to $131 million by 2018.
City financial director Keith Grayston told council Monday municipal taxes will be raised 3.1 per cent in 2015, 4.7 per cent in 2016, 3.9 per cent in 2017 and another two per cent in 2018.
The increase will mean an additional $42.13 in taxes for an average household with an assessed value of $451,350.
“Civic operations are the largest area (of tax dollar allocation),” says Grayston.
According to Grayston, taxation accounts for 25 per cent of city revenues for 2014, with 53 per cent coming from grants, reserve funds, fees and charges. Civic operations make up the largest area of tax dollar allocation at 33 per cent with the new police services building coming in second at 24 per cent.
The complete 2014 Financial Plan is available at the City of Kelowna website.
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News from © InfoTel News Ltd, 2014