Kamloops provisional tax rate reduced
February 01, 2019 - 10:24 AM
KAMLOOPS - Provisional tax rates have been reduced after new information allowed Kamloops city staff to recalculate the initial estimates set in December.
The 2019 provisional tax rate has been reduced 1.12 per cent from 3.38 per cent to 2.26 per cent, a City of Kamloops media release says. The budget adjustment to a 2.26 per cent increase reduces the proposed net increase in the tax funding requirement from $3.6 million to $2.4 million.
“Some of the assumptions that were used to determine the forecast figures have been revised, which has resulted in a $1,155,000 reduction to the provisional budget,” the City’s Corporate Services director Kathy Humphrey says in the release.
The 2.26 per cent figure is the anticipated property tax increase before the supplemental items are considered.
Some of the supplemental items include an RCMP training facility, increasing transit services and the McArthur Island Multi-use Park Project. Go here to read the city's summary of these and other supplemental items.
The new provisional estimate comes from new figures in calculating carbon tax impacts combined with revised estimates in the costs of other materials, wages and services.
Also, upon review of the revised roll from B.C. Assessment, it is expected that the City will collect additional taxation revenue from growth.
Council will discuss the supplemental items at its budget meeting on Feb. 5.
There is a public budget meeting on Thursday, Feb. 7 at 7 p.m. in the Valley First Lounge at the Sandman Centre. Citizens are invited to receive an introduction to the supplemental items and an update on the overall 2019–2023 Five-year Financial Plan.
The 2019 budget, including the supplemental items, will be finalized on March 5, and the tax rate will be approved and set on April 16.
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News from © iNFOnews, 2019