Kelowna looking at ways to cut into $463 million infrastructure shortfall
Kelowna City Hall
(ROB MUNRO / iNFOnews.ca)
November 29, 2018 - 5:00 PM
KELOWNA - Over the next 10 years, the City of Kelowna wants to build more $1.05 billion in road, parks and other improvements, but only has about half that money budgeted.
On Monday, Dec. 3, city council will be asked by staff to wrestle with ways to cut the shortfall. The preferred option being proposed is a 1.95 per cent tax hike. This would be in addition to any other tax increase normally dealt with in its provisional budget discussions in December.
“A common best practice tool in B.C. Municipalities’ financial toolkit is the use of a tax levy that is used to specifically address their City’s infrastructure deficit,” states the report to council written by finance director Genelle Davidson.
Other options that could be considered are increases to Development Cost Charges that are paid on new construction, a storm drain levy, increases to fees or charge properties that benefit from specific projects.
If approved, the levy would still leave a $44 million shortfall by 2027.
Staff is looking for council's input on Monday and will report back in the New Year.
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