Council has adopted the Five-Year Financial Plan for 2019–2023.
The 2019 budget provides for a 3.95 per cent increase in property taxes to continue the implementation of an asset levy (1.76 per cent) and to fund the net increase in operating costs (2.19 per cent).
The asset levy supports the maintenance of asset reserves that are required to address infrastructure renewal and replacement. The District owns over $1 billion in assets that require ongoing maintenance and replacement. For many years, funding has not sufficiently met the infrastructure maintenance and replacement needs of the municipality and, as a result, much of the infrastructure has not been maintained properly. Most municipalities across Canada face the same challenge and many have been proactive in focusing their attention on long-term asset management in recent years.
For more information on the 2019 budget process, visit the project page which features:
- survey information (survey closed on Friday, February 22 at 4 p.m.)
- key dates in the budget process
- a link to sign up for updates