On Wednesday, municipal councilors unanimously approved of a 2.4% increase in property taxes for this year as well as a plan for the next five years of the Bowen Island’s financial future. According to Bowen Island’s Community Charter, the Five-Year Financial Plan must be adopted every year prior to the adoption of the Annual Property Tax Rates Bylaw is adopted on May 15.
With the new tax rate, the municipality expects to derive a total of $3,899, 228, or 41.4 percent of its total revenue, from property taxes.
Although a 6.8 percent increase in tax rates the following year will bring the revenue generated by property taxes to $4,167,141, it will account for only 29.1 percent of the municipality’s total revenue.
“This number takes into account interest and prinicipal payments if the municipality were to move forward with capital projects, including a community centre and firehall, which would require loan payments on $4 million,” explains Kristen Watson, the municipality’s Manager of Finance.
At this week’s meeting, council also approved changes to several parcel tax rates to be paid by Bowen Islanders. The cost of a solid waste disposal will increase $3 to $218 per year. Garbage decal prices will also increase $1 to $92 per year.
On Monday, when council passed these measures through third and fourth reading, Councillor Michael Kaile expressed his approval of this budget based on its thoroughness.
“This budget clearly shows what we will have to go through if we want these community assets,” he said.
