Bowen Island Municipality is hosting a public open house tonight (March 15) at 7 p.m. to answer questions and get feedback on its draft budget, which includes a 6.6 per cent increase in property taxes for 2018 to fund a net increase in operating costs and a 1.5 percent policy-driven increase for asset renewal and maintenance.
The proposed $5.8-million operating budget has been developed to maintain and improve municipal services, according to BIM’s outline of the draft financial plan.
Increases in the operating budget are driven by increases in contractual costs, inflation-based adjustments to staff compensation, energy costs, and restructuring and alignment of compensation of positions for compatibility with comparable municipalities, states the BIM budget overview.
General fund capital expenditures of $4.8 million are planned in 2018, with the majority of the spending earmarked for the replacement of the main fire hall and for the design of the proposed community centre.
The proposed tax hike translates to an annual increase of $135 in municipal taxes for 2018 to the median residential property on Bowen Island, assessed at $834,000.
