Given the COVID-19 financial landscape, Bowen Island Municipality is looking at reducing the 2020 property tax increase from 7.6 per cent to 4.7 per cent.
The staff recommendation is coming before municipal council at its April 14 regular council meeting, which will be held over the video conferencing platform Zoom.
“Given the reality of our new environment and the challenges faced by all sectors of the community, Council expressed it was necessary to reopen the budget in an effort to identify ways to reduce the projected tax increase for 2020,” says a staff report from chief financial officer Raj Hayre in the council agenda released Wed. afternoon.
“Council expressed that the contemplated increase is excessive in the current economic downturn, with businesses closed and some people losing their jobs.”
The new five-year financial plan (the budget) sees a total reduction of $155,000 from the previous plan. These changes are seen in removing the $50,000 for council strategic initiatives, eliminating two vacant positions ($50,000) and eliminating the CPI wage adjustment for staff and council ($55,000) says Hayre’s report.
Under the new budget, the average Bowen property, assessed at just under $1.1 million, will see a $111 tax increase over the previous year said Hayre’s report.
Council passed first, second and third readings of the previous version of the budget (the one that proposed a 7.6 per cent property tax increase) at its March 23 council meeting in a six to one vote.
