The 2019 provisional tax rate increase of 3.38%, which was set in December 2018, has been reduced to 2.26% after updated information allowed City staff to recalculate the initial estimates.
The budget adjustment to a 2.26% increase reduces the net increase in the tax funding requirement from $3.6 million to $2.4 million.
“Some of the assumptions that were used to determine the forecast figures have been revised, which has resulted in a $1,155,000 reduction to the provisional budget,” said Kathy Humphrey, the City’s Corporate Services Director.
The 2.26% increase is the anticipated property tax increase before the supplemental items are considered. A summary of the supplemental items and business cases for each, as well as additional background information on the budget is now available at LetsTalk.Kamloops.ca/Budget.
The change from the December 2018 provisional estimates relates to a change in estimates in calculating the impact of the increase in carbon taxes combined with revised estimates in the costs of other materials, wages, and services.
Also, upon review of the revised roll from BC Assessment, it is expected that the City will collect additional taxation revenue from growth.
Council will discuss the supplemental items at its Council Budget Meeting on February 5.
Then, on February 7, 7:00–9:00 pm, in the Valley First Lounge at the Sandman Centre, the City is hosting a Public Budget Meeting. Citizens are invited to receive an introduction to the supplemental items and an update on the overall 2019–2023 Five-year Financial Plan.
The City would like to remind the public that their participation will help create a strong future for Kamloops. City staff and Council would like to hear ideas for consideration in the future, as the planning process is continuous, and many projects take multiple years to implement.
The 2019 budget, including the supplemental items, will be finalized on March 5, and the tax rate will be approved and set on April 16.