Oliver council is one meeting away from adopting its five-year financial plan.
On Monday it gave first three readings to the plan, which will see a $9.8 million budget this year.
Only 27 per cent of the entire tax bill represents municipal taxes. Property taxes alone form approximately 14 per cent of the municipality’s overall revenue.
In 2014, the average Oliver residence (based on an assessed value of $282,857) will see its municipal taxes increase by $11.71, compared to 2013. However, residences will see a decrease in garbage and recycling fees of $10 (from $120 to $110). As a result, the net cost to the average homeowner will be $1.71.
The average commercial property assessed at $192,548 will see its municipal taxes increase by $34.58.
Garbage and recycling rates have decreased because the Town has signed up with Multi-Materials BC on a new recycling contract.
Sewer user fees and parcel tax rates have not increased in 2014. The fee for a single family home continues to be $328.
The water fund is nearly 50 per cent of the Town’s budget, with the water utility incorporating a 1.0 per cent increase in all rates.
Agricultural irrigation rates for a 10-acre property will increase $22 from $2,090 to $2,112.
Metered water rates have increased to $0.58 per cubic meter in 2014.
Under capital projects, the Town is looking at spending $200,000 for park development, $225,700 for road/walkway improvements, and $192,500 for fire department expansion.
Water capital purchases include a water treatment project, a Buchanan Road well, and an irrigation flume replacement at $140,000.
Over the next five years the Town hopes to supplement revenues from user fees and charges, rather than taxation in order to lessen the burden on its limited property tax base.
