-Public can comment on plan on April 21-

OSOYOOS TIMES-April 16, 2008-

By Chad IngramrnOsoyoos Times

Osoyoos residents can expect to see a 3.5 per cent increase in property taxes for this year if the town's new five-year financial plan is approved.
Town council gave first, second and third readings to the plan, which sets out projected town revenues and expenditures for the years 2008 through 2012, at their meeting on April 7.
Osoyoos Finance Director Jim Zakall said the bulk of this tax increase would go towards town capital projects.
He added that in the last few years, Osoyoos tax hikes have ranged from about 2.4 to four per cent.
Property taxes for 2008 will contribute nearly $2 million to town revenue.
A chart included in the plan shows that residential property taxes make up 82.7 per cent of Osoyoos's property tax base.
Businesses make up 15.5 per cent, while light industry accounts for .5 per cent of property taxes.
Taxes from utilities, recreational and non-profit uses account for the remainder.
For 2008, Osoyoos's finance department has noted more than $17 million worth of expenditures the town should incur.
These include more than $10 million for capital projects, more than $4 million for general municipal purposes and more than $1 million respectively for water and sewage services, among other expenses.
Besides property taxes, the town will rely on several other sources of revenue for its operations this year, including $2.5 million in reserve funds, more than $1 million from its Development Cost Charges fund, nearly $4 million from borrowing and grants and more than $3 million will be generated through the sale of town services and user fees.
Zakall said the town will also be hiring six new employees; one at town hall, one at the Sonora Community Centre and four with the public works department.
The full financial plan is available for viewing on the Town of Osoyoos website at www.osoyoos.ca or in town hall.
A session allowing public comment on the plan will take place in council chambers at 7 p.m. on April 21.
[email protected]