Town council will soon adopt its Five-Year Financial Plan.
When Oliver Mayor Ron Hovanes first looked at the Town’s five-year financial plan, he initially thought that residents weren’t being taxed enough.
That’s because he discovered how much more (or little) they would be paying this year compared to 2015.
The average residence, based on an assessed value of $301,336, will see its municipal taxes increase by $10.06 (or 84 cents per month).
“When you tell us water rates are up one per cent, or the average homeowner pays 84 cents a month more than last year, I think the Town has been prudent, and I’m proud of how much it has accomplished,” said Councillor Jack Bennest.
Hovanes agreed, saying the Town does a lot for what it reaps in taxes.
Councillor Maureen Doerr said if the Town raised taxes and had no improvements to show for it, then she would understand why people would be concerned.
Chief Financial Officer Dave Svetlichny presented the 5-Year Financial Plan Bylaw to council last week. Its adoption is scheduled for April 11.
He stated the plan in 2016 is to spend a total of $11.3 million ($6.4 million to the general fund, $3.7 million to the water fund, and $1.2 million to the sewer fund).
On average about 27 per cent of the entire tax bill represents municipal taxes. The remaining 73 per cent consists of regional district, school, policing taxes, etc.
The average commercial property assessed at $205,128 will see its municipal taxes increase by $16.10 when compared to 2015.
Svetlichny said garbage and recycling rates of $110 have not increased in 2016.
Oliver’s sewer user fees and parcel tax rates have been increased by 1.25 per cent. Therefore, the 2016 combined annual parcel tax and user fee for a single family home will be $332.10, which is $4.10 higher than in 2015.
The Town’s water utility has incorporated a 1.5 per cent increase in all rates.
Agricultural irrigation rates for a 10-acre property will increase by $31.25.
Water meter rates have been increased by 1.5 per cent.
Over the next five years, the Town will endeavour to supplement revenues from other user fees and charges, rather than taxation (to lessen the burden on its limited property tax base), Svetlichny said.
It was noted that the Town’s recent expenditure of $475,000 for the canal repair will be an issue to deal with next year via deferral or tax increase.
The Town had to dig up $475,000 as part of canal repairs when a rock slide damaged a section of flume at Gallagher Lake in January.
By Lyonel Doherty
