Times-Chronicle Staff
The COVID-19 pandemic has significantly impacted tax collections in Oliver this year.
On Monday, council will hear from Chief Financial Officer Doug Leahy regarding tax collections compared to previous years.
He says the town has experienced a negative cash flow position in the amount of $603,000, compared to 2019.
As a result, staff will monitor whether a revenue anticipation borrowing bylaw will be required.
Due to COVID-19, council modified the penalty for uncollected property taxes.
Leahy said the percentage of taxes paid is normally between 94 to 96 per cent. In 2020, however, the percentage of current taxes collected was 87 per cent.
The town speculates the increase in taxes outstanding is due to three factors: COVID-19, commercial properties not assessed a penalty until Oct. 1, and residential properties’ penalty decreasing from 10 per cent in 2019 to one per cent in 2020.
