Courtenay has approved its five-year financial plan and it looks like you will be seeing a property tax increase once again.
Mayor Bob Wells said the plan prioritizes maintaining essential levels of service.
“Throughout the budget process our Council has been keenly aware of the impacts the pandemic has had on residents and businesses,” said Wells.
“We are very grateful for the $4.149 million COVID-19 Safe Restart Grant we received last year from the provincial government, which we’ve incorporated into our financial plan based on recommendations from our Finance Select Committee. This is really helping offset some of the significant revenue losses we’ve been experiencing and allows us to continue our essential operations without significantly increasing taxation.”
As part of the five-year plan, a total property tax increase of 1.86 percent is expected for Courtenay residents.
According to the city, a large part of that will be used to cover increases to minimum wage, insurance and utilities, and policing services.
The City also says it’s also taking a pause this year on the annual contribution to the Infrastructure Reserve Levy to provide additional relief to taxpayers.
The 2021 General budget includes:
- New borrowing of $3.4 million in the general fund for the 5th Street Rehabilitation project
- $14.7 million in capital expenses for infrastructure projects and upgrades
- $36.5 million in operating expenses
- $1.9M of COVID-19 Restart Grant funds have been utilized in 2021
If you wanted to take a detailed look at the reports and presentations regarding the five-year financial plan, visit www.courtenay.ca/financialplan.