Courtenay council has given first three readings to the 2024-2028 Financial Plan, which has a 7.47 per cent increase for property taxes this year.
The city says, “despite pressure from inflation, Courtenay’s taxes remain below average for comparable communities.”
Courtenay Mayor Bob Wells says they are working hard to support and maintain important services and priorities for residents and businesses.
The mayor says on top of day-to-day services, they’re taking big steps forward on major projects thanks to proactive efforts to get grant funding from every level of government.
The city says operational services are the largest operating expense, including transportation services, parks operations, property maintenance, cemetery and the storm water system.
External impacts to the financial plan outside the City’s control include increases in contract and professional services, insurance and utilities.
The plan also includes an additional one-million-dollar contribution to reserves, which will support long-term replacement of water, sanitary sewers, storm sewers, and road infrastructure.
The total reserve contribution for 2024 is 5.4 million dollars.
Residents can provide feedback by May 7th, and the Financial Plan and Tax Rate bylaws will be adopted by May 14th, with tax notices mailed out by the end of May.
