City Adopts Financial Plan & Tax Rates Bylaws
City Council adopted its Financial Plan and Tax Rates Bylaws on Monday, May 4, 2015.
Council and staff worked diligently to keep the overall tax rate increase as low as possible at 2.68% while maintaining existing City service levels as chosen by 58% of those surveyed in the 2014 Citizen Satisfaction survey. Council also upheld its commitment to reduce the tax rate multiple for business class which has been reduced to 2.51, down .13 from the 2014 multiple of 2.64.
The 2.68% tax increase equates to an increase of $30.88 for the average home valued at $249,223 and a $65.97 increase for the average business valued at $441,257.
Major projects being undertaken in 2015 include:
|Fire Hall Seismic Upgrade||$875,000|
|Canada Ave. and Ingram St. Intersection||$1,816,040|
|Cedar Avenue upgrades||$650,000|
|Residential Water Metering||$530,000|
|Completion of the emergency chlorination system||$421,271|
The above noted projects will be partially funded from the Police Bridging Capital Reserve alleviating the need to borrow funds, while still being able to complete these much needed projects.
“I am pleased that the City continues to prudently manage its finances while fulfilling its commitment to reduce the tax rate multiple for business class, said Mayor Kent,” The City will be undertaking many challenging and much needed projects in 2015 and due to sound fiscal management by Council and staff, the City is able to undertake these projects without having to borrow, leaving less debt for future generations.”