At their regular meeting this week, Kimberley City Council approved a 1.9 per cent increase in class 1, 2 and 3 taxes, and no increase at all in light industry, business and recreation classes.
This is in keeping with Council’s goal to keep tax increases in line with the Municipal Rate of Inflation.
The number was arrived at after what Mayor Don McCormick called a “robust discussion” by Council at a Committee of the Whole meeting.
“It’s been an excellent discussion,” said Coun. Darryl Oakley. “It was a lot of work to get to this number. To me it’s a big thing to keep taxes as low as possible.”
A 1.9 per cent increase across the tax classes translates to $183,790 in additional revenue. And those funds are earmarked for the General Infrastructure Renewal Fund.
“As most are aware, staff have been undergoing a service review for the past two years,” said McCormick. “The savings found allow us to take 1.9 per cent into reserve.”
McCormick said that the zero increase in commercial property taxes makes it clear to the business community that the city appreciates their efforts in leading the renaissance currently occurring.
“We appreciate the great work they are doing,” he said.
“We still have a massive infrastructure debt, but it’s important to recognize we can’t tax our way out. We have a plan in place to deal with infrastructure.”
Having approved the 1.9 per cent, the Chief Financial Officer will now prepare a draft five year financial plan which will be presented to Council in the near future.