Kimberley releases 2013 financial plan

Residential taxes to rise four per cent; business three per cent

The numbers have been crunched, scanned and crunched again and on Wednesday, the City’s Chief Financial Officer Holly Ronnquist made the 2013 Financial Plan available on the City’s website.

In the past the financial plan was first presented at an open house but given poor attendance in the past several years, Council decided to release the documents online.

The plan will be before Council next Monday, May 6 for the first three readings, with adoption following the week after.

The number most taxpayers are looking for is what kind of property tax increases are on the horizon.

For homeowners the answer is four per cent, with business taxes rising three per cent and light industrial three per cent as well, which brings light industrial into a one to one ration with residential taxes. Business taxes are 2.38 to 1 in 2013, a drop from last year’s ratio.

There is no change in the flat tax which remains at $736 for improved residential properties. There is also no change in the Aquatic Centre flat tax, which remains at $150 per parcel.

There will be no increase in utility rates, but garbage rates are under review as there has been no change since 2000.

The impact of the four per cent increase on an average priced home (average being $228,683) is $73.

That brings the yearly cost of an average home, including millrate tax, frontage tax, parcel tax, flat tax and utility charges to $3,329, which puts Kimberley just a bit above Cranbrook ($3,240).

Property taxes account for $8,724,190 of the $26,489,880 in total revenue for the City in 2013.

In terms of challenges for municipal funding, there are some new directions that will impact future City spending including Climate Change, GHG Reduction, Affordable Housing, Accessibility for Persons With Disabilities, Sustainable Communities, Forest Management and Wildlife Management.

In addition, policing costs, already over nine per cent of the City’s operating budget are expected to rise 28 per cent by 2017.

The City has $9.22 million in capital expenditure planned for 2013. The list includes the Flume (dependant on obtaining grants), the Sunmine project, Blackbear bridge replacement, a grader and dump truck, Morrison Sub culvert/Waldie Rd repair/paving, Marysville ice plant upgrade (to be determined), Aquatic Centre UV water treatmen, Paving/repairs to Gerry Sorenson Way, Rotary Drive, Knighton Road, Levirs Ave, Electronic Council (hardware/software) and ongoing waterline and sewer work.