Published On: Wednesday, 10 May 2017
Nanaimo Adopts 2017-2021 Financial Plan Bylaw
NANAIMO - Nanaimo City Council has recently adopted the 2017-2021 Financial Plan Bylaw and the 2017 Property Tax Rates Bylaw. Property tax notices will be mailed to taxpayers through the middle of May.
The Financial Plan includes projects and initiatives contained in Council’s 2016-2019 Strategic Plan and continues to provide infrastructure renewal and upgrades required to deliver valued services and respond to growth in the community.
The 2017-2021 Financial Plan contains a 1.5 per cent property tax increase in 2017 for the municipal portion of taxes. This increase includes 1 per cent for an increased contribution to asset management reserve to maintain and upgrade existing infrastructure.
Budget highlights include:
- The City’s asset management reserves are used to fund renewal and upgrade projects in the 2017-2021 Financial Plan.
- A new Strategic Infrastructure Reserve has been created to provide sustainable funding for strategic projects and initiatives.
- The focus of the 2017 - 2021 Financial Plan is on maintenance and renewal of municipal infrastructure, including roads, drainage, water, sewer and civic facilities.