NANAIMO – Home owners are set to receive a break on property taxes following Council’s unanimous motion to adopt a zero per cent property tax increase for 2016. The decision follows several months of discussion, prioritizing and planning between individual Councillors and between Councillors and staff, as well as outreach to the public in the form of a survey and eTown Hall. The result is the City’s first zero per cent property tax increase in many years.
“Council and staff have worked diligently for months to return a 2016 Financial Plan that reflects the will of council to be more accountable and efficient,” says Councillor Bill Bestwick. “This is an extremely positive step and I look forward to concluding the Core Services Review and getting to work on the 2017 Financial Plan.”
The total budget outlined in the City’s 2016-2020 Financial Plan is $189 million, of which $128 million will go towards operations and $61 million will go towards capital projects. Included in the budget is a commitment to continue to grow the City’s reserve funds which, for 2016, will grow by $4.1 million. The 2016 budget also includes funds to review public safety operations addressing service levels, staffing and facility requirements.
A summary of the 2016-2020 Financial Plan is available at the following link.
