Parksville council has given final adoption to the city’s amended five-year financial plan.
The 2024-2028 plan set a property tax increase of 6.6 per cent, as well as increases to water utility rates (five per cent), sewer utility rates (three per cent) and solid waste fees (four per cent).
Council approved the Five Year Final Financial Plan Amendment Bylaw, 2024 - 2028, the Tax Rates Bylaw, Sanitary and Storm Sewerage System Amendment Bylaw, Water Service System Amendment Bylaw, Sewer Parcel Tax Amendment Bylaw and Water Parcel Tax Amendment Bylaw.
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Three readings were given to the bylaws at council’s April 29 meeting. Final adoption was given May 6.
The Community Charter requires that the municipality adopt a five-year financial plan for the current year plus four more years by May 15 each year.
The tax rates will be applied to the city’s 2024 assessed property values of approximately $5.74 billion to generate $18.7 million in property tax revenue, an increase of $1.43 million over 2023.