The City of Parksville has delivered a balanced budget for the 2011 financial year and established a new tax rate.
Residential property taxes in Parksville are increasing three per cent in each of the next five years, according to the five year financial plan passed by city council at their May meeting.
The commercial and light industrial property tax will increase by four per cent in 2011 to 2013 and three per cent in 2014 and 2015.
When the other government taxes collected by the city for the schools, regional district and BC Assessment are included, the total tax increase for the average residential property is 2.96 per cent.
The average Parksville residential property — from houses to condos — assessed at $316,200, that will be a tax increase of $70 in 2011.
City officials point out the $200 Northern and Rural Provincial Home Owner Grant kicks in this year, more than offsetting the increase for the average single family dwelling.
“Staff and council have worked hard to keep the city’s spending to a minimum and although a three per cent increase is not insignificant, this is a realistic budget that reflects council’s priority to deliver a budget that represents good value for residents and businesses,” acting mayor Chris Burger said in a press release.
The city’s chief administrative officer, Fred Manson said, “This is a fiscally responsible budget that takes future needs into consideration. The city’s departments have been successful in providing financial accountability and transparency, managing budgets in a fiscally responsible manner. The city will continue to be aware of the changing needs, conditions and opportunities in our community.”
The city’s 2011-2015 financial plan is available on the website at www.parksville.ca, under the Financial Reports tab.