The Town of Qualicum Beach adopted its 2023-2027 Financial Plan that reflected a six per cent property tax increase from 2022.
Council unanimously endorsed the plan at a special meeting on May 10. They also adopted the 2023 property tax bylaw and an alternative municipal tax collection scheme law.
The tax rate hike for 2023 works out to $120 annually for a typical or average household in Qualicum Beach. Property owners will also pay an added $75 increase to cover raises in water, sewer and solid waste tax rate bringing the total taxes of $195 or 6.5 per cent.
The tax increase, CAO Lou Varela, indicated is less than current inflation and compares favourably with other jurisdictions.
As well, during the special meeting, the town auditors KPMG LLP reported on the town’s consolidated financial statements as of Dec. 31, 2022.
Daniel Healey of KPMG presented a summary of the town’s finances and gave it a clean bill of health. The town’s revenue for 2022 was up $26,295,067, which equates to a 15 per cent increase from its budgeted total of $22,885,000 and 27 per cent increase from last year’s revenue of $20,702,809.
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The town did incur a surplus of $8,391,685, as the year-end amount reflected an increase to $141,906,840 from $131,515,155 the previous year. This is due to town assets held for sale that amounted to $2,581,704.
Healey, however, pointed out that the surplus is a “misnomer.”
“It’s not really a surplus,” said Healey. “$126 million of that has already been spent on capital assets. So, not really available to do anything with.”
Expenses were also down three per cent, which is $17,903,000 less than town’s budgeted amount of $18,379,000.
“It looks like from what I read and from what you’ve shown us and from what your colleague did the other day, we’re in very good shape,” said Mayor Teunis Westbroek. “And things are done according to the law.”
Council voted unanimously to accept the financial statements presented by the auditor.