The City of White Rock is seeking public input into its draft financial plan.
In a news release issued Friday, the city invited residents to review the city’s draft financial plan and provide comments as the city prepares for a budget meeting.
“In White Rock, we engage with residents and listen to your views throughout the year to ensure we are planning the future of this great city together,” White Rock Mayor Darryl Walker said in a news release. “I encourage you to review the draft financial plan and tell us your thoughts. When preparing the budget, we strive to achieve that important balance between spending and revenue that allows us to meet the needs of our community.”
According to the release, the city anticipates an impact from the COVID-19 pandemic on the 2020-2021 budget and is receiving senior government funding that is expected to offset much of the projected deficit.
A copy of the 38-page draft financial plan is available at whiterockcity.ca/budget
According to the plan, the city’s general fund requires an increase of $1.6 million in new taxation revenues in 2021 to balance the budget. Of that, $575,000 is expected from new taxation revenues from development and the remainder requires a 4.28 per cent tax rate increase for 2021. Additional increases are projected to be in the range of 4.4 per cent for 2022 and 2.4 per cent each year thereafter.
SEE ALSO: White Rock holds the line on 2020 financial plan
The projected impact of the proposed increase on an average residential property in White Rock valued at $1,029,000 equates to a $90 increase. For an average business valued at $1,567,000, the increase would be about $200.
The actual increase in property taxes for any property is dependent on how that property’s assessed value changed compared to the average assessment change.
The city’s proposed 2021-2025 Consolidated Financial Plan is to be presented to the city’s finance and audit committee for public consultation and review during a virtual meeting March 8.