After several budget discussions dating back to November 2021, Campbell River city council has formalized its 10-year financial plan.
On Jan. 10, Campbell River city council passed a bylaw to adopt the city’s proposed 2022 to 2031 ten-year financial plan. The motion to adopt the bylaw passed 6-1, with Coun. Claire Moglove voting in opposition.
The adoption of the bylaw finalizes the 3.13 per cent residential tax increase this year and sets the city’s operational revenues and expenses and capital funding and expenses projected over the next 10 years.
Per the city, community growth and inflationary pressures were a challenge to city budgets and service provisions. This was partially relieved by additional permit revenues of $300,000 and tax revenue from new construction of $549,000. The budget includes investment in reaction facilities and services, downtown revitalization, and transportation (including up to $200,000 for cycling infrastructure).
According to the financial plan, for fiscal year 2022, about 42 per cent of the city’s funding sources will come from property taxes, equalling about $37.7 million. Of those, about 74 per cent of that figure (about $27.9 million) is composed of residential property taxes, followed by about 21 per cent of business property taxes.
The bylaw will stay in place for about a year. The city’s financial plan bylaw for the following fiscal year (2023) will be approved prior to Dec. 31, per the bylaw.