After a full day of deliberations, Kelowna City Council has set a provisional tax rate of 3.6% for the 2018 budget.
The final budget and tax rate will be presented to City Council in late April 2018.
On average, the new tax rate will translate to a $70 increase on a City of Kelowna property tax bill based on an average home assessed at $639,720.
Taxation represents 37% of the city’s revenue, with other sources coming from reserves, grants, fees and charges.
“This year’s budget represents the City’s investments in safety, transportation, enhancing public green spaces and planning for a sustainable future,” said Genelle Davidson, Financial Services Divisional Director. “Each year we face the challenge of presenting a balanced budget that involves making difficult decisions.”
“As a growing city, our goal is to look at the big picture, a vision for the future, while ensuring we meet the current and ongoing needs of Kelowna residents.”
Requests for the 2018 budget prioritize maintaining operations (52%) and renewing capital assets such as existing city buildings and infrastructure (36%).
Following Thursday’s deliberations, council moved a few priority two requests to priority one and changed funding sources away from taxation to reserves.
Council also requested that city staff present improvement costs for Rutland Centennial Park in January for consideration prior to the final budget in April 2018.
Safety remains a top priority for the city, which was showcased by a $1.2 million investment in adding 12 career firefighters and four RCMP members.
An additional $1.16M in capital requests is included for the temporary conversion of the Glenmore Firehall No. 8 to a professional firehall and the addition of a fire engine with equipment.
This year’s budget also reflects investments of $16.7 million into transportation capital requests, with less than a quarter of that coming from taxes.
Notable 2018 projects include:
Furthermore, funding of the $3.3 million in recovery costs for the unprecedented 2017 floods will be paid with $2.1 million from surplus and $1.2 million in funds previously allocated to future City Hall renovations.
The provincial government has committed to funding 80% of the eligible $10.7M in recovery cost.
Visit the City of Kelowna website to find out more about the 2018 budget.
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